How to Dispute Credit Report
The most effective method of improving a low credit score is to dispute negative marks on your credit report. The reason this helps is because it will show a better payment history, this factor accounts for up to 35% of your score.
To dispute a mark you need to contact the bureaus and send a dispute letter. A letter must be sent to each credit bureau. Often upon receipt of your letter the bureau will respond with a letter requesting more information about the item.
The bureaus use this as a stall tactic. Instead of actually investigating the dispute, the delay is more cost effective for them. People will most likely give up at this point and keep on paying extreme interest rates.
Be persistent and send another dispute letter with the requested information. Eventually the bureaus will investigate the mark. During an investigation the lender is contacted and asked to verify the disputed mark.
If the lender can not verify it then the bureau must remove it from your credit report. For optimal results we suggest you wait until the lender has received some form of payment for the outstanding debt. This is because lenders are often unwilling to spend the time and money verifying a debt that is no longer collectible.
For example, since a lender has no more use for a charged off credit card account that is sold to a collection agency, the lender will not take the time to confirm the account when contacted by the bureau.
It is much easier to remove a charge off once it has been sold rather than outstanding. You can dispute your credit yourself by creating a dispute letter or you can hire a service to dispute it on your behalf.
The benefit of a service is that it provides you with more options to remove a mark if it is confirmed. Services can ask for creditor direct interventions, debt confirmation, escalate dispute information requests, and in severe cases, an attorney can go to court and fight on your behalf.
You credit score is a very important number. It impacts your; finances, residence, place of employment and many more. It is estimated that 25% of Americans have an error on their report and that is costing them money in higher interest rates.
In conclusion, you can remove negative items from your credit report and stop paying the high cost of bad credit. This is accomplished by disputing your credit yourself with a dispute letter or by hiring a service to do it for you.
To dispute a mark you need to contact the bureaus and send a dispute letter. A letter must be sent to each credit bureau. Often upon receipt of your letter the bureau will respond with a letter requesting more information about the item.
The bureaus use this as a stall tactic. Instead of actually investigating the dispute, the delay is more cost effective for them. People will most likely give up at this point and keep on paying extreme interest rates.
Be persistent and send another dispute letter with the requested information. Eventually the bureaus will investigate the mark. During an investigation the lender is contacted and asked to verify the disputed mark.
If the lender can not verify it then the bureau must remove it from your credit report. For optimal results we suggest you wait until the lender has received some form of payment for the outstanding debt. This is because lenders are often unwilling to spend the time and money verifying a debt that is no longer collectible.
For example, since a lender has no more use for a charged off credit card account that is sold to a collection agency, the lender will not take the time to confirm the account when contacted by the bureau.
It is much easier to remove a charge off once it has been sold rather than outstanding. You can dispute your credit yourself by creating a dispute letter or you can hire a service to dispute it on your behalf.
The benefit of a service is that it provides you with more options to remove a mark if it is confirmed. Services can ask for creditor direct interventions, debt confirmation, escalate dispute information requests, and in severe cases, an attorney can go to court and fight on your behalf.
You credit score is a very important number. It impacts your; finances, residence, place of employment and many more. It is estimated that 25% of Americans have an error on their report and that is costing them money in higher interest rates.
In conclusion, you can remove negative items from your credit report and stop paying the high cost of bad credit. This is accomplished by disputing your credit yourself with a dispute letter or by hiring a service to do it for you.
About the Author:
For a free credit consultation call 1-866-246-7311. Additionally you can visit us for a free credit repair letter used to file a dispute with the bureaus or for info on how you can dispute Palisades Collection a popular collection agency.
posted by Credit Counseling at
8:01 AM
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