Credit Dispute Letter
A credit dispute letter is how a consumer challenges a bad credit mark on their credit report. What you need to include in this letter and what the bureaus will do in response to it.
Common reasons for a dispute are; account is not mine, account paid in full, item is out of date and more. When the credit bureaus receive your dispute and deem it valid they will investigate the dispute.
During and investigation the credit bureau will contact the lender or collection agency that made the negative mark and verify the debt and its dates and amounts. If the account can not be verified then it must be removed from your report.
Typically investigations will result in the removal of a bad credit item. This happens because many businesses are just unwilling to spend the resources to verify disputed accounts.
There are rumors that credit bureaus do not check public records to verify debt. This means that bad credit marks such as a judgment or foreclosure are often removed through a dispute.
You can also hire a credit repair service to dispute your credit report for you. This can be very helpful if you are disputing multiple bad credit items on your report.
It is common for a dispute letter to result in the bureaus sending you a letter requesting more information about the dispute. In addition each credit bureau needs to be disputed separately.
Thus organizing all your disputes with each credit bureau can be a task itself. Many services can use advanced dispute techniques in case a bad credit item is verified. The techniques include; escalated dispute information requests, debt validation, and creditor direct intervention.
Frequently these services will have lawyers on their staff which will enable you to go to court if it is required. Also with a service you may be eligible to file a lawsuit against a collection agency for illegal debt collection practices.
Credit repair is your responsibility. Unfortunately it is very common for inaccurate information to be reported on your credit report. It is estimated that 1 in every 4 Americans have inaccurate items on their report.
In sum, dispute any inaccurate or unverifiable bad credit marks on your report. You do not have to wait 7 years for a mark to be removed from your credit.
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For a free credit repair letter to dispute bad credit items or learn how you can remove lvnv funding a common collection agency from your credit report.