Posts Tagged ‘Equifax’

Things You Shouldn’t Do On A Credit Repair Dispute Letter

There’s a right way and a wrong way to do just about anything, including writing a credit repair dispute letter. Granted, making a mistake on a credit repair dispute letter is not the end of the world. You may even get the desired results, but it can take longer and with a lot less hurt feelings if you follow a few simple rules. Remember, if you’re still unsure of how to write the letter, check out the credit repair letter template at the Federal Trade Commission’s website. Your bank also should be able to help you.

Explain Everything About Everything

A credit repair dispute letter should be as short as possible. You don’t do yourself any favors by having including your elementary report cards, letters from your Mom and a photo of your dog. All you need to do is inform that you noticed something wrong in your latest credit report, what this is and who you are. You also need to send a copy of the credit report and mark where the problem is.

Wrong Formatting

This really shouldn’t take more than one page, including your address. Be sure to sign the credit repair dispute letter in ink or it will not be taken seriously. You can write the letter or type it. Typing is best, because the recipient can’t claim that they couldn’t read your handwriting. You also don’t want to type in ALL CAPITAL LETTERS LIKE THIS because that is considered rude. It’s the written equivalent of shouting in your face.

Not Following Directions

Your credit report (even the three free ones you are entitled to per year by law) will include instructions on how to properly file a dispute. They tell you if some errors can be solved over the phone. They tell you what address to send credit repair dispute letter to. They even add other details for some of the most common errors found on credit reports.

Fro example, with Equifax, if you discover that your credit report has been filed under the wrong Social Security Number, you need to also include a copy of your Social Security card or a photocopy of your most recent W-2 form. Please don’t send originals. If you don’t send the right paperwork, you’ll merely get a letter asking to send the right paperwork. You can save a lot of problems just by following the directions the credit bureau’s credit repair dispute letter directions.

Is There Such A Thing As A Free Credit Repair Letter?

Your bet your bootie that there is such a thing as a free credit repair letter. In fact, there are many kinds of letters you can send that eventually help to repair bits and pieces of your credit. One free credit repair letter won’t immediately wipe out an entire history of bad credit, however. Well, not legally, anyway. If someone does offer to write you a free credit repair letter that will get you a brand new credit history or eliminate all of your bad credit history, kindly refuse the offer.

What Are They?

Although so much about business is done on line, there are still some things that have to be done by old-fashioned snail mail. Free credit repair letters can be typewritten or hand written, but they need to be actually signed by you in ink. If you’ve every written a business letter or a cover letter for a job application, then you already have the skills to write a free credit repair letter. If you are not sure what a good credit repair letter looks like, you can go online to see a sample credit repair letter.

Some types of free credit repair letters are communications with whoever claims you owe them money – whether it’s just one person, a company or debt collectors. For example, one day I received a letter from an ex-roommate demanding I immediately pay $500 from an old debt. I couldn’t remember owing the ex-roommate any money. We’d parted on good terms. So, I wrote politely asking him to prove that I owed him money (technically called a debt validation letter). I never heard from him again.

The Most Common Type

One of the most common kinds of free credit repair letters is called a dispute letter. As the name implies, you are disputing part of the information on your credit record. These types of free credit repair letters are only sent to the credit report agencies Equifax, TransUnion and Experian. These are the three companies that give free credit reports to everyone in America.

You should get these free reports every year and look at them closely to be sure that all of the information is accurate. For example, if they’ve spelled your name wrong, this can wind up being a serious problem years down the line and needs to be corrected immediately. You just write a polite letter stating your point of view and asking that the information be changed.

What The Heck Is A Credit Repair Letter?

There are many types of letters to financial institutions about your credit that are lumped together under the term “credit repair letter”. Unfortunately, none of these types of letters will instantly fix all of your credit problems. It’s just not that simple. But they can certainly help make your credit get any worse and can help plug up any money leaks that can affect your credit rating. What’s really nice is that many credit repair letters are free credit repair letters.

Cease And Desist

If you are getting hounded by debt collection agencies or anyone you owe money to, you are not only legally entitled to tell them to shut up, but they are legally entitled to shut up. You do have to send them a type of credit repair letter called a cease and desist letter in order to prove that you are being hounded. The cease and desist letter needs to be polite, just state the facts and not get personal.

Before you send off the cease and desist letter, you need to make a copy of it and keep it with any copies or original harassing letters you have been getting. You also need to have the letter go by certified, return receipt mail. This will give you proof that the receiver has gotten your letter, especially if this winds up in court. Hopefully, you’ll never have to write this type of credit repair letter.

Debt Validation

This is another type of credit repair letter that you can send to anyone who owes you money. Debt validation letters could also be called “prove it” letters. Basically, you politely ask them to prove that you actually owe what they claim you owe. You also want to send this certified mail and make copies in case this goes to court.

Disputes

In America, you are legally entitled to three free credit reports a year, one from the three credit report agencies – Equifax, TransUnion and Experian. In this way, you can keep track of any identity theft or any mistaken charges or information placed on your permanent credit record. For example, you get a free credit report and see that you applied for a mortgage last year – only you hadn’t. But the report says you have.

This is where writing a type of credit repair letter called a dispute letter comes in. It’s very much like writing your bank to inform them of a charge on your checking account that you never authorized. You write the credit bureau and include a copy of the credit report. Calmly state your position. Never threaten to sue. This only makes it look like you have something to hide.