This blog post is intended for people who can't afford my paid credit repairs services but don't mind going through all the hassle of fixing credit.
They will find the advanced method credit bureau dispute letters with detailed instructions and guidance in my 15-years of credit repair experience.
Let's face the facts, it can be overwhelming and confusing to try to repair or remove a late payment of 30 days.
It can be difficult to know how to properly dispute.
-- Credit Bureaus may disregard your disputes
Creditors continue to verify your challenges
If you have hired Lexington or a credit repair agency, it is possible that:
You've spent $1000+, but there were no upfront fees
They make ineffective credit bureau disputes or goodwill requests
You find yourself back at the exact same place you started!
Do you still want to learn how to do it? Good. This will require attention to detail but it will be worth it if you take the time to learn.
Here's the scoop: Consumers can challenge any questionable credit items in their credit reports under Section 611 of the Fair Credit Reporting Act (FCRA).
This includes late payment charge-offs and collections, as well as tax liens, bankruptcies judgments, foreclosures, and any personal identification information.
This means that virtually any negative credit information you have been provided by credit bureaus can be challenged and deleted.
How to dispute accounts related to Identity Theft and Fraud
This is crucial.
The process for repairing your credit is different if you have been a victim to identity theft or fraud.
This special victim procedure for identity theft will require you to fill out an Identity Theft Affidavit at Federal Trade Commission and a declaration that you are a fraud victim.
If you have been a victim of ID theft, this article will help you to repair your credit after fraud and identity theft.
How do you dispute credit accounts with credit bureaus? Phone, Fax, Mail, Online, or Online?
any consumers will dispute their accounts online or by phone.
This is a big mistake!
Experian, Equifax, and Transunion allow you to pull a credit report directly from their websites, or from annualcreditreport.com, or through sites like CreditKarma.
These reports will give you a link to the dispute online as well as a number to call for customer service at the credit bureau.
Online and phone disputes are the most common ways to dispute. This method is not recommended by any serious credit repair expert.
Why? Every time consumers do this, they are at a disadvantage.
First, credit bureaus require consumers to sign innocuous-sounding waivers. This effectively makes clients give up their right to reinvestigation.
The credit bureaus don't have to worry about lawsuits if there is no paper trail. Credit bureaus are able to take phone and online disputes less seriously.
This results in less thorough investigations that may not result in items being removed from credit reports.
You will be much more successful if you use a real credit dispute letter and mail or fax it.
This video will help you understand your federal and state rights and how to use them to repair and protect your credit.
Avoid common mistakes with credit dispute letters
Over the years, I have seen my clients make mistakes that can endanger their chances of deletion.
These are the ways to avoid making these errors:
A. You should not threaten legal action of any type unless there is good reason to do so.
B) Don't dispute positive credit reports. Once removed, they can't be re-inserted.
C) Do NOT dispute inquiries related to accounts that you have legitimately opened. Your inquiry dispute will be sent to the creditor who may close the account in fear of fraud.
D) If multiple accounts are being reported by the same creditor, make sure you include all account numbers. It is important not to have the incorrect account disputed or deleted.
Credit bureaus should not challenge these accounts
This is something I cannot emphasize enough: Do not dispute any legitimate debts you have fallen behind in recent months. You cannot afford to pay them off.
Here's the reason: Creditors are permitted to sue consumers within the limitations period allowed by law in the state where the debtor lives.
Before you dispute large unpaid debts, make sure to check the statutes of limitation in your state.
California's statute of limitations for debts, for example, is 4 years.
This is what it means:
California residents can be sued by creditors for up to four years after you have defaulted on a loan.
Disputing accounts within the statutes of limitations could lead to the creditor taking legal action against the creditor.
However, this does not apply to items that result from identity theft.
What accounts can you remove from the credit dispute letter?
These items can be disputed:
Credit account-related disputes: Late payments, charge-offs, and missed payments, collections. Repossessions. Student loans, installment loans. Auto loans. Mortgage foreclosures. Any account reporting to your credit file can be.
Public records: This includes IRS tax liens and state tax liens as well as judgments and bankruptcies.
Credit Inquiries: Credit bureaus record requests for your credit report (aka credit inquiries) and keep them on file for two years. Credit inquiries that are not legitimate can be disputed and deleted to improve your score.
Personal information: You have the right to dispute your removal or have the bureaus correct your personal information. This includes your name, current address, previous addresses, and telephone number.
How to dispute late payments or recent collections
You need to know that any valid collection or late payment cannot be removed from credit reports by disputing letters from credit bureaus.
These are how to get rid of them
Recent late payments: If you have late payments in the past 2 years, or if you have open accounts, you can use the direct creditor dispute process to get them expunged. The credit bureau dispute letter is suitable for older late payments.
Recent collection accounts: If you have any collection accounts that fell behind in the last four years, the best way to get them deleted is to use the pay for delete process. This allows you to offer to settle the account and then request deletion from your credit reports.
Older collections accounts: For re-aged collections accounts, you will need a letter of debt validation. This allows you to challenge the debt collector.
Only after the collection company has received your letter, you should send a dispute letter to credit bureaus. The collector will be asked to verify two things by the collector: directly from you and also from the credit bureaus.
That's all for this video thanks for watching.
Click the link in the description to repair your credit fast!
