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Credit Repair Techniques - Part 1 of 3

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Mortgage and Lending

Credit Repair Techniques - Part 1 of 3

The first step in credit repair is to understand that anything a credit repair service can do for you, you can do for yourself by following these simple steps.

If you have been notified that you have adverse credit or declined for a loan based on the findings in your credit report you should contact all 3 credit reporting agencies and request a copy of your credit report with-in 60 days of being notified. The 3 companies namely Equifax, Experian and TransUnion have a central website and a toll free number.

They are required by law to send you a copy of your report free of any charge if you contact them through the following method.

Go to WWW.ANNUALCREDITREPORT.COM or call 1-877-322-8228

Below is a Sample Dispute form you will send in once you receive your reports to dispute any inaccurate information in your report.

This form can be found at ftc.gov

Sample Dispute Letter

Date
Your Name
Your Address,
City, State, Zip Code

Complaint Department
Name of Company
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I dispute also are encircled on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please investigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing.)

 

Please return for more information on how to Improve your credit scores legally via credit card consolidation and manipulation. How many credit cards is it good to have? How many is too many? Are my balances to low or to high on certain credit cards and how can I consolidate them to maximize my scores? All this and much more.

Part 1 of 3

 

Posted by

Jim Poole

Senior Loan Officer NMLS #351358

813.205.7958 Mobile

jptampa@live.com 

 

Comments (4)

Martin Lopez
Berkshire Hathaway HomeServices California Properties - Cerritos, CA

Good information Jim.  Sometime ago I bought a book by NOLO press on credit repair and they have amazing information as well as all kinds of sample letters to use depending on the situation.  I ended up letting friends and clients borrow this book and losing track of it and lost it! 

Too many credit repair companies claim they can "remove" bad records from credit report when in fact they can only be removed if it is a "mistake" or report is incorrect, and this can be done by yourself without the expense of a credit repair company.

Apr 12, 2011 03:07 AM
Drick Ward Property Management / Broker Assoc
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

Thanks Jim, not too many people actually know how to compose a dispute letter.

Apr 12, 2011 03:12 AM
James Loftis
RealEstate911.com - West Palm Beach, FL
RealEstate911.com

Good information to know, thanks for sharing.

Apr 12, 2011 03:22 AM
Jim Poole
Tampa, FL
Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans

Thanks for pointing that out Martin. A dispute is only to made if it is INACCURATE. If it is accurate and disputed it is deemed fraud by the individual disputing it. DO NOT DO THIS.

Apr 12, 2011 03:46 AM