Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Monday, November 24, 2008
To dispute a bad credit item on your Equifax credit report you must send a dispute letter. In your letter you must include the disputed item and why it is incorrect.
This letter can be created by you or you can hire a credit repair service to do it on your behalf. If you choose to do it yourself realize you have to dispute the item with each credit bureau.
This means that if you send a letter to Equifax and they remove the mark you will also need to send a letter to Transunion or Experian. There is no communication between the three bureaus regarding disputes.
Common reasons to dispute a bad credit item include; information is wrong, item is out of date, account paid in full and more. The Fair Credit Reporting Act passed by congress gives you the right to dispute any item on your credit report.
In addition the act says the bureaus must remove an item if it is not verified by the creator. This act is what the dispute process is based upon.
When your dispute is filled the bureau will conduct an investigation. They will contact the creator of the negative mark and ask them to verify the debt, the amounts and the dates.
If the mark can not be verified then it is removed from your credit report. Often an investigation results in the removal of bad credit. This is a result of many businesses being unwilling to spend the time and money verifying disputed debts.
However before the credit bureau will conduct an investigation your dispute must be a valid dispute. There is no way to tell if the bureaus will deem your letter valid or invalid.
Many claim that the bureaus are just avoiding having to hold an investigation so they will deem your dispute invalid and respond with a letter requesting more information about the dispute. It is widely speculated that this is nothing more than a stall tactic used by the bureaus.
This is because there is no money to be earned from the dispute process. It however will cost the bureaus time and money to investigate.
I suggest hiring a service if you have considerable damage to your credit. However if you only have minor damage such as one or two negative listings then you can dispute your report yourself. If you do it yourself just be patient and persistent.
In sum you can remove bad credit items without waiting 7 years. To do this you must dispute the credit bureaus.
This letter can be created by you or you can hire a credit repair service to do it on your behalf. If you choose to do it yourself realize you have to dispute the item with each credit bureau.
This means that if you send a letter to Equifax and they remove the mark you will also need to send a letter to Transunion or Experian. There is no communication between the three bureaus regarding disputes.
Common reasons to dispute a bad credit item include; information is wrong, item is out of date, account paid in full and more. The Fair Credit Reporting Act passed by congress gives you the right to dispute any item on your credit report.
In addition the act says the bureaus must remove an item if it is not verified by the creator. This act is what the dispute process is based upon.
When your dispute is filled the bureau will conduct an investigation. They will contact the creator of the negative mark and ask them to verify the debt, the amounts and the dates.
If the mark can not be verified then it is removed from your credit report. Often an investigation results in the removal of bad credit. This is a result of many businesses being unwilling to spend the time and money verifying disputed debts.
However before the credit bureau will conduct an investigation your dispute must be a valid dispute. There is no way to tell if the bureaus will deem your letter valid or invalid.
Many claim that the bureaus are just avoiding having to hold an investigation so they will deem your dispute invalid and respond with a letter requesting more information about the dispute. It is widely speculated that this is nothing more than a stall tactic used by the bureaus.
This is because there is no money to be earned from the dispute process. It however will cost the bureaus time and money to investigate.
I suggest hiring a service if you have considerable damage to your credit. However if you only have minor damage such as one or two negative listings then you can dispute your report yourself. If you do it yourself just be patient and persistent.
In sum you can remove bad credit items without waiting 7 years. To do this you must dispute the credit bureaus.
About the Author:
For a free sample dispute letter to remove bad credit items on your report or to learn how you can remove negative marks such as a charge off visit us.
posted by Credit Counseling at
1:45 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home