If you feel your credit score is not accurate, there are a number of things you can do to ameliorate this situation. One of the things that have that biggest impact is to write credit repair letters. Best of all, they are quite easy to write.
If you are able to use the right terminology in the correct places, you can pull this off yourself. You will probably have heard that writing your own letter is cumbersome with legal mumbo jumbo or just very complex and complicated, but have you ever stopped and thought that this is something the credit repair agencies want you to think? Read on to find out how you can write your very own credit repair letters. Hopefully, these will be able to get you out of debt much quicker than you had anticipated.
Is A Credit Repair Letter Really Necessary?
Before you start writing anything, you need to get your hands on a complete credit report about your credit history. There are a number of websites where you can obtain a copy for free, particularly if you sign up for a free trial. By analyzing your credit report, you may find that you don’t truly need to contact the credit bureau.
If you do find some credit score issue’s, the report should provide you with a link so you can dispute any of the problems noted on your credit report. It is always best to try this before you start writing credit repair letters. This is because this process is often far quicker and can therefore have faster results. Don’t apply for any further credit until you have had these issues resolved though.
Where Does a Credit Report Come From?
There are three main credit reporting agencies in the country. These are TransUnion, Equifax and Experian. These all have websites where you can dispute your credit rating. If you write a credit dispute letter or any variation of one, you will write it to the company that has given you the mark and not to the credit reporting agency, which is a big difference. By first starting to address the credit reporting agencies, you can save the time it takes you to write credit repair letters. Furthermore, you will save money on postage as well. We do live in a difficult economy, as you will know if you have credit issues, and every little helps.
Writing Credit Repair Letters For The DIYer
If you have tried contacting the credit reporting agencies and you have not come to a resolution, it is time to start writing. Always remember not to make your credit repair letters too long and wordy. Don’t go into too much detail either. What you need to do is write down what the mark is that you are disputing, including dates, amounts and reference numbers, and why you dispute this mark. Remember that credit repair letters are easy to write. This means you should not be tempted to go to agencies that claim they will successfully write all your letters and only charge you a nominal fee for this.
They are generally scams and you will lose out on this so-called nominal fee, which is usually quite a hefty sum of money.
You are just as capable of writing these letters yourself, allowing you to get your credit back on track by your own efforts, with minimal costs. Do remember that there are two things that you are unable to dispute. The first is a tax mark. If you have dodged tax in the past, this will always be on your credit report. Unless that mark is on there and it wasn’t actually you, there is nothing you can do about it. The same goes for bankruptcies. Again, if you have ever been declared bankrupt, there is no way you can have this removed from your credit file. There are a number of credit repair agencies that tell their clients that they are able to remove a bankruptcy mark. They say that this is possible if the bankruptcy occurred three years or more ago. Beware that if an agency tells you this, they are trying to scam you because it is simply impossible to have this mark removed.
Are You Ready to Write Your Own Dispute Letter?
There are three magical words that you need to be aware of. These words are “prove or remove“. Interestingly, these three words can be placed in credit repair letters that you send to the credit reporting agency, rather than the company that has placed a mark against you. Write credit repair letters to the agency or agencies that have the mark against you. Tell them that you are disputing a certain mark (remember reference, date and amount) and why you are disputing it (don’t use too many words or details). Then tell them you are asking them to prove or remove the mark. This means the credit reporting agency has to contact the company that placed the mark against you and is asking them to provide evidence that the mark against you should actually be there. The company has only 30 days to reply and if they don’t reply, which is often the case, the mark has to be removed from your credit file.
It really is as simple as that, but it does mean you have to have a little bit of luck on your side, particularly if the mark actually has the right to be there. If, however, the mark really is in error, perhaps because you have paid off the debt, things change a little bit. Here, you need to contact the company that placed the mark against you and request a settlement letter from them. You then need to send this to the credit reporting agency. If, for some reason, they are unwilling to provide you with a full and full settlement letter, you have to report this to the credit reporting agency and explain the situation. They will then write to the company that placed the mark against you and ask them for their response. Again, if within 30 days no satisfactory reply has been received, the mark has to be removed.