Write a credit dispute letter
- By Chuck Machado
- Published 04/21/2010
- Finances
- Unrated
Write a credit dispute letter
The key to raise credit scores is to write a Credit Dispute Letter. When you decide it's time to improve credit scores, you have to start here. There is no other way to begin and this is whether you are dealing with a credit card company, a collection agency or one of the three major credit reporting agencies.
You can pay huge fees and a credit repair services will offer to do this work for you, but if you are on a budget or just want to take control of your credit report, you can draft a collection dispute letter yourself. Be prepared for writing several drafts of the letter because your request may not get the attention you think it should.
There is no mystery to drafting the dispute letter but there some considerations you need to address when you start. For instance, who are you writing to? If a collection agency is calling, there is no reason to contact the credit card company because they have long sold your debt to an outside collection company. This is evidenced by the term charge off on your credit report. You can learn more about credit card forgiveness and how to settle credit card debt at this great site.
Assuming the credit card company or original creditor still has your debt, your credit score dispute letter will go to them. Send the dispute letter to the same address you normally would use to mail your payments. Make sure you use certified Mail-return receipt to document they received your mail and note the date the letter was signed for.
The law gives the three credit reporting agencies 30 days to complete their credit dispute investigation. This can be interrupted and postponed if they need more information from you. For instance, did you include proof of identity when you sent your dispute letter? Your letter should include copies of your identification as well as a utility bill copy so scammers don't get the personal information the reporting agency will be sending out.
Did you send in all your documentation for dispute purposes, like canceled check copies? If you piecemeal this information to the reporting agency, your investigation will be extended and time is your friend. You want the strict 30 day rule to control the investigation because there is a good chance the creditors will not be ably to comply. If they exceed their statue the negative remark must be stricken. Don't make it easy for them by being disorganized.
If you are dealing with a collection agency, you can use the same dispute tactics, but you will be dealing with a much more aggressive situation. Often commissioned, collectors can seem like they have on mercy as they call you day and night. Keep in mind that their original purchase for your debt may only be 10% of the amount due, but you would never know this as they collect hard.
To alleviate the continuous telephone calls you will need a Cease & Desist Letter telling them to contact you only by mail. We provide a copy on our website.
You can pay huge fees and a credit repair services will offer to do this work for you, but if you are on a budget or just want to take control of your credit report, you can draft a collection dispute letter yourself. Be prepared for writing several drafts of the letter because your request may not get the attention you think it should.
There is no mystery to drafting the dispute letter but there some considerations you need to address when you start. For instance, who are you writing to? If a collection agency is calling, there is no reason to contact the credit card company because they have long sold your debt to an outside collection company. This is evidenced by the term charge off on your credit report. You can learn more about credit card forgiveness and how to settle credit card debt at this great site.
Assuming the credit card company or original creditor still has your debt, your credit score dispute letter will go to them. Send the dispute letter to the same address you normally would use to mail your payments. Make sure you use certified Mail-return receipt to document they received your mail and note the date the letter was signed for.
The law gives the three credit reporting agencies 30 days to complete their credit dispute investigation. This can be interrupted and postponed if they need more information from you. For instance, did you include proof of identity when you sent your dispute letter? Your letter should include copies of your identification as well as a utility bill copy so scammers don't get the personal information the reporting agency will be sending out.
Did you send in all your documentation for dispute purposes, like canceled check copies? If you piecemeal this information to the reporting agency, your investigation will be extended and time is your friend. You want the strict 30 day rule to control the investigation because there is a good chance the creditors will not be ably to comply. If they exceed their statue the negative remark must be stricken. Don't make it easy for them by being disorganized.
If you are dealing with a collection agency, you can use the same dispute tactics, but you will be dealing with a much more aggressive situation. Often commissioned, collectors can seem like they have on mercy as they call you day and night. Keep in mind that their original purchase for your debt may only be 10% of the amount due, but you would never know this as they collect hard.
To alleviate the continuous telephone calls you will need a Cease & Desist Letter telling them to contact you only by mail. We provide a copy on our website.
Chuck Machado
Chuck Machado is a partner with CMA Capital Funding and he writes extensively about debt and consumer credit. Reach him at his Raise Credit Score where you can credit dispute letters and other information about credit
View all articles by Chuck Machado