Saturday, August 28, 2010

Importance of Credit dispute letter

Credit dispute letters are meant to repair bad credit by removing errors from your credit report. You personally may have put so much effort in eliminating earlier dues and thereby creating better credit standing but if you want to get your payment history rewritten you must convince the credit bureau to remove negative information from your past credit reports. Thus writing the credit dispute letter just perfect is very important. In today’s harsh economy it is very crucial to maintain a clean credit history.

When composing one such you must remember than it should point out the discrepancies. You should not ask “why” a particular debt is missing but you should point out “what” is missing. You don’t need to beg them to get old credit figures removed. Starting with a simple statement like “On reviewing my credit report I found these inaccuracies”, please remove them at your earliest from my report and send me a correction of the same” will help. It becomes their lawful duty to do a thorough research of your credit report and identify errors if you request them to do so.

Applying for a new credit will be challenging if you have a poor credit score. Ordering copies of credit reports from all the three major credit-reporting agencies namely Experian, Equifax and TransUnion will allow you to verify one report with another. You can do this by requesting a free report from the above-mentioned agencies directly from the Internet. Once you reviewed your credit report your immediate step will be to identify the negative items you want to dispute on.

Your next step will be to start writing the dispute letter asking them to remove negative information from your record. After receiving your request the bureau will start investigation into the negative marks. It is important for you to send your dispute letter via registered postal mail so as to get a confirmation that it is delivered to the right address.

It is the consumer protection law, which entails that the credit bureaus must investigate and delete inaccurate and false marks from a credit report if requested. You have to be careful while selecting the credit bureau you want to work with as there are many credit reporting agencies that will charge you thousands of dollars unnecessarily just to adjust a negative item from your report. In fact what the credit bureau can do for you, you can do it yourself also if you gather a little bit of inside knowledge and understanding.


Locksmith in Scarsdale NY said...

I hate credit...
Thank you for the post..

Julia said...

Wonderful information share!
Don't forget about debt prevention, keeping yourself from credits is a good way or at least take everything you will owe to great considerations before getting drown with debt.