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Different Types of Credit Repair Letters
- By Don Tate
- Published 03/11/2010
- Personal Finance
- Unrated
Don Tate
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Experts agree that the most effective way to clean up your credit is through written correspondence. Sure, you can submit disputes using the credit bureaus' websites and you can talk to creditors on the phone, but by putting everything in writing you will have a paper trail as proof of everything that gets said.
As you get started gathering information about repairing your creditscore, you will find that there are a variety of types of credit repair letters you might need to use. Unfortunately, there is no ideal credit repair letter that will do the job for all people in all circumstances. Instead, you'll have to find the right letter for your situation.
Credit Repair Letters
Below are a few examples of categories of letters you may come across as you attempt to fix your credit score. This does not include each type of credit repair letter, but it does serve to illustrate the variety of letters you may need to write.
Credit Bureau Dispute
The credit bureau dispute is the letter that most people probably think of when they think of credit repair letters. The credit bureau dispute is your message to a credit bureau telling them that you would like them to verify the accuracy of an account listed in your credit file. You are basically telling the credit bureau that they need to prove that an item is recorded correctly. If they cannot do so, then the account must be updated or deleted.
According to the Fair Credit Reporting Act , you can dispute any items that are inaccurate or, in your opinion, give users of your credit reports an unfair impression of your creditworthiness.
Credit Bureau Dispute Follow-up
The credit bureaus are supposed to process your dispute and follow up with you within
30 days, but this does not always happen. You will need to follow-up your initial dispute letter with another letter stating that you have already sent in a dispute, that you should have received a reply by now, and again detailing which item you are disputing. This letter lets the credit bureau know you are serious about your dispute and you will not quit just because you don't hear back.
Goodwill Letter
Not all negative listings in your credit report can be disputed with the credit bureaus. Plus, removed. Sometimes you will have to bypass the credit bureaus and work directly with the creditor who is reporting the negative listings.
The goodwill letter is a non-confrontational letter to creditors. In a goodwill letter you are asking nicely for the creditor to remove a negative item. You can mention your current good standing with the creditor or request sympathy because of the effect the negative item is having on your credit score in your request for the deletion.
Debt Validation Letter
If a credit bureau dispute doesn't do the job and your creditor is not receptive to your playing nice, it's time to get rough.
By enforcing your rights under a number of consumer protection statutes, you can make creditors and collections agencies have to prove that a debt is owed by following specific protocols set forth by these laws. As is the case with the credit bureaus, if they are unable or unwilling to do so, the negative accounts must be removed from your credit reports.
Getting Help with Credit Repair
After researching credit repair and credit repair letters, or even after beginning the process of repairing their own credit, people often times see how difficult credit repair can be. Fortunately, there are many quality credit repair companies who have the knowledge and the experience to help make the process simple and effective.
As you get started gathering information about repairing your creditscore, you will find that there are a variety of types of credit repair letters you might need to use. Unfortunately, there is no ideal credit repair letter that will do the job for all people in all circumstances. Instead, you'll have to find the right letter for your situation.
Credit Repair Letters
Below are a few examples of categories of letters you may come across as you attempt to fix your credit score. This does not include each type of credit repair letter, but it does serve to illustrate the variety of letters you may need to write.
Credit Bureau Dispute
The credit bureau dispute is the letter that most people probably think of when they think of credit repair letters. The credit bureau dispute is your message to a credit bureau telling them that you would like them to verify the accuracy of an account listed in your credit file. You are basically telling the credit bureau that they need to prove that an item is recorded correctly. If they cannot do so, then the account must be updated or deleted.
According to the Fair Credit Reporting Act , you can dispute any items that are inaccurate or, in your opinion, give users of your credit reports an unfair impression of your creditworthiness.
Credit Bureau Dispute Follow-up
The credit bureaus are supposed to process your dispute and follow up with you within
Goodwill Letter
Not all negative listings in your credit report can be disputed with the credit bureaus. Plus, removed. Sometimes you will have to bypass the credit bureaus and work directly with the creditor who is reporting the negative listings.
The goodwill letter is a non-confrontational letter to creditors. In a goodwill letter you are asking nicely for the creditor to remove a negative item. You can mention your current good standing with the creditor or request sympathy because of the effect the negative item is having on your credit score in your request for the deletion.
Debt Validation Letter
If a credit bureau dispute doesn't do the job and your creditor is not receptive to your playing nice, it's time to get rough.
By enforcing your rights under a number of consumer protection statutes, you can make creditors and collections agencies have to prove that a debt is owed by following specific protocols set forth by these laws. As is the case with the credit bureaus, if they are unable or unwilling to do so, the negative accounts must be removed from your credit reports.
Getting Help with Credit Repair
After researching credit repair and credit repair letters, or even after beginning the process of repairing their own credit, people often times see how difficult credit repair can be. Fortunately, there are many quality credit repair companies who have the knowledge and the experience to help make the process simple and effective.