How You Can Dispute Your Credit
Filed Under Education |
In order to remove derogatory items from your credit report you have to dispute the credit bureaus. There are two options to do this.
1. Create a dispute letter
This method requires you to create a dispute letter. In this letter you identify the negative mark you want removed and provide a reason why that mark is inaccurate.
Reasons typically include; item is out of date, information is wrong, not my account, account paid in full and etcetera. This letter will need to be sent to each credit bureau.
2. Hire a professional credit repair company.
If you choose this option the firm will create a dispute letter for you and send it to the bureaus. The benefit of a firm is they have advanced dispute techniques such as; creditor direct intervention, escalated dispute information requests, and debt validation.
I recommend hiring a service if you have multiple bad credit items on your report. However if you only have one or two items then you can do it yourself.
Upon receipt of your “valid” dispute letter the bureaus will hold an investigation. If the negative mark can not be verified then the bureaus must remove it from your credit history.
Be aware that it is common for bureaus to use stall tactics to avoid conducting investigations. This is because it costs the credit bureaus potential profits to conduct an investigation.
The Fair Credit Reporting Act made it law that credit bureaus must investigate a disputed item and if it is found unverifiable then it must be deleted from you credit report. The difficult part is getting the credit bureaus to deem you dispute letter valid.
If you have trouble I suggest a credit repair firm, however if you are persistent then the bureaus will eventually deem your dispute valid and conduct an investigation.
It is common for investigations to result in removal of negative marks. This is because many lenders are unwilling to spend the time and money to verify a debt.
However you decide to dispute your credit, negative marks can be deleted. You do not have to wait the full seven years for these marks to be removed.
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