OfflineHi, All DG Family Members
As per your request here is a list of steps and letters to use for your credit repair. Know the System and your Rights.
Step 1. Request a Free Credit Report from The 3 Bureau Credit Reporting Company in writing or go online but you have to pay. I did request my credit report via a company with all the account #s to dispute it and it cost me $69.00 dollars with the score. Email me if you want to know the name and I can send you the forms for Free! Or Write Requesting Your Free Credit report from the 3 bureaus listed below, you are entitled to it for free once a year. Write to:
Equifax
PO Box 740241
Atlanta, GA 30374
Trans Union Corp.
2 Baldwin Place
PO box 1000
Chester, PA 19022
Experian
PO Box 2002
Allen, TX 75013
Step 2.
Send letter #1 to each one of the reporting agencies With the Acc Name and #s of which you are disputing. Do the same for all the Accs and to the 3 bureau agencies. ONE OF THE MOST IMPORTANT PART IS TO SIGN THE LETTERS IN BLUE. See letter sample below.
December 27, 2010
Trans Union Corp.
2 Baldwin Place
PO Box 1000
Chester, PA 19022
Re: Complaint Letter to Delete Inaccurate Information
Dear Sir or Madam:
I received a copy of my credit report to find the following items to be incorrect.
I have explained the discrepancies in the numbered entries listed below:
CAP ONE- XXXXXXXXXXXXXXXXXXX According to my records the information you are reporting on this account is inaccurate. I demand that you remove this information from my credit report immediately.
By the provision of the fair Credit reporting Act of 1970, 15 U.S.C § § 1681 et seq., I demand that these item be reinvestigated and deleted from my credit record. Please send me the names and addresses of the companies that you contacted so I may follow up.
Under the terms of section 1681i of the Act, You the plaintiff have 30 days from receipt of this letter to verity this disputed information. In the event you fail to verify this data, or fail to respond to this request altogether, the disputed data must be deleted in its entirety.
Also, pursuant to 15 U.S.C. Section 1681d of the Act, Please notify me when the items have been deleted. You may send me an updated documentation copy to the below address. According to the provisions of section 1681j, there should be no charge for this notification.
Sincerely,
Sign in BLUE INK.
Your Name
Your Address
State, City Zip Code
SS# XXX-XX-XXX
Step #3
Collect all responses from your creditors keep this document in place and organized, you are going to need them for your 2nd round of letters to dispute the items that are/were inaccurate. Collect them for 29 days.
Step #4
Send Letter #1 and Letter#2 in top of Letter#1 to the 3 bureaus for each of your disputed accounts.
Example:
March 30, 2010
Trans Union Corp.
2 Baldwin Place
PO Box 1000
Chester, PA 19022
Re: No Response
Dear Sir or Madam:
CAP ONE-XXXXXXXXXXXXX You received my letter disputing certain items listed on my credit report over thirty (30) days ago. The items were inaccurate and incomplete. I have attached a copy of the original letter you received.
Under the Fair Credit Reporting Act 15 U.S.C. 1681I (5) (A), you have thirty (30) days from receipt of this letter to respond to my request for re-verification of the erroneous items. Since you did not immediately inform me of your need for additional time, I assume you accepted the statutory thirty (30) day period.
The thirty (30) days has now expired, and I have not heard from you. Therefore, it must be that the information on my report was either inaccurate, or it could not be re-verified. In either case, according to the provisions of 15U.S.C Section 1681i (a), the items must be deleted immediately.
Please respond immediately so I do not need to pursue my legal rights under 15 U.S.C. Section 1681n or 1681o, which require your compliance with the law.
Pursuant to 15 U.S.C. section 1681i (d) of the Fair Credit Reporting Act, send me notification that the items have been deleted. Send an updated copy of my credit report to the below given address, as well as to any other parties that have inquired of my credit rating in the last six (6) months. According to the provisions of U.S.C. Section 1681j, there is no charge for notification of changes on my credit report.
Sincerely,
Sign in BLUE INK.
Your Name
Your Address
State, City Zip Code
SS# XXX-XX-XXX
Step#5
Repeat Step #4. in (30)Days. That's It! If you have any question Please email me.
Success and Nothing Less!
All The Best!!
Wening
Notes: If you own money you can negotiate the amount with the creditors for much lower of what you own make small payments. to establish your credit. Be proactive and follow up to the end. call them and negotiated do not take not for and answer. Good Luck!!
;-)The Success Formula 
Positive mind + Positive thinking!= Positive Success! Wening 
If you have inaccurate items on your credit they can be removed. If you have a foreclosure, bankruptsy or a bank has accepted less than what is owed for a property and these are part of your credit history, you can't just request that they be removed. In many cases you will have to wait for the time required to see them take off.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Do you think they fall into the same category? Settled credit card accounts that have accepted less than what was originally owed? Anyone, try to get those negatives removed successfully?
I believe settled accounts are reported more favorably than a non-settled account, although still negatively. Removing them depends on the creditor. If the creditor responds to the dispute, then it remains. But if it's something that happened 5 years ago and it's settled, the creditor may not bother responding and the item should be removed.
** Keep in mind settling most debts for less than it's owed causes reportable income. So if a credit card balance of $10,000 is settled for $1,000, then they will report to the IRS taxable income of $9,000. Depending on your tax bracket, you may owe taxes on that $9,000. The main exception is the first mortgage on a primary home. But it definitely applies to credit card debt/
- Tom
Thanks Tom. I am going to try the method above with one and see how it goes. From what I am reading it may impact your credit for up to 7 years, but I will see what I can do about that. I dont know what the statute of limitation is on this type of thing, but will do a bit more research.
My other recourse was to try and get my name on my wifes card as a second user to try to rebuild credit as well that way.
-Marc
Thanks Tom. I am going to try the method above with one and see how it goes. From what I am reading it may impact your credit for up to 7 years, but I will see what I can do about that. I dont know what the statute of limitation is on this type of thing, but will do a bit more research.
My other recourse was to try and get my name on my wifes card as a second user to try to rebuild credit as well that way.
-Marc
Have at least three major Credit cards (Discover, visa, mastercard, and AMEX.) Use them every month. If you use them to pay fixed bills that never change (cable bill), you can set up an automatic payment schedule through your bank or through the credit card online website so you will never pay late.
Never have more than %30 of the card limit on the card (Utilization rate at or below %30 limit). If you can not achieve %30 or less, contact the credit card co and request they raise your credit limit. Balance transfers can also help you acheive a lower utilization rate, but transfers will lower your score. That being said, Sometimes you must hurt your score initially in order to raise your score in the long run.
Always pay on time. Make sure that your credit card companies are reporting the corect card limit (Department store credit cards do not do this.)
If you have more than 5 cards try to use only the three with the highest limit. NEVER cancel a card! Instead let it go inactive. The older the card, the longer your avarage credit history will be.
Have at least one installment loan (Car Loan). Avoid No interest till 2012, 13 etc. These hurt your score. Never co-sign a card. If you and your partner buy a house, only put the mortgage in one name. If you ever face foreclosure or have to file Bankruptcy, your partner's credit will be sheilded.
Many lenders will require you pay off collections before giving you credit. If you have a collection on your report, determine it does not belong to someone else. When you prepare to negotiate a payoff, never admit the debt belongs to you. Only pay off a collection if the collection agency agrees to a letter of deletion of the charge off on your three credit reports. Get the commitment in writing. If the collection agrees to provide a letter of deletion and agrees to delete the remark. Finally, when you send a check, include a "restrictive endorsement" on the back of the check stating- "by cashing this check, you agree that account number #### is paid in full and you agree to provide a letter of deletion." Even after doing all this, when you make any payment to a collection, it gets reported to the credit reporting agencies, and your score will go down initially. But after following the former advice, your score will rise.
Your score will rise in 6 months.
In relation to the Collection Accounts, most wont agree to a letter of deletion. I have asked before when settling for less and they state that they will not agree to that or "that their company is not allowed to do that". Any advice if they wont agree to to do it and if that is legal for them to do or not?
I mean they pretty much have you cornered to some extent b/c here you are settling for a lesser amount and they know that if you dont take the offer then a summons will be put forward and you will wind up in court. Then you have the whole court fees, possibility of actually coming out further in debt if they dont agree to an offer etc...
You can ask the creditor to remove it from your credit report all together they can. The collection agency is usually the one who puts it on your credit report not the original creditor. The best time to ask for it to be removed altogether from your credit report is when you are making the deal. I have done this and ask for it in writing before I would send them the settlement or my first payment of the settlement; so when I did pay as agreed and if they didn't remove it from my credit report. I had the letter to send to all credit bureaus with the agreement and the credit bureaus will honor it. If you are dealing with a creditor who won't do it then ask for paid as agreed not settlement. They can do this also. They won't you to pay so they will compromise. It seems like you not in control; but you are that's why they call you to try to collect without you they cannot make money; so they are willing to deal. Another good way to rebuild your credit is like the other gentlemen was saying is to add yourself to your wife or husband credit card; everytime it's paid on time it's reported on both of your credit report and to get added as secondary doesn't requires a credit check.
I paid someone to clean my credit and I think they are using the same system of letters, well there are three items that just wont go away. How can I get those off?
In 2005, I had one late payment to my credit card. I never thought I had, but in conversation with a representative and further check I really did. I apologized and followed up with a letter to the manager of the establishment explaining based on my credit report, that with the exception of one time, I was never late. The manager wrote back and informed me that in four weeks, he will have account back on the positive part of the report, and he did. Sometimes you just have to ask, it never hurts.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
On 8:49am, July 9th, 2011 steve guy said:
Wening this is a great post and
I thank the responders for adding more great insight. The cloak should be lifted on all of the CR Agencies. They are arrogant, their tactics and formulas are Top Secret, they are "basically" unregulated, and they have totally too much control over everyone's life. And they use the snail pace trac to wear you down in your efforts to contest and correct. Let some sunshine in to dissenfect this devil's lair. The same can be said about mortage companies in general. Good luck guys!!
Steve
We seldom get what we want, but we will always get what we expect.
there is little or NO integrity left. It is all about the money, and Teletrac is probably just the proverbial TIP.
Steve
We seldom get what we want, but we will always get what we expect.
Impressive, I will give this a try, and hopefully this will work some wonders on my behalf, I have items still showing up on my credit report, from a bankruptcy, which occurred more than seven years ago. So I really should follow up on this, because those items should have been long gone from my credit report!
Thanks for being Informing, D.J Marcelus
You are wonderful......
i like the idea of being on wife's credit card...also type in....7 steps to 720 credit score...for free info
can i use these steps to remove inquiries off my credit report? someone a long time ago use my identity and i now have about 40 inquiries which explains why i have such poor credit.. what should i do to remove all this? should i folllow the steps above??
i beleive real estate will help me become successful, ill never give up.