How to dispute a credit report error

How to dispute a credit report error - sample credit dispute letter

Dear Debt Adviser,

I just found out I have a negative listing on my account that I know is not mine. I tried disputing it with the credit agencies but it came back verified. The agency gave me the name of the collection agency to talk with them directly about it. How do I write a letter regarding this?
– Kami

Dear Kami,

You and a few million other people are dealing with the fallout of inaccurate credit reporting every day. Billions of transactions are reported to the three major credit reporting bureaus each month. Numbers can get transposed, data can be corrupted and any number of things can happen from the time you swipe your card until your payment shows up on your credit report. To me, it’s a minor miracle that the system works as well as it does. It’s the sheer size of the system and the number of moving parts it has that makes correcting inaccurate information a bit tricky. However, it can be done, and I can help you do it.

Story continues…

Sample credit dispute letter

Here is a sample letter you can use when you have a distpute about innacurate information in your credit report:

Date

Creditor Name

Creditor Address

City, State ZIP

RE: Name on Account:

Account #:

To Whom It May Concern:

In reviewing my credit report, I noticed the following discrepancy reported by your company regarding the account listed above and circled on the copy of my credit report which is attached:

Example:

ABC Bank, Account # 123456

Current balance on credit report is $1,500.00

I have no record of ever opening or using this account.

I requested a reinvestigation through Name of Credit Bureau and was informed that you reported the information listed as correct. It is not. In accordance with the Fair and Accurate Credit Transaction Act, I am requesting that you send me proof that the account belongs to me and report that this account is in dispute until this matter is resolved.

Please review this matter and contact me in writing within 30 days with the information that I have requested.

Sincerely,

Enclosure: credit report copy

Your Name

Your Address

City, State ZIP

Your Phone

Disputing inaccurate data on credit report (Bankrate.com)

Dear Debt Adviser, I just found out I have a negative listing on my account that I know is not mine. I tried disputing it with the credit agencies but it came back verified. The agency gave me the name of the collection agency to talk with them directly about it.

technorati tags:sample+credit+dispute+letter, dispute+credit+error, dispute+credit+report+error

Written by Adam on April 25th, 2007 with no comments.
Read more articles on Credit Repair and Credit Score and Credit Score Tips and FICO Score and Improve Credit Score and Sample Credit Report Dispute Letter.

Using seasoned credit trade lines to improve your credit score

Seasoned credit trade lines and you

When your credit scores don’t qualify you for the home mortgage you want, where do you turn?

That’s an especially timely question, as banks and mortgage companies tighten underwriting standards for applicants with less than perfect credit.

But federal and state authorities fear that some borrowers are turning to a fast-growing business on the Internet: companies that claim to boost credit scores by transplanting the credit DNA of people with excellent payment histories into the credit files of people with subpar histories — ostensibly without breaking any law.

The companies claim to raise FICO credit scores by 50 to 250 points or more by adding low-scoring borrowers as “authorized users” onto the credit-card accounts of people with FICO scores well in excess of 700.

The positive payment information from such cardholders then flows into the files of the persons with subpar credit.

Federal law permits authorized users to be added to credit-card accounts.

Typically, the users are relatives or friends of the primary cardholder.

For example, a parent might add a son or daughter onto a Visa card to provide access to credit for the child or for use in emergencies.

Federal law, however, does not limit the number or prescribe the type of authorized users permitted on any single account.

Exploiting that loophole, numerous companies have popped up on the Internet offering to buy and rent out the credit-card “trade lines” or accounts of credit-card holders with high limits combined with perfect payment histories.

Big bucks — and a strong potential for fraud on mortgage applications — are involved.

Some Web-site promoters say they can add 80 to 120 authorized users onto a high-quality credit-card account before banks or lenders get suspicious.
Each account can rent for as much as $1,500 to $2,000 for a 180-day usage.

Commentary:

Using credit trade lines is a legal way to boost your credit score at a pretty steep cost. But, if you use it to qualify for a lower mortgage interest rate, you could save thousands over 30 years. It may be worth it.
-Adam

Credit-score “transplants” can create monster mess (Seattle Times)

When your credit scores don’t qualify you for the home mortgage you want, where do you turn? That’s an especially timely…

technorati tags:credit+trade+lines, seasoned+credit+lines, rapid+credit+score, increase+credit+score+fast, boost+credit+score+fast

Written by Adam on April 11th, 2007 with no comments.
Read more articles on Credit Score and Credit Score Tips and FICO Score and Improve Credit Score.