Letters To Credit Bureaus To Remove Debt – A credit report dispute letter is a one (1) page document sent to the major credit reporting agencies to request that inaccurate information be removed from a credit report. Removing inaccuracies and old entries from your credit report are essential steps to improving your credit score, allowing borrowers to get the best possible terms when shopping for a loan.
I am writing to discuss an account that is falsely appearing on my credit report with your bureau. The amount owed on the following account is no longer outstanding:
Letters To Credit Bureaus To Remove Debt
I have circled the account I am disputing on the attached copy of my credit report. There may be additional evidence attached to support my claim.
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The following steps describe the process to follow to dispute an item on your credit report.
It is recommended that a consumer obtain their credit report before applying for a large loan (such as a mortgage), taking steps to repair their credit, or after being denied a loan. All citizens are entitled to one (1) free credit report per year from the three (3) major credit reporting agencies. To get your reports, go to AnnualCreditReport.com and click on “Request Your Free Credit Reports.”
If the debt is disputed in any way, it is in the consumer’s interest to report it, because there are no consequences or penalties for doing so.
The consumer should review receipts, shipments, old documents, and any other records that support the consumer’s claim. For example, if a consumer is reporting a debt that is more than seven (7) years old, they must find documentation that relates to the debt that was at least seven (7) years in the past. If the consumer sends his dispute by mail, it should not contain originals, but copies of all attached files.
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Consumers can create and submit a dispute online or by mail. For those comfortable with computers, the recommended option is online.
The sender must download and complete all fields on the credit report dispute letter. Once completed, the letter must be sent by certified mail to the appropriate reporting agency, using one of the following addresses:
Upon receipt, the credit bureau has thirty (30) days to respond to the inquiry (unless it deems the inquiry to be frivolous). At this time, they will also forward any applicable data relating to the dispute to the original reporting entity. Once received by the original supplier, it is your duty to review all information related to the dispute. If they discover that the information is incorrect, they will notify all three (3) credit bureaus so that the information can be corrected.
If the investigation results in a change to the credit report, the following documents will be sent to the consumer:
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If the bureau’s investigation does not result in changes to the report, the consumer will receive a statement that includes the name, telephone number and mailing address of the informant.
With this information, the consumer can send a “Debt Validation Letter” to the debt owner. This letter refers to a formal request to the debt holder to provide information about the original creditor. Because it is a federal requirement that the debt holder provide this information, if you do not provide such information within thirty (30) days, the consumer is no longer responsible for the debt and can have it removed from your report (by sending another credit dispute letter).
In the “Company Name” field, enter the full name of the company (creditor) that owes the debt. Next, enter the total amount ($) owed as shown on your credit report, then check the appropriate boxes regarding the reason(s) for the dispute. If there is no field, the sender can check “Other” and provide reasons for disputing the item.
The sender must sign his name at the bottom of the document. This can be completed by printing the document and signing it by hand or uploading the completed form and digitally signing the letter. The sender can now attach additional documentation and send the letter to the credit bureau.
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In addition to the 30-day response period, if the applicant provides additional information after the initial request, the credit bureau is entitled to an additional 15 days (45 days in total).
According to federal law (15 § 1681j(a)(1)(A)), three (3) agencies (Equifac, Experian and TransUnion) must provide a free credit report to a US resident on an annual basis.
When the report is available, all account labels, collections and debts will appear along with the FICO score (300 to 850).
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Carefully identify any collection accounts that may be invalid, older than seven (7) years, or have already been paid.
Even if there is an outstanding balance that is valid, in some cases, the debt collector will change or not respond to the request. This is why it is recommended that you apply for as many reminders against your credit report as possible.
It’s best to include as much information as you can when examining the debt. Therefore, it is best to check all bank statements, credit card accounts, and any other internal financial documents to locate records that match the outstanding debt.
Once all of the disputed debt information is gathered, the individual is ready to file a formal dispute with the three (3) credit bureaus.
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In most cases, if there is debt listed on an individual’s account, it will appear on all three (3) credit bureau reports. Therefore, it is in your best interest to request disputes from the following:
Under federal law, the credit bureau has thirty (30) days to investigate the matter. Depending on the circumstances of the debt, you can contact him for more information.
If the person provides more information, the credit bureau has an additional fifteen (15) days to provide a final response on the matter.
Hopefully, when the credit bureau responds to the letter, it will mean that the items have been removed from the report. If so, there is nothing left to do and the outstanding balance should have been cleared by now and there can be an immediate improvement in the individual’s overall FICO score.
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If the outstanding balance has not been removed, the individual will need to contact the current debt owner in the next step.
Pursuant to federal law (15 § 1692g(b)), a debtor may request the creation of a debt by sending a debt validation letter. To do this, the debt holder must obtain the name and address of the original creditor.
If the owner of the debt cannot provide the name and address of the original creditor within thirty (30) days, the debt is no longer liable and the person’s credit report may be removed.
If the debt holder confirms the debt with the name and address of the original creditor, your best option is to wait six (6) months and try the process again from
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Most debts are bought and sold and there is a chance that the new owner of the debt will not respond to the dispute request. In this case, the debt would be removed from the credit report.
Under federal law, a debt remains on your credit report for a period of seven (7) years from the date of issue (15 USC § 1681(a)(4)).
Therefore, if the debt collector is persistent when the debt is disputed, the individual will have to wait a full period for it to be removed from their credit report. Additional litigation will most likely be required as they are not automatically deleted after a period of seven (7) years.
Sample Dispute Letter CREDIT REPORT DISPUTE LETTER [DATE] [DEBTOR NAME] [STREET ADDRESS] [CITY, STATE] [ZIP CODE] [NAME OF CREDIT BUREAU] [STREET ADDRESS] [CITY, STATE] [ZIP CODE] Dear [CREDIT] BUREAU ], I, [DEBTOR NAME], am writing this letter to dispute a claim that was falsely listed on my credit report with your bureau. Amounts owed are no longer pending for the following items: Owed by: [MEMBER NAME] Amount: [EXISTING BALANCE] I am disputing this claim because the company no longer exists. This is my official request to have the above item removed from my credit report. I am attaching copies of documents that prove my statement. Sincerely, [DEBTOR’S NAME] Video
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(1) Date of publication of the dispute. At the beginning of the letterhead of this letter, the calendar date on which the debtor made this statement of dispute must be indicated.
(2) Full name. Your name, as the disputed debtor, should be listed with the date of this letter in the header area. Find the “Name” row.
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