If you have defaulted on your student loan, you will likely to have to repay this debt and your credit will be ruined. This will put you in a difficult position.
When your student loan goes into default, your account is turned over to collection agencies and various collection procedures begin. In addition, the government can garnish your social security benefits, your wages, and more.
Even though Congress created a law called the Fair Credit Reporting Act where you only have a negative mark on your credit report for a maximum of seven years, these debts can be collected upon for life!
A defaulted student loan on your report may cause you to have to pay interest rates of roughly 25% and place large down payments just to be approved. In addition, you will be turned away for a new line of credit more often than not.
You should dispute the collection marks on your report. There is hope you can remove this mark from your report and, with some luck, you may be able to remove the debt entirely.
You should send a dispute letter to each bureau; in your letter provide an explanation as to why the mark is not accurate. For example; it has been reported for seven years already, not my account, account is paid in full and so on.
This is the most difficult item on a credit report to negotiate. As a benefit to you, we suggest that you hire a credit repair service to dispute it on your behalf. This will give you a licensed attorney fighting for you which will be knowledgeable of the new laws constantly passed by congress to help protect consumers.
You credit score impacts every aspect of your life and thus we feel it is worth the money to hire an expert. This can be done at very reasonable rates and compared to the high cost of low credit score it is a good idea.
Understand that government loans, such as a Stafford loan or the Perkins loan, will be much harder to eliminate from your report. A private loan, such as Sallie Mae, will be easier to remove than a federal loan, but still difficult.
The creator of the negative mark will be contacted by the bureaus and asked to verify the debt, including that the account is yours, the balance of the account, and that the dates are correct. This will take place as soon as the bureaus receive your dispute letter.
The Fair Credit Reporting Act states that any unverifiable mark on your credit report must be removed. Therefore, if the account can not be verified, the negative mark must be removed from your credit report.
If this mark is in error then send any documentation that you have with your sample dispute letter to prove it is in error. The bureaus make errors all the time and so do the lenders, but your credit is the one that will suffer. It is estimated that 1 in every 4 people have an error on the report that is costing them money in higher interest rates.
In conclusion, defaulted student loans are removed every day from credit reports. If you have this, it does not mean you will have a low credit score for the rest of your life. We suggest you dispute this mark with the credit bureaus.
For a free credit consultation call 1-866-246-7311.
Additionally visit us for more about Defauted Student Loan or to learn how to remove charge offs from your credit.
Sunday, January 18, 2009
Saturday, January 17, 2009
Repossession On Credit Report
A repossession on your credit report is a very severe mark. It will cause you to pay outrageous interest rates and big down payments.
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
When your car is taken and then re sold if the lender takes a loss you will be responsible for repaying that. You will be sued and if you are found responsible a deficiency judgment will be placed against you.
The repossession will be reported on your credit by the lender as well as the deficiency judgment if you have one. If you have either one of these marks on your credit, future lines of credit will be next to impossible to get.
To remove a repossession; we suggest you wait until the car is re-sold. Additionally wait to see if you are sued for any damages or loss by the lender.
Then send a dispute letter to the bureaus to dispute the repossession on your report.
You can hire a service to do it on your behalf or write the letter yourself. This letter must present a reason as to why the mark is incorrect.
Once the bureaus receive it they will conduct an investigation into the listing. They will contact the lender and ask them to verify that the account is; yours, the reported dates, and the balance.
We advise waiting until the lender receives some type of payment. If some form of payment has been received, the lender is much less likely to spend the time or money verifying the item with the bureaus. In addition, an item must be removed from your credit report that is not verified.
Rumors are that the bureaus do not check public records when investigating a mark. That is where the bureau would find confirmation of a deficiency judgment. If you have a deficiency judgment you should dispute this mark, too.
In summary, you do not have to feel embarrassed or pay high interest rates every time your credit is run. Repossessions are removed from credit reports every day.
For a free credit consultation call 1-866-246-7311.
Or for more about repossession credit and what you should do to fix it or for tips to remove a charge off visit us.
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
When your car is taken and then re sold if the lender takes a loss you will be responsible for repaying that. You will be sued and if you are found responsible a deficiency judgment will be placed against you.
The repossession will be reported on your credit by the lender as well as the deficiency judgment if you have one. If you have either one of these marks on your credit, future lines of credit will be next to impossible to get.
To remove a repossession; we suggest you wait until the car is re-sold. Additionally wait to see if you are sued for any damages or loss by the lender.
Then send a dispute letter to the bureaus to dispute the repossession on your report.
You can hire a service to do it on your behalf or write the letter yourself. This letter must present a reason as to why the mark is incorrect.
Once the bureaus receive it they will conduct an investigation into the listing. They will contact the lender and ask them to verify that the account is; yours, the reported dates, and the balance.
We advise waiting until the lender receives some type of payment. If some form of payment has been received, the lender is much less likely to spend the time or money verifying the item with the bureaus. In addition, an item must be removed from your credit report that is not verified.
Rumors are that the bureaus do not check public records when investigating a mark. That is where the bureau would find confirmation of a deficiency judgment. If you have a deficiency judgment you should dispute this mark, too.
In summary, you do not have to feel embarrassed or pay high interest rates every time your credit is run. Repossessions are removed from credit reports every day.
For a free credit consultation call 1-866-246-7311.
Or for more about repossession credit and what you should do to fix it or for tips to remove a charge off visit us.
How To Dispute Credit Report
Disputing negative marks on your credit report is the most effective method of improving a low credit score. A better payment history accounts for up to 35% of your score. Disputing negative marks helps because it will show a better payment history.
You need to contact each credit bureau and send a dispute letter to dispute a negative mark. The bureau will often reply with a letter requesting more information about the item.
Because of this stall tactic used by the bureaus, people will most likely give up and keep on paying extreme interest rates. This delay is more cost effective for the bureaus as they do not have to actually investigate the dispute.
Be persistent and send another dispute letter with the requested information. Eventually the bureaus will investigate the mark. During an investigation the lender is contacted and asked to verify the disputed mark.
If the lender can not verify it then the bureau must remove it from your credit report. For optimal results we suggest you wait until the lender has received some form of payment for the outstanding debt. This is because lenders are often unwilling to spend the time and money verifying a debt that is no longer collectible.
For example, since a lender has no more use for a charged off credit card account that is sold to a collection agency, the lender will not take the time to confirm the account when contacted by the bureau.
You can you can hire a service to dispute your credit for you or create a dispute letter and dispute your credit yourself. It is simpler to get rid of a charge off once it has been sold rather than outstanding.
The benefit of a service is that it provides you with more options to remove a mark if it is confirmed. Services can ask for creditor direct interventions, debt confirmation, escalate dispute information requests, and in severe cases, an attorney can go to court and fight on your behalf.
Your credit score impacts your finances, place of employment, residence, and many more, thus is a very significant number. Roughly 25% of Americans are paying money in higher interest rates due to an error on their credit report.
In conclusion, you can remove negative items from your credit report and stop paying the high cost of bad credit. This is accomplished by disputing your credit yourself with a credit dispute letter or by hiring a service to do it for you.
For a free credit consultation call 1-866-246-7311.
Additionally you can visit us for a free credit repair letter used to file a dispute with the bureaus or for info on how you can dispute Midland Credit a popular collection agency.
You need to contact each credit bureau and send a dispute letter to dispute a negative mark. The bureau will often reply with a letter requesting more information about the item.
Because of this stall tactic used by the bureaus, people will most likely give up and keep on paying extreme interest rates. This delay is more cost effective for the bureaus as they do not have to actually investigate the dispute.
Be persistent and send another dispute letter with the requested information. Eventually the bureaus will investigate the mark. During an investigation the lender is contacted and asked to verify the disputed mark.
If the lender can not verify it then the bureau must remove it from your credit report. For optimal results we suggest you wait until the lender has received some form of payment for the outstanding debt. This is because lenders are often unwilling to spend the time and money verifying a debt that is no longer collectible.
For example, since a lender has no more use for a charged off credit card account that is sold to a collection agency, the lender will not take the time to confirm the account when contacted by the bureau.
You can you can hire a service to dispute your credit for you or create a dispute letter and dispute your credit yourself. It is simpler to get rid of a charge off once it has been sold rather than outstanding.
The benefit of a service is that it provides you with more options to remove a mark if it is confirmed. Services can ask for creditor direct interventions, debt confirmation, escalate dispute information requests, and in severe cases, an attorney can go to court and fight on your behalf.
Your credit score impacts your finances, place of employment, residence, and many more, thus is a very significant number. Roughly 25% of Americans are paying money in higher interest rates due to an error on their credit report.
In conclusion, you can remove negative items from your credit report and stop paying the high cost of bad credit. This is accomplished by disputing your credit yourself with a credit dispute letter or by hiring a service to do it for you.
For a free credit consultation call 1-866-246-7311.
Additionally you can visit us for a free credit repair letter used to file a dispute with the bureaus or for info on how you can dispute Midland Credit a popular collection agency.
Monday, November 17, 2008
Equifax Dispute - How To
A dispute can be filed with Equifax by creating a dispute letter and mailing it to them. In your letter you will need to include a reason as to why the listing is inaccurate.
You can write a dispute letter yourself or you can hire a service to write it on your behalf. You should be aware that a dispute letter must be sent to each credit bureau.
This means that simply disputing an item with Equifax will not remove the item from your Transunion or Experian credit report. Instead you will have to send each of the bureaus a dispute letter.
Free sample dispute letter
Reasons to dispute a listing are; item is out of date, information is wrong, not my account, account paid in full, and more. The Fair Credit Reporting Act says that you have the right to dispute any mark on your credit report.
In addition this act says the bureaus must remove a listing from your report if it can not be verified. This act is what the dispute process is based upon.
Upon receipt of your dispute letter the bureaus will investigate. During the investigation they will ask the creator of the listing to verify the account, the dates on the account, and the account balance.
If this item is not verified by the creator then the bureaus must remove it from your credit report. Often investigations will result in the removal of an item from your report. This is because many businesses are not willing to spend the resources to verify disputed debts.
However before the credit bureau will conduct an investigation your dispute must be a valid dispute. There is no way to tell if the bureaus will deem your letter valid or invalid.
It is common for bureaus to respond to a dispute letter with another letter that requests more information about the dispute. This is said to be a stall tactic the bureaus use to avoid conducing and investigation.
It only costs the bureaus money to conduct an investigation. There is no revenue in it for the bureaus, their customers are businesses.
I suggest a credit repair service if you have multiple listings you wish to dispute. However you can repair your credit yourself if you have minor damage, be patient and persistent.
Review of popular credit repair service Lexington Law
In sum you can remove bad credit items without waiting 7 years. To do this you must dispute the credit bureaus.
For more tips to remove bad credit items such as a charge off
You can write a dispute letter yourself or you can hire a service to write it on your behalf. You should be aware that a dispute letter must be sent to each credit bureau.
This means that simply disputing an item with Equifax will not remove the item from your Transunion or Experian credit report. Instead you will have to send each of the bureaus a dispute letter.
Free sample dispute letter
Reasons to dispute a listing are; item is out of date, information is wrong, not my account, account paid in full, and more. The Fair Credit Reporting Act says that you have the right to dispute any mark on your credit report.
In addition this act says the bureaus must remove a listing from your report if it can not be verified. This act is what the dispute process is based upon.
Upon receipt of your dispute letter the bureaus will investigate. During the investigation they will ask the creator of the listing to verify the account, the dates on the account, and the account balance.
If this item is not verified by the creator then the bureaus must remove it from your credit report. Often investigations will result in the removal of an item from your report. This is because many businesses are not willing to spend the resources to verify disputed debts.
However before the credit bureau will conduct an investigation your dispute must be a valid dispute. There is no way to tell if the bureaus will deem your letter valid or invalid.
It is common for bureaus to respond to a dispute letter with another letter that requests more information about the dispute. This is said to be a stall tactic the bureaus use to avoid conducing and investigation.
It only costs the bureaus money to conduct an investigation. There is no revenue in it for the bureaus, their customers are businesses.
I suggest a credit repair service if you have multiple listings you wish to dispute. However you can repair your credit yourself if you have minor damage, be patient and persistent.
Review of popular credit repair service Lexington Law
In sum you can remove bad credit items without waiting 7 years. To do this you must dispute the credit bureaus.
For more tips to remove bad credit items such as a charge off
Friday, November 14, 2008
Experian Dispute - Remove Bad Credit
To dispute Experian you must compose a dispute letter and mail it to them. Upon receipt of your letter they will investigate the disputed item.
However the first step is to request a copy of your credit report. This can be done for free from annual credit report. It is your right to have a free copy of your credit report from each credit bureau once a year.
Once you have received your credit report you need to identify what marks are incorrect. These are going to be the marks that you will dispute.
You can dispute these listings by writing a dispute letter and then mailing it to Experian credit bureau. When they receive your dispute letter they will decide if it is valid or invalid.
Free Sample Dispute Letter
If they find your letter invalid you will receive a letter from them asking for more details about the dispute. You should respond accordingly and provide them with the information.
However if they find your dispute valid they will investigate the mark. During an investigation they will contact the originator of the item and ask them to verify the account, the balance, and the dates on the account.
Frequently an investigation will result in the removal of a bad credit item. This happens because many businesses are not going to spend the time or money verifying a disputed debt.
A credit repair service can also be hired to remove negative credit from your report. With this option you only need to identify the marks you wish to dispute and the service will do the rest.
Review of Lexington Law popular credit repair service
The benefit of a service is they can use advanced dispute techniques such as; debt validation, escalated dispute information requests, and creditor direct intervention.
I suggest do it yourself credit repair if you have only minor damage on your report, however if you have multiple marks I suggest a credit repair service. I also suggest a service if you are having trouble submitting a valid dispute or you have had a mark verified that should be removed.
You are going to need to dispute a bad credit item with each credit bureau. This means you will have to send a separate letter disputing the same item with each bureau.
In sum negative items can be removed from your credit report. You do not have to live with the high cost of low credit.
However the first step is to request a copy of your credit report. This can be done for free from annual credit report. It is your right to have a free copy of your credit report from each credit bureau once a year.
Once you have received your credit report you need to identify what marks are incorrect. These are going to be the marks that you will dispute.
You can dispute these listings by writing a dispute letter and then mailing it to Experian credit bureau. When they receive your dispute letter they will decide if it is valid or invalid.
Free Sample Dispute Letter
If they find your letter invalid you will receive a letter from them asking for more details about the dispute. You should respond accordingly and provide them with the information.
However if they find your dispute valid they will investigate the mark. During an investigation they will contact the originator of the item and ask them to verify the account, the balance, and the dates on the account.
Frequently an investigation will result in the removal of a bad credit item. This happens because many businesses are not going to spend the time or money verifying a disputed debt.
A credit repair service can also be hired to remove negative credit from your report. With this option you only need to identify the marks you wish to dispute and the service will do the rest.
Review of Lexington Law popular credit repair service
The benefit of a service is they can use advanced dispute techniques such as; debt validation, escalated dispute information requests, and creditor direct intervention.
I suggest do it yourself credit repair if you have only minor damage on your report, however if you have multiple marks I suggest a credit repair service. I also suggest a service if you are having trouble submitting a valid dispute or you have had a mark verified that should be removed.
You are going to need to dispute a bad credit item with each credit bureau. This means you will have to send a separate letter disputing the same item with each bureau.
In sum negative items can be removed from your credit report. You do not have to live with the high cost of low credit.
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