A dispute letter is an individuals' method of challenging a negative mark on their credit report. In this letter a reason for the dispute and what item you are disputing is required.
Common reasons for a dispute are; account is not mine, account paid in full, item is out of date and more. When the credit bureaus receive your dispute and deem it valid they will investigate the dispute.
During this investigation the collection agency or lender is contacted and the account is verified and the dates and amounts. If the account can not be verified then it will be removed from your credit report.
Frequently investigations result in bad credit marks being removed from your credit. This is often because businesses do not want to spend the extra money and time validating disputed debts.
For a free sample dispute letter
It is rumored that during an investigation public records are not checked. This means that there is a high rate of success in disputing judgments and foreclosures.
A credit repair service can also be hired to dispute bad credit marks on your behalf. This can be a tremendous benefit if you are disputing multiple marks.
It is common for a dispute letter to result in the bureaus sending you a letter requesting more information about the dispute. In addition each credit bureau needs to be disputed separately.
This means organizing your disputes can become a challenge on its own. Many services can also use advanced dispute techniques in case a bad credit item is verified. These techniques include; creditor direct intervention, escalated dispute information requests, and debt validation.
Frequently these services will have lawyers on their staff which will enable you to go to court if it is required. Also with a service you may be eligible to file a lawsuit against a collection agency for illegal debt collection practices.
Credit repair is your responsibility. Unfortunately it is very common for inaccurate information to be reported on your credit report. It is estimated that 1 in every 4 Americans have inaccurate items on their report.
In sum if you have unverifiable or inaccurate information on your credit report you should use a dispute letter to challenge it. You can remove bad credit without waiting 7 years.
To learn more about nco financial a common collection agency
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