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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment