So the first step in the dispute process was to write a letter regarding old addresses… Now that you have that back – the real work begins! The next step is to look at the new reports for any old accounts with late payments on them. Choose 3 or 4 and dispute those inaccurate items with a new letter to each credit bureau.
Again, make a copy of the letters, and send them Certified mail with return receipt requested. About 30 days from the time you receive your receipts, you should get an updated report. If the items went away, dispute the next 3 or 4 items that are inaccurate on your report.
If an item states, “verified,” then it is not removed. You now need to write a letter to the individual CREDITOR (not the credit bureau) asking for “VALIDATION” of the debt, including a copy of the original agreement signed by you and detailed account statements reflecting the calculation of the debt they say you owe, and records of any payment histories. These letters must clearly state that a copy of a final bill is not validation and is unacceptable – you want VALIDATION! Ask for them not to publish any erroneous information about you to anyone until this matter is resolved, including the credit bureaus. BE CERTAIN to send these letters to the creditors certified mail receipt requested!
Now that you’ve let the creditor know that you want VALIDATION of the inaccurate information – you will need to immediately send another letter to each of the credit bureaus disputing the account that you just wrote the creditor about. This is called a “one-two punch” and usually it is very effective.
If you get a letter from the credit bureau stating that it is “verified” prior to getting the documentation back from the creditor – there is a violation of the Fair Credit Reporting Act. No creditor is allowed to verify a debt with the credit bureau during a current validation dispute. You may be able to sue the individual creditors for actual damages, attorney fees , court costs – but you should definitely consult your attorney before considering any legal action.
If any law was broken, you should write another strongly worded letter to the creditors for their willful violation of FCRA laws. Read the Act and quote the actual statutes they violated. Remember, your goal is to get inaccuracies off of your credit report!
If you have questions about mortgage loans and how to improve your credit scores, contact Steve and Eleanor Thorne 919-649-5058 We help people every month that have low credit scores – raise those scores so they can buy a house. You can be a homeowner! Call us!