A dispute letter is how you can challenge the accuracy or validity of a bad credit item on your report. In your letter you must include the reason for the dispute and what item is being disputed.
Frequently dispute reasons are; item is out of date, account is paid in full, not my account, information is wrong and more. Upon receipt of a valid dispute letter the bureaus will investigate the item.
The bureaus will contact the lender or collection agency and verify the account, the dates and the amount of the debt. If the account can not be verified then the bureaus must remove the item from your credit report.
An investigation often results in a negative mark being removed. This is because many businesses will not spend the time and money to verify a disputed item.
There are rumors that credit bureaus do not check public records to verify debt. This means that bad credit marks such as a judgment or foreclosure are often removed through a dispute.
Another option is to hire a service to perform your disputes for you. This can help tremendously especially if you are disputing multiple items.
Frequently dispute letters will result in the credit bureaus requesting more information from you. In addition you must dispute a bad credit item with each credit bureau 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.
Also services will have attorneys on their staff. This enables you to go to court should it be required and file a lawsuit against a collection agency if you are the victim of illegal collection practices.
Credit repair is not only your right it is your responsibility. There are estimates that 1 in every 4 people have inaccurate information on their credit report.
In sum, dispute any inaccurate or unverifiable bad credit marks on your report. You do not have to wait 7 years for a mark to be removed from your credit.
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