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Step 2 - Document
Mania - Correct the Errors
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us. Come back and explore, we promise you won't regret it!)
So you have your reports in hand... and you'll see
errors!
Congratulations, you are ready to start taking action to restore
your credit history! This is going to be tedious and frustrating.
But if you exercise patience and a positive attitude you will succeed
beyond your dreams. Open the report to review and look it over
thoroughly. Find the most obvious errors and circle them, such as name,
social security numbers, or address. Next get a highlighter and begin
shading items that are inaccurate, such as accounts that aren't yours,
accounts reported in error, account amounts not accurate etc. Make your marks and don't rush this process.
And most of all please have fun! You are beginning to take control
of your situation.
How It works in a nutshell...
In order to have false or incorrect items from your credit file
corrected or removed, we use the rights granted us under The Fair Credit
Reporting Act. You have the right to dispute any items that are
incorrect. This is our protection from creditors running amuck
with our credit history.
Once you have initiated a written dispute with a Credit Bureau, they
have 30 days to verify the validity of your dispute. Once this 30
days has expired, they must under rule of the FCRA, remove the disputed
item. (Beware, if an item is not verified and removed from your
file, it can eventually reappear) Items such as address, or wrong
social security numbers, which are not credit related items on your file
are the easiest to get corrected. Items which are actual credit
accounts are the ones most difficult to have corrected or removed, unless you are
diligent! AGAIN remember the
FTC is telling you that you
should handle this process yourself! CreditMania is here to guide
you in your journey.
Important Facts...
Lawsuits and Judgments can remain on file for
10-12 years in most states. And are renewable, and can last forever.
Bankruptcy can remain there for 10 years from the date of filing.
Tax Liens can stay on your report for 10 years.
Most all other negative marks can stay on your file for 7 years
from the date of last activity.
Inquiries are to be rotated off after 2 years.
The Dispute Process...
rubber meets the road!You need to take each credit file and look over the
marks you have made and begin composing your first dispute letter.
We have an example for you to follow. And we highly recommend you
rewrite them in your own words. Its best if you use handwriting on
a legal pad or use your home pc is that is easier. It used to be
that if you use a computer, you are more likely to
appear to be using a credit repair company or book and will probably be
handled with delay tactics such as, labeling your dispute frivolous.
Not anymore. We do recommend that you stay away from using the
phone to make disputes or the online dispute forms provided by the
credit reporting agencies.
7 Easy Steps:
1. Write your letter.
2. Make a copy of your letter for your files.
3. Mail your letter Certified/Return Receipt Requested. (More
Info Here)
4. Wait for the Green Card to return from the Credit Bureau.
5. Note the date it was signed, this started the 30 day clock.
(Note the date you need to send your follow-up letter.)
6. You will most likely receive their response in the 30 day
period. Note the items that were deleted/corrected/validated.
Celebrate small victories. You deserve it!
7. If 30 days expired and no response, fire off the follow-up
letter. This letter is demanding removal of all items in dispute.
Remember send this in the same fashion. Certified/Return Receipt
Requested. Also include photo copies of the original dispute
letter and the green card they signed.
8. Repeat the process as needed.
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...Moral Dilemma |
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We know that this process can lead
to consumers using the laws awarded them to seek legitimate
information being removed from their credit files.
CreditMania knows that this is often a moral and ethical dilemma
that must be evaluated by each consumer personally.
Understanding and accepting circumstances, along with the
fact that even in our world today, most people are afforded a
second chance, CreditMania is making this information available to
all who need help with their credit history. Ultimately we do not
condone the use of this information in a fraudulent manner.
Be responsible and you will succeed. |
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The 100 Word
Statement
There is an option to add a 100 word consumer statement to your
credit file that allows you to explain your situation. We have
long felt this should only be used as a last resort. Many times
this reveals more about yourself than is necessary. Don't let
the credit reporting agencies talk you into this, until you have
exhausted all of your settlement and dispute strategies.
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Finally, here are the documents...
The Dispute Letter: use this letter as your
initial dispute tool with the credit bureaus.
The
Follow-Up Letter: use this letter as a follow-up to
the initial dispute letter. The 30 day period has expired
and you are exercising your rights.
Follow-Up
to Frivolous Claim: use this letter if a credit
bureau tries to delay your disputes by claiming your dispute is
frivolous.
Settlement
with Original Creditor: use this letter as an offer
to settle debts that have been sent to a collection agency.
With this letter you negotiate negative items from your credit
file in return for payment of the debt.
Cease
& Desist Letter: use this letter to stop a
collection agency from attempting to collect a debt. Make
them stop harassing you, it's your right. Deal only with the
original creditor.
Dispute
Inquiry: use this letter if any inquiries appear to
be unauthorized. Too many inquiries can lower your credit score.
Dispute
Progress Form: use this form to track your progress
and dates.
Download ZIP
File of all the documents in MS Word Format: Click
Here
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