Tim Bock asked:




Many times people are unaware of exactly what’s in their credit report, let along if there’s a collection account in there. There are usually 1 or 2 reasons why a collection account may exist.

- The account went to collections
- Mistaken identity

Fortunately it’s not the end of the world. There are steps that can be taken to get the collection off of your credit for good.

Get a copy of your credit report

There are 3 main credit bureaus where you can obtain a copy of your credit report. These are as follows:

- Equifax
- Transunion
- Experian

Dispute the findings

Each credit bureau operates separately. Therefore having the account deleted from one does not automatically mean it will disappear from all 3. Lenders do look at all three credit reports, so it’s extremely important to follow up with all of them. Not doing so will affect your ability in getting a loan.

Do it in writing

It’s important to mail your dispute in. Do not try to do it over the phone. Writing gives you documentation in case you need it. After they received the dispute, they will investigate the matter. If the investigation is not resolved within the allotted amount of time, the item will automatically be deleted from your credit report.

Fair credit reporting act

Become familiar with this law, before you contact the credit bureaus. It could save you a lot of time and trouble. It’s important to get the facts, so you have all the tools at your disposal when going up against the credit bureaus.

Phyllis

qdeezy asked:


I have about three past accounts that are in collections. I am trying to take care of all of them but two of them (a cell phone thats in collections and an old bank account) are not on my credit reports! I know that the banking industry has ChexSystem that they report to but do they also report to the other three major credit bureaus? And why isn’t the cell phone account on my credit report even though it’s in collection status. They have not been trying to contact me about the past due account or anything. Will they report it later or do they report to a different bureau also?

Pamela

Ashley asked:


I am 20 years old, and pulled my credit report about 3 months ago. I found three collection accounts on my credit report.

I first disputed the accounts with the credit bureaus, who all verified the accounts. These accounts are not mine, I know they are not mine, for a business in a state I have never been to.

My next step was to send the collection agencies a certified letter requesting validation of debt, that was over 2 months ago, no response from any of them.

I was doing research on Y/A and found out that now I should dispute the accounts with the credit bureaus again and send certified mail with copies of validate letters, that they failed to answer OR I should contact the credit bureaus for something called Method of Validation.

My question is can anyone help me with a sample letter or tell me how to word a letter to the credit bureaus saying they should delete the accounts because the collectors did not validate. I am not good at writing letters, I feel inadequate.

Also should I list all three accounts on one letter to each bureau?

Lucille

Ashley asked:


I am 20 years old, and pulled my credit report about 3 months ago. I found three collection accounts on my credit report.

I first disputed the accounts with the credit bureaus, who all verified the accounts. These accounts are not mine, I know they are not mine, for a business in a state I have never been to.

My next step was to send the collection agencies a certified letter requesting validation of debt, that was over 2 months ago, no response from any of them.

I was doing research on Y/A and found out that now I should dispute the accounts with the credit bureaus again and send certified mail with copies of validate letters, that they failed to answer OR I should contact the credit bureaus for something called Method of Validation.

My question is can anyone help me with a sample letter or tell me how to word a letter to the credit bureaus saying they should delete the accounts because the collectors did not validate. I am not good at writing letters, I feel inadequate.

Also should I list all three accounts on one letter to each bureau?

Steve

Ashley asked:


I am 20 years old, and pulled my credit report about 3 months ago. I found three collection accounts on my credit report.

I first disputed the accounts with the credit bureaus, who all verified the accounts. These accounts are not mine, I know they are not mine, for a business in a state I have never been to.

My next step was to send the collection agencies a certified letter requesting validation of debt, that was over 2 months ago, no response from any of them.

I was doing research on Y/A and found out that now I should dispute the accounts with the credit bureaus again and send certified mail with copies of validate letters, that they failed to answer OR I should contact the credit bureaus for something called Method of Validation.

My question is can anyone help me with a sample letter or tell me how to word a letter to the credit bureaus saying they should delete the accounts because the collectors did not validate. I am not good at writing letters, I feel inadequate.

Also should I list all three accounts on one letter to each bureau?

Glen

Chane Steiner asked:


Collection accounts are typically seriously past due accounts that have been assigned to an attorney or collection agency. A collection agency is usually hired after a company has made multiple attempts to collect money that they believe is owed to them. Collection accounts can remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). The following techniques will teach you how to remove collections from your credit reports.

What the Credit Bureaus Don’t Want You to Know:

1. A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.

2. Once you dispute an account, it must be proven or it cannot remain on your report. If the credit bureau cannot verify the item when investigated, it must be removed from your file whether or not it’s true.

3. Every negative item on your report can be denied or challenged at any time. The credit bureau must re-investigate every time it is challenged and if the item cannot be verified within a “reasonable amount of time”, it must be removed from the file.

4. Many times the creditor does not re-verify in time or the credit bureau is busy and does not handle your dispute properly. It must then be deleted.

5. The older an item, the more difficult it is to verify. Creditors seldom keep records for longer than a couple years.

Steps to Repair Your Credit:

1. Obtain your three credit reports.

2. Review the reports and locate the collection accounts.

3. Dispute the collection accounts with the credit bureaus.



Timothy

Avery G asked:


I am seeking to improve my credit score. In addition to paying up past due and collection accounts, I have opened and have been paying, secured and unsecured credit cards accounts and a new car loan for over a year. All is heading in the right direction.
When checking my recent credit reports (All Three of the Majors) I see they DO NOT have my employment history correct at all.

My question: Is addiing employment history a good thing? Does it help raise the credit score? Please advise. Thanks.

PS: I am currently employed and run a very successful busieness. Not sure if this helps or not.
Thanks

Alicia

Ashley asked:


I am 20 years old, and pulled my credit report about 3 months ago. I found three collection accounts on my credit report.

I first disputed the accounts with the credit bureaus, who all verified the accounts. These accounts are not mine, I know they are not mine, for a business in a state I have never been to.

My next step was to send the collection agencies a certified letter requesting validation of debt, that was over 2 months ago, no response from any of them.

I was doing research on Y/A and found out that now I should dispute the accounts with the credit bureaus again and send certified mail with copies of validate letters, that they failed to answer OR I should contact the credit bureaus for something called Method of Validation.

My question is can anyone help me with a sample letter or tell me how to word a letter to the credit bureaus saying they should delete the accounts because the collectors did not validate. I am not good at writing letters, I feel inadequate.

Also should I list all three accounts on one letter to each bureau?

Ruby