To
have the most impact to repair bad credit fast and remove negative information
from your credit file, you need to do two things first:
1) Opt Out with the Credit Bureaus
2) Remove all of your old addresses
Does
removing old addresses raise your credit score?
No, it does nothing to change your score or immediately repair bad credit. What
it accomplishes for many people is to remove information which can be used to verify
account information. If a person had negatives on their report, then
disputed as " inaccurate" or "not mine" with the CRA, the
presence of matching addresses can help the CRA verify the information is
correct.
If the addresses did not match the CRA would more likely be forced
to use outside data to verify the account information, which increases
the chances the data could not be verified.
If negative accounts were then deleted, most scores would go up. So in a
roundabout way, deleting old addresses can increase the chances of a higher
score with an actively disputing consumer's report and score.
In many cases, a simple phone call to the CRA can
get old invalid addresses removed, however, some folks are having a problem
with that issue, so here are some ideas that may work.
First, of course, make sure you have opted out and have given it enough time
(2-3 weeks) to "take".
Next, take a close look at the addresses you wish removed, if there is the
SLIGHTEST discrepancy, write a short note to the CRA, include a copy of a
current utility bill with your current address, and a copy of your drivers
license with your current address, say this" Enclosed please find proof of
my residence address, please remove the address of XXXXX as shown on my credit
report # xxxx, as it is inaccurate and I am concerned
that this inaccurate address may create an opportunity for identity theft.
If there is NO inaccuracy, or if it was a P.O. Box, substitute the underlined
phrase with this: "as I have not lived there (or had that PO Box #) for
quite some time, and since many other people have been using that address (PO
Box#) in the years since I was there, I am concerned that the reporting of this
address on my current report may create an opportunity for identity
theft"( you can add this if appropriate "as I have a fairly common
name")
Here is how the plan works to repair bad credit fast:
There is a lot of information about each negative on your file. The negative
includes your
Name
SSN
Account Number
Address
If all your information matches, the software makes the decision, "Well,
if all this information matches it is probably that person's account ".
Remove the matching address and the software is designed to say “this does not match, so we'll go to the
actual source of the information, the furnisher, to verify ". This is
verification far more expensive than merely allowing the software to check
their database so the CRA does not want to spend the money unless they have to.
If you have deleted the matching addresses, they are forced to spend the extra
time and money to truly verify the information.
If the furnisher does not respond to the request, the negative must be deleted
If there is a delay in the furnisher's response beyond 30 days, the negative
must be deleted
If the furnisher no longer has a business relationship with the CRA, the negative
must be deleted
If the furnisher does not want to spend the money to manually or electronically
respond, the negative must be deleted.
Dispute all information OFFLINE to repair bad credit
fast and for best overall results.
SAMPLE FIRST ROUND DISPUTE LETTER
February 1, 2013
RE: Credit Report Number XXXXX
Certified Mail Return Receipt Requested #: XXXXX
Dear Consumer Relations:*
I have received a copy of my credit report and have found multiple items that
are inaccurate and are requesting that you investigate the matter, please
correct or delete them immediately.*
If you determine that any listed entry as "verified," then please
provide me with the full method of your verification including the company
address, phone number, and employee’s name for each entity that furnished the
inaccurate data.
I AM IN DISPUTE OF THE FOLLOWING TRADELINES, PLEASE CORRECT OR DELETE THESE
ITEMS IMMEDIATELY.
1. OC (CHARGED OFF ACCT), Account # - XXXXX
a. No phone number is listed for this creditor. Please provide this
information.
b. The "Date Opened" reports as 09/2011, which is false. Date opened
is 06/2011. Please correct or delete this account.
c. This account shows a balance of $ XXXXX, which is false. The status reads
Charged Off as Bad Debt, therefore there should be no
balance. Please correct or delete this account.
d. This account shows a balance $XXXXX, which is false. The status reads
Charged off as Bad Debt and the account is listed as closed, therefore there
should be no past due amount. Please correct of delete this account.
e. There is a discrepancy between the credit limit and high balance, which
makes it appear that I was over the limit. I was not. An ad hoc change in
credit limit to an amount less than the current balance does not constitute an
overage. Please correct this, or delete this account.
2. CA (PAID COLLECTION), Account # - XXXXX
a. This account is listed as Account Type: Open Account, this is false. This is
a blatant violation of the FDCPA. Please delete this account.
b. This account shows an original amount of $ XXXXX, which is false. Please
correct or delete this account.
c. The Date Placed for Collection is false. This violates the FCRA. Please
correct or delete this account.
d. The Estimated date that this item will be removed is false, and does not
correlate with the date placed for collection. Per the FCRA, incorrectly
reported information must be removed. Please delete this account.
3. CA (COLLECTION ACCOUNT), Account # XXXXX
a. This account is listed as Loan Type: Factoring Company account, this is
false. This is a blatant violation of the FCRA. Please delete this account.
b. This account is listed as both a Factoring Company Account and, as a
Collection Account, these do not correlate. Please delete this account.
c. RJM is not a Factoring Company, and therefore does not handle Factoring
Company Accounts. I have never had a Factoring Account, nor am I involved with
any business that would use a Factoring Account. This misrepresents the
character of the alleged debt in order to cause greater financial harm. This
account must be deleted as this is in clear violation of both the FCRA and
FDCPA.
d. TransUnion may be found liable for violations with regard to reporting this
as a Factoring Account. TransUnion knows, or should know that factoring
companies buy current accounts, not those in collection status and those
individuals rarely, if ever, deal with factoring companies. I strongly suggest
deleting this account.
e. This account is listed as Account Type: Open Account, this is false. This is
a blatant violation of the FDCPA. Please delete.
f. This account shows an original amount of $201.00, which is false. Please
correct or delete this account
g. The Date Placed for Collection is false. This violates the FCRA. Please
correct or delete this account
h. The Estimated date that this item will be removed is false, and does not
correlate with the date placed for collection. Per the FCRA, incorrectly
reported information must be removed. Please delete this account.
Under federal law, you have 30 days to complete your investigation. Be advised
that the description of the procedure used to determine the accuracy and
completeness of the information is hereby requested as well, to be provided
within 15 days of the completion of your reinvestigation. I am also requesting
that an updated copy of my full credit report be mailed to me upon completion
of your investigation.
Thank you for your time and effort in resolving these issues promptly. I do not
wish for TransUnion to be caught up in any legal action that may be taken with
regard to violations by the data furnishers.
Sincerely,
Your Name
Date of Birth: XXXXX
Social Security Number: XXXXX
Credit Report Number: XXXXX
Please see the attached photocopies of my driver’s license, social security
card and proof of address for your reference.**
Follow Up Method #2:
It seems that every time a consumer says "not
mine" or "no records", it gets verified quick due to the address
and name match up.
So, if you have some negatives left to dispute.
It is best to stay*FAR*away from "not mine", or
"no records."
On the next round of disputes, use some of the following
reasons for dispute:
This is Not a Data Factoring account. Please remove this.
It is reported as an Open account, which is false. Please remove this.
It reports a One Month term which is false. Please remove this.
The Estimated date of removal for the CA does not match the date that the
original creditor, reports. The Original creditor is reporting 9/2011. Please
correct or remove this.
The Date of First Delinquency with the Original Creditor is not provided Please
provide this.
The Date of First Major Delinquency with the Original Creditor is not provided
Please provide this
It has never been 120 days late. Please remove this.
It is listed as a loan. They have never provided me a loan. Please remove this.
No payment was made in 2/2010. Please remove this.
It is listed as an installment account, which is false. Please remove this.
The Balance is not correct. Please correct or remove this.
The end of the seven year reporting period should be listed as 02/2012. Please
correct or remove this.
This should be your strategy to repair bad credit fast and
dealing with credit bureaus who refuse to re investigate-- I found out that if
you give a different reason, they will do it. If you keep giving the same
reason they will say "previously investigated".
For more helpful tips, reports and insider information visit my website at:
http://creditbureaufiles.webstarts.com/index.html