How to Dispute Negative Debt Rating part 1 - 2
Hello, this is Lev Selecter, founder of 101creditrepair.com, and the topic of this video is how to dispute negative records with credit reporting agencies. The procedure is very straightforward, even outlined on the FTC website, federal trade commission website, and he will describe the main steps. You with a pinning your credit reports from all 3 CRA’s, which is credit reporting agencies. After you receive them, review, analyze them and identified the negative records, and by the way, how to do this is the topic of another video which we have, so after you identified the negative record which you want to remove. By the way, note, it might be in just one report from one agency or may be in two or may be in all three, so in case it exist in, let’s say three reports, then you will need to dispute it with all three agencies. Now the way we recommend to dispute it is by sending letters to those agencies by certified mail with return receipt. The letters should be very simple and straightforward, all you have to say is that you dispute in particular record and you’re requesting it to be removed from your report. If necessary, you can provide some proof, but be careful not to incriminate yourself. Remember that all information that you submit can later be use against you, so you, before sending the letter, make sure you make copies of everything for your file. Because sometimes you have to resubmit, sometimes you need proof what you sent and when you send it. So make copies of everything, send it by certified mail with return receipt which will give you the proof when the letter was delivered and then you wait for 30 days, well sometimes it’s 45 days if you receive the report for free. That’s why we don’t recommend to get free reports, we recommend to pay for reports and then CRA’s have only 30 days. Now, but by fair credit reporting act, by law, CRA’s should respond in 30 days. And what they do, they try to verify with original lender and if they verify the information, they will send you a letter that the record stays, the negative record is not remove, it stays, and this is good. Because then you proceed to the next step. But sometimes, in about 10 to 20 percent of cases, they’ll send you letters stating that the negative record was removed, which is good. You accomplished something. You improved your credit report, so, congratulations. As you see the procedure is very straightforward, now the reason why we recommend mail, instead of fax or phone or filling out web forms, is because this procedure proven for many years. It works very well, it gives you the proof, it doesn’t take long time and it’s the same procedure for all credit reporting agencies. But most important is of course proof. And by the way, it takes very little time. It takes a little just a few hours in a month to go through this process. Okay, this is it for this video. I recommend to visit our website, 101creditrepair.com, where we have our guide, our many videos like that and a lot of information which will help you to increase your credit score, thank you for listening.