How to Dispute Negative Debt Rating part 2 - 2
Hello, this is Lev Selecter, founder of 101creditrepair.com, and the topic of this video is what to do when you are disputing a negative record with credit reporting agencies and you receive the letter that the status of the record was verified and the record will stay on the report. First of all I want to explain what actually happened, when you disputing your record, you shouldn’t expect that CRA, credit reporting agency will actually do some sort of police investigation of you case. They don’t have time, they don’t have resources, they receive millions of records and they have statistically only few minutes to deal with your particular dispute. So what they will do, they will enter information in the computer and press the button and automatic message will be sent to the original creditor requesting verification. Original creditor, again receives a load of request like that and what they do they just verify that the information they have on their file is the same and send back a message saying that it is confirmed and then CRA will send you a letter confirming the status of the record. So that’s all that happened, and now what you do, the next step is your contact the original lender. And the way you do it again is in writing, similar how you did it with the CRA’s, certified mail, but you asking original lender not to verify information but to investigate and to remove the record. Now it’s interesting that if you skip the first step of verifying to a credit reporting agencies, chances are that the lender could have ignored you. But when you really have proof and you send it along with your letter, copy of the response from the CRA, that the status was verified, then, most probably they will not ignore you and they will really look into this matter and well they may respond that they investigated it and they remove the negative record, which is good, or they may respond that the record stays. In this case what you do then is you call them and you ask them what supporting documentation they have to prove their case. And you’ll be surprise, in many cases they don’t have any documentation at all. For many different reasons, one of them, you’ll be surprise how big companies store the information, they store it for very short period of time, then they send it to archive and then they cannot retrieve it. I had this situations myself, so when you realize that they don’t have supporting documentation, you can write a letter to the legal department demanding them to remove negative record and to notify credit reporting agencies that this record should be remove from your report. This is it for this video, I recommend that you visit our website, 101creditrepair.com, where we have more videos like that, our guide and a lot of information which can help you to improve your credit score. Thank you for listening.