Have you ever felt like this.....
I had this happen years ago when I went to purchase my first car. When they ran my credit and told me my monthly costs, my interest rate was sky high. It was definitely a wake-up call. No one said that not paying credit cards, and phone cards from college would hurt my future.
Below are some tactics that can help resolve these problems. I utilized these methods years ago, which they were beneficial.
This is some insight for resolving credit problems, and improving your credit score.
For everything else this website can be helpful as well: www.creditboards.com.
Don't think because you have legitimate derogatory claims on your report that you can't get them off. You can. There are numerous ways of legally getting derogatory remarks removed. It's really all about knowing the system. Just the type of paper that you use makes a difference. For instance, because of all these pay for deletion credit improvement companies that send generic letter...the CB's just take all the mail and run is through a scanner that automates the processes and responses. However, if you write in yellow legal pads with lines in it and with blue ink. The scanner can't read it and a human has to read it. Which increases your chance of getting a person to read your complaint. Those little tidbits make a difference. It takes some time with writing letters, but it is worth it. Honestly, if you can't take an hour a week to put towards this you can't complain about your situation then. I stress read everything you can in the personal credit section at www.creditboards.com
There have been some people who have gotten 200 point increases in 5 months and posted copies of their reports with the letters that they wrote to prove it. This is very legitimate and can really open up some opportunities for you...especially if you plan to open a business soon.
The following is cut and pasted from my email records but generally it is pretty much in decent linear order.
Order copies of your credit reports from the three agencies
Read the "pinned threads" in the personal section of the credit boards. They give you example approached for different scenarios. Some people only need to do blanket disputes...some people need to go with a more hardcore approach. Some people may just need to update old information.
Opt out of all mailing lists for credit. Credit boards have the numbers to call. This will help because if you aren't in the database it makes it that much more difficult to any of the credit entities to "verify" information in your disputes.
The MOST important thing is to dispute at least THREE elements of the account you wish deleted or corrected.
1) Save a copy of everything. Every credit report, every letter you send, every response you get. Did EX update something one way in August and another way in September? If you can prove it, you have them. I would also suggest that EVERYTHING be sent certified mail return receipt requested with the following stated in your correspondence
SENT CERTIFIED MAIL RETURN RECEIPT REQUESTED NO.
2) Don't dispute important things on-line or by phone unless it is clear-cut. You want a record of your dispute and you want their response in writing. Don't accept dispute results on-line from EXP.
3) If you give the CRAs enough rope, they will hang themselves. Be meticulous and methodical and you will catch them on provable violations.
4) Don't underestimate the value of disputing directly with the OC, like the CROs do. At least a third of my deletions have come from disputing directly with creditors. Nutcase letters do work.
5) Equifax will not provide verification procedures. Keep a good record and they will violate every time.
6) Experian will send you 'was previously verified' letters out the wazoo. The letters do not meet the requirements of 611 (a) (3). Each one is a violation. Their verification procedure statements (if they send them) are easily attackable as well. Experian will frequently allow disputes to go over 30 days or release the results and then change them afterward. Keep good records and use CMRR.
7) TransUnion will send you a CRO letter even if you tell them you're not using a CRO. Each one is a violation.
8) Equifax tries to do a good job; Experian doesn't give a shit. TransUnion is just plain incompetent.
9) None of the CRAs follow the requirements of 611 (a) (5) (cool. if for re-insertion of deleted material. Keep a watch and you will catch them.
10) CRAs don't care about your side of it, and they don't care what evidence you have. Unless the OC says it, it's worthless. This is a clear violation of 611 (a) (4), but they'll risk the suits to keep their customers happy. The OCs PAY the CRAs to report the information. They are more worried about offending their customers than they are about getting sued by a consumer.
11) OC's don't want to be involved in your suits against the CRAs. If you file suit against the CRAs and start sending subpoenas to the OCs to get their records of the disputes, things will start disappearing in a hurry.
12) Impatience can make you reckless. Take the time. Consider every comment you make to a CRA.
13) There's no need to spend more than 6 months disputing things with the CRAs, unless you're trying to catch them on violations. After two to four rounds, you're going to get stonewalled, especially by TU and EFX. If they don't fix it after a few months, you're going to need to litigate. Don't threaten to sue unless you're ready to strap on a stainless steel cup and go into battle.
13) OCs will almost never validate. If you ask for proof the account is yours, they will almost never provide it. They don't want to be liable for sending you wrong information or someone else's information. Find a person at an OC to target. An individual will likely delete the listing to make you go away.
14) CMRR sent priority costs $7.90 each.
15)WHILE WAITING FOR THE NEW REPORTS TO COME BACK READ ABOUT DISPUTING INACCURATE INFORMATION AS "NOT MINE"
16)NOW THAT YOU HAVE AN UNDERSTANDING ABOUT DISPUTING AND YOU NOW HAVE YOUR NEW REPORTS. IT’S TIME TO START DISPUTING. DISPUTE LETTERS CAN BE AS SIMPLE AS"THIS IS NOT MY ACCOUNT. PLEASE DELETE"
17) WAIT 30+5 MORE DAYS AND READ ABOUT DISPUTE VALIDATION WITH COLLECTION AGENCIES AND THE 1-2 PUNCH AND ABOUT STATUTES OF LIMITATIONS WHILE YOU ARE WAITING.
18) ONCE YOU GET TO THIS POINT AND UNDERSTAND THE 1-2 PUNCH YOU SHOULD START READING THE FDCPA AND FCRA. YOU NEED TO KNOW YOUR RIGHTS!!
19)IF YOU HAVE UNPAID COLLECTIONS THAT ARE WITHIN THE "SOL" DO NOT WAKE UP SLEEPING DOGS THAT YOU ARE NOT READY TO DEAL WITH BECAUSE THEY MAY SUE.
20) TIME TO DO THE 1-2 PUNCH AND SEE HOW MANY VIOLATIONS YOU CAN RACK UP. CONTINUE THIS PROCESS UNTILL YOU HAVE A SOLID PAPER TRAIL (COPIES OF EVERY LETTER SENT WITH DATES AND YOUR GREEN CARD FROM YOUR CERTIFIED MAIL RETURN RECIEPT REQUESTED) ALL LETTERS SHOULD BE SENT CMRRR.
• Everything in the file-cabinet...
• Each CRA has their own file-hanger
• Each CA/OC/Whatever get's their own folder
• All CMRRR's/receipts/green cards are stapled and placed in respective folders
• I have a calendar printed out and marked with important dates to send/receive things
• EVERYTHING gets scanned as a JPEG image and/or PDF file. EVERYTHING!
• Got my stapler, my "COPY" stamp, my FCRA/FDCPA rules, hole-punch, highlighter and shredder all set out on the desk next to me.
• Made custom WORD templates for CMRRR cards/receipts, bought a cheap-o laser printer...
• If anything is settled or closed, I put a red piece of tape over the top of the file, mark it as RESOLVED, and place it in a box in the closet. If I need to refer to something in the file, it's already scanned
1.Penfed Platinum Cash Rewards Visa. and Pen Fed Line of credit (try both)
Equifax score is pulled: Should be at least 720
High Limit card: typically 25k
PenField is Pentagon Federal Credit Union. You have to join their program
2.State Farm Bank Card
3.Delta Sky miles personal
CITI PROFESSIONAL CARD: 1(866)-834-9486
4.CHASE Cash Builder PLATINUM
5.Chase Travel Rewards PLATINUM
6.Patleco VISA PLATINUM
DC Classic Visa
Carnival SeaMiles MC
Carnival Sea Miles- Juniper
Navy Federal Credit Union Visa Platinum
Navy Federal Credit Union MC Platinum
Nevada State Bank Platinum VISA
Bethpage Federal Credit Union
Providian Paypal Visa
Charles Schwab/MBNA Visa
First USA/Bank One
United Mileage Plus Visa Sig
Fleet Platinum Visa
AMEX Starwood Platinum
8PENTAGON FED CREDIT UNION MC PLATINUM TRAVEL REWARDS
Midrange limits 5-15k
Pull EQ or sometimes TU
650 score is good enough
If I were you I'd get these (In this order)
OC= Original Creditor (like T-mobile for instance) Receipt CA
CRA: Credit Reporting Agency
CB: Credit Bureau (like transunion)
CMRRR:Certified Mail Return
Here is a more inclusive list taken from the site:
[*]A.G. State Attorney General
[*]AU Authorized User
[*]BK7 - Chapter 7 Bankruptcy
[*]BK13 - Chapter 13 Bankruptcy
[*]BT - Balance Transfer.
[*]BT promo - A BT at a promotional rate.
[*]BTW By the way
[*]C.H.O.D CreditNet Holiday Onslaught of Disputes
[*]C.S.O.D. CreditNet Summer Onslaught of Disputes
[*]CA - Collection Agency
[*]CRA's - Credit Reporting Agency
[*]CAP 1 Capital One
[*]CC - Credit Card.
[*]CCC Credit Card Company
[*]CCCS - Consumer Credit Counseling Services.
[*]CE score - CreditExpert score.
[*]CRRR- Certified mail, Return Receipt Requested
[*]Citi Backdoor Double - Rapidly applying for multiple Citibank CC products with the intention of combining their CL's. No longer effective?
[*]CL - Credit limit.
[*]CLOAKING/SUPPRESSED - The CRA won't "EVER" let the information be put back on your report by the credit card or loan company or the collection agency.
[*]CLOD creditnet laborday onslaught of disputes
[*]CO - charge off
[*]CRO Credit Repair Organization
[*] CW - Credit Watch, a monitoring service offered by Equifax
[*]derog - Derogatory tradeline = an item on your credit file that is negative in any way.
[*]DH - Dear Husband
[*]DCU Digital Federal Credit union
[*]DOLA Date of Last activity
[*]DV Debt Validation.
[*]EQ Equifax. Another CRA.
[*]EXP (or EX) - Experian. Another CRA.
[*]FCRA Fair credit Reporting Act
[*]FDCPA Fair Debt Collection Practices Act
[*]FICO score - Fair Isaac. Also known as....
[*]FAKO generic credit score, not a true FICO. Not used by lenders.
[*]BEACON. 500's: You have a lot of work to do. 600's: You're not done yet. 700's: You're golden. 800's: You're God.
[*]GC Green Card from Certified Mail
[*]Goodwill letter correspondence or letter created by Marci to get late payments removed, due to some unfortunate event in your life that caused the late payments, from your current and positive tradelines.
[*]"Hard" Inquiry - Inquiry visible to others and counted in your credit score.
[*]IMHO - In My Humble Opinion
[*]Litigious Nutcase Letter - A letter written by PsychDoc that you can use to make yourself look like a lawsuit-happy whacko in an attempt to make paid collection/charge-off tradelines disappear for good! Best when notarized and sent via certified mail for maximum psychological effect (why do you think he's called PsychDoc?!?)
[*] IIB Included in Bankruptcy
[*]JDB Junk Debt Buyer. Buys debts for pennies on the dollar and attempts collection.
[*]LOC - Line of credit.
[*]LOL laughing out loud
[*]Mr Cooke - Cap One Representative. Works wonders for many people.
[*]MCK MyCredit Keeper, online credit reports.
[*]OC original creditor
[*]OT Off Topic
[*]PFB - Planetfeedback.com. A nifty site that will hold your hand through the process of writing an electronically submitted feedback letter to faceless corporations and optionally share them with the general public.
[*]PITA Pain In the A$$
[*] PG Privacy Guard. Provider of Online credit reports.
[*]PFD Pay For Delete. Offer of payment in exchange for removing negatives.
[*]PIF Pay In Full
[*]ROFLMAO! (rolling on the floor laughing my ass off)
[*]SOCK DRAWER - Where you put CC's that you won't be using for a while, for whatever reason, usually due to the CCC not playing nice.
[*] "Soft Inquiry" - inquiry not seen by others and not counted in your score
[*]SOL - Statute of Limitation: statutorily set maximum time periods during which lawsuits can be brought to enforce rights. After the time period set out in the applicable statute of limitations has run (expired), no legal action can be brought.
[*]Tradeline - An entry in your credit history.
[*]TU - Transunion. A CRA.
[*]UDF - Universal Data Form. Its the form that the subscribers (collectors, creditors, etc.) to the CRAs use to update/delete tradelines.
[*]WK - worthknowing.com - free TU credit report. No longer exists.[list]
Order a tri merged at www.bankofamericaprivacysource.com
Then "opt out":
You opt out by calling 1-888-5OPT OUT
the reasons are in these products - lists that are sold. If you opt out CRA's cannot sell your info, only someone with permissible purpose can get your info. Also, this helps with your disputes because it takes away a major source that Original Creditors use to verify your disputes.
Give it a couple weeks to reflect in the system. During those two weeks do some reading to determine your attack. First thing is clean out "old addresses" on your reports that are linked to old accounts that you will try to get off your reports.
Do a search for the particular dispute issue (at creditboards) and you will get pages of example letters that you will only need to slightly modify. However, I suggest hand written letters because it is more personal. Remember that when real people get your reports it really is up to their discretion in many cases to determine whether something comes off or not.
Also, you want to take different approaches. For instance....Transunion is very easy for all disputes. You can dispute online and most disputes will come off immediately.
However, experien and equifax work best by mail. However, you can have success with equifax over the phone as well.