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This is just one example of a letter pertaining to your question LETTER NO. 3 Date Your Name Your Address Your Social Security Number Your Date of Birth TO: T.R.W. (or) TransUnion (or) Equifax (Addresses are provided on page 3) To Whom It May Concern: Recently I have reviewed my credit profile as reported by your agency and noticed that there are some items which are incorrectly reported. A copy of my credit report is attached with each discrepancy numbered. The objections to these items are stated below. I have full knowledge of The Fair Credit Reporting Act as well as my rights as a consumer. Please review my credit profile and delete the items mentioned below. 1. VISA: This account should read as current and not a chargeoff. I have never been past due on this account. 2. Ford MOTOR CREDIT: This account is not a repo. My father has the same name as I do with the exception of the Jr. Perhaps the files are mixed up due to the similarity in names. I have never been late with my payments to Ford Motor Credit. 3. RECOVERY SERVICES U.S.A.: I have never been notified that I had an item in collections. Collection law states that a collection agency must give me an opportunity to dispute or pay a debt prior to it being reported. Thanking you in advance for your prompt attention to this matter. Sincerely, (signature) Your full name Enclosures Visit my Profile for more information.
What else can I help you with?
What time limit is required for a collection agency to wait before reporting to your credit?
By federal mandate, the credit reporting agency must NOT report you to the credit bureaus until 30 days past the date of the letter sent to you.
How long may a credit reporting agency take to reply to a consumer dispute letter?
30 days from the receipt of your letter
Who do you complain to if a credit reporting agency fails to investigate your problem?
You should write another letter to them and send it REGISTERED MAIL!
If you pay a collection agency does the collection come off of your credit report?
Yes you tell the collection agency you will pay ONLY if they can give you a letter that say they will delete the item from your report it's call pay for deletion
How do you get deletion letter from creditors?
To obtain a deletion letter from creditors, you can request it directly from the creditor after they have agreed to delete the negative information from your credit report. Make sure to get the agreement in writing before making the request. If the creditor refuses to provide a deletion letter, you can try negotiating with them or dispute the information with the credit bureaus.
What does a letter of deletion do?
A letter of deletion will notify a debt collector that you would like for them to delete their record from your credit reports. It usually includes an offer to repay the debt in full, or to pay a negotiated amount that would otherwise be reported as a settlement. A letter of deletion is commonly referred to as a pay for deletion agreement.
How soon after you are denied credit must you receive notice both verbally and by letter?
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reason your application was rejected or the fact that you have the right to learn the reason if you ask within 60 days. If your credit application was due to information obtained from your credit report, the Fair Cedit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. The credit reporting agency can tell you what is in your report but only the creditor can tell you why your applicaton was denied.
When a collection agency buys a debt from a credit card company does a new statute of limitations start from the day it was purchased or does the collection agency's statute remain the same?
The statute of limitations starts counting immediately when you made the last payment to either the credit card company or the collection agency. If you ever make a payment to either of them the statute of limitations will start over. If you have not made any payments to the credit card company recently and the credit card company sells the debt to the collection agency, the collection agency's statute of limitations will be from the date that you last paid the credit card company. Furthermore, if the statute of limitations is over and the collection agency continues to keep collecting the debt, you can send them a letter (certified is the preferred method) to stop all contact with you. Under the Fair Credit Reporting Act (FCRA), they would be required to stop immediately upon receipt of the letter (unless they are taking legal action in a court then they can send you legal notices only). If they do not stop, you are entitled to collect monetary damages as outlined in the FRCA. This does not stop the collection agency from reporting to your credit report. Your credit reporting falls under a different set of rules which basically removes most collections debts (except for court judgements) after 7-10 years.
Out of different types of letters of credit what is revolving letter of credit?
A Revolving letter of Credit is issued by a financial agency to its clients and potential customers of the availability of credit facility offered. The letter contains the credit terms and conditions that are attractive to the clients and potential customers. It is one of the ways which a financial agency can generate income.
How do you challenge the reports if you have bad credit?
send letter to the credit reporting agencies . they will have to send letter to the creditors who will have 30 days to respond. if they dont the debt has to be removed from your credit record.
You paid a collection in 2000 and it shows up in your credit report as last reported October 2004 is this legal?
It's nothing to do with "legal". They are simply a reporting agency. If you have proof, i.e, the statement of payment with the correct date, you simply send the reporting agency a certified copy of the letter and they will correct it. A recent statistic that I read was that over one third of all accounts at credit reporting agencies have errors in them. Please note that there are three credit reporting agencies. Once you fix that one, send to the other two to get them fixed as well. Then get a credit report (you are allowed one a year free from all three agencies) and verify that all three have done their job. Wait at least two months for this. Good luck.
If the original creditor is not reporting a debt to your credit report but their collection agency is can the original creditor instruct the agency to have the item removed in return for full payment?
YES, THE CREDITOR WILL REQUEST FOR EITHER PARTIAL PAYMENT OR FULL PAYMENT. ASK FOR A LETTER STATING THAT THIS COLLECTION WAS PAID IN FULL AND THAT YOU HAVE A ZERO BALANCE. ALSO; REQUEST THAT THIS LETTER STATES THAT THIS ACCOUNT NEEDS TO BE DELETED IN ERROR, SO THAT YOU COULD SEND THIS LETTER TO THE BUREAUS AND HAVE THEM DELETE THIS ACCOUNT OFF YOUR CREDIT REPORT AND RAISE YOUR CREDIT RATING.
