Thursday, February 11, 2010

How do I go about getting false derogatory reports off my credit?

First of all, get your free credit reports from all three credit reporting agencies. You can do this through the Federal Trade Commission's website, either by submitting via the web or calling the toll free number. After you receive the reports, go through and locate all false reports. Follow the instructions that come with the credit reports on how to take action against the false entries.How do I go about getting false derogatory reports off my credit?
The exact procedure can be found by looking at the Fair Credit Reporting Act. But here is a brief outline:





-Get copies of your credit report at


www.annualcreditreport.com





-Send a protest letter to the Credit Reporting Agency (CRA) that has the report listed. They will ';verify'; the debt with the creditor, and must respond back within 30 days of the result. Note that ';verify'; only means that the creditor just has to inform the CRA it is a valid debt, and no proof or documentation is required. This is what most likely will happen. At this point you can send the CRA a letter protesting the entry, and they must put your statement on the record.





-Now send a ';validation demand'; letter to the creditor. That means the creditor must supply copies of all bills, contracts, receipts, and anything that was used to calculate what they say you owe. The must demonstrate you have a legal obligation to pay. They have 30 days to respond.





If they do send this information, examine it carefully. If it's correct, decide if you still want to go to court. This is the information they will use to defend themselves, so if you have a case you can now take it to court.





-If you do not get this information within 30 days, send a copy of the validation letter, plus another demand to remove the credit entry to the CRA, informing them that the creditor has violated the Fair Credit Reporting Act. If the CRA still will not remove the entry, you now have grounds to sue the CRA as well.





Be sure to send all letters by certified mail, keep very accurate logs of when they are mailed and who you talked to. It is NOT necessary to send them by certified mail, return receipt. Your receipt will prove you mailed it, and the tracking number on it can be traced to show it was delivered. That will save you a few dollars in postage.





Contact me if you need more help. I am not a lawyer or credit counsoler, just someone who has been through this many times before (and still doing it!).





You are about to go to war! Knowledge of the law is your only weapon! Don't fight these guys unarmed! Read the links below.How do I go about getting false derogatory reports off my credit?
Contact the credit reporting companies or try this link








http://www.ftc.gov/bcp/conline/pubs/cred鈥?/a>
You must submitt a disbute form to all three major credit bureaus. Transunion Equifax and Experian.

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