53 Actionable Credit Repair Dispute Tips Flashcards
Send each bureau letter out on a different date
Max of 10 accounts per letter
Max of 1 dispute reason per account
Do NOT sign your letters
Do NOT falsely claim identity theft or “not mine”
Charge-offs WILL report a balance if unpaid or not sold
Don’t dispute directly with a debt buyer
3rd-party collectors are NOT debt buyers
Do NOT send a VOD to the credit bureaus
Do NOT send a VOD to the original creditor
Do NOT send a VOD to a debt buyer
Make sure to send ALL required identification
Don’t forget ot include your full name, address, date of birth and SSN on dispute letters
Don’t send pic of envelope for address proof
Credit repair suicide = “not mine”
False id theft is attempt to benefit and defraud
Key = dispute REASON not dispute letter or text
Templates get flagged by the 1st computer (OCR)
certified mail does not = faster investigation
A regular stamp will do
Don’t bother trying to beat the OCR
Dispute all inquiries with the creditor, not the bureau(s)
Buraus never furnish docs or proof
Bureaus report whatever they are paid to
Ask for an independent investigation
CFPB comes after exhausting all remedies
Holiday season: max of 3 accounts per letter
Use the flashcard system to map letters
Use VERY clear dispute reasons with facts
Removing an old negative account can DROP your score
You do not have to remove ALL negative info
Late payments MUST begin with 30 day lates; otherwise the previously-reported paid on time months are inaccurate
Bankruptcies MUST report the city and states
Collections can’t have a past due
Collections can’t have late payments
Charge-offs cannot have a monthly payment
There should be no activity after the account was closed
Mail received is yesterday’s news
You cannot fax letters to the bureaus anymore
If you dispute online, you give up rights under sections 623 and 611
Section 609 has absolutely nothing to do with contracts and signatures and everything to do with disclosure of source, as in the PERSONAL or COMPANY and their contact information
Section 605 can be used to remove bankruptcies
Deleted accounts that are added back to the credit report can be permanently removed under section 611
When making CFPB complaints
Don’t bother with phone disputes - it is a waste of waiting 2 hours on hold
You can go to jail for 6 months for fraud for using the identity theft method with police report if you are not a victim of identity theft
All dispute rounds should be factual - don’t 1st start with 1 method and then switch to another
Facts should always be used directly from the credit report - sending out generalized disputes can hurt you because the longer you dispute, the harder it is to get the accounts deleted or updated
