How To
Remove Collections From Credit
Reports
This
is a tried and true method to remove
collections from credit reports...
From: Kate Rieger,
President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 07:19pm
Kate Rieger
Use these steps to remove collections
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First
let me set your expectations. This
is not a voodoo process where you send
off a letter and collections magically
disappear. You are using the
federal laws that protect your credit
rights to a credit report stating
verifiable information.
Prior to
FACTA and the FCRA regulation creditors
and credit bureaus really had no
incentive to keep good information on
your credit report. After all, the
worse your score was, the higher
interest rates you would be charged
which is exactly what feeds the credit
industry.
Here's
how to start...
-
Read the overview of the
credit dispute process here
- Be
sure to download and print this
process flow diagram. [Just
right-click the link to save it to
your desktop and then open it to
print.]
What you
find on the process flow diagram is that there is a 2-pronged
approach to disputing collections on
your credit report. You have to
dispute it with the credit bureau and
with the collection agency.
You need to kick off the disputes at the
same time.
The
dispute that goes down the credit bureau
path is to tell them that they need to
verify the account.
Basically the statement would look
something like this...
"GLA COLLECTION
CO, Account # xxxxxxxx, this account
isn’t mine. Please remove it from my
file. "
The dispute
that takes you down the collection
agency path is to send a debt
validation letter to the collection
agency. Yes -- send this to the
debt collector or original creditor.
You can copy the
debt validation letter here.
Be sure to change the information to
reflect your own information.
Now when
the credit bureau sends back their
response to your dispute, if they did
not verify the account the
collection should be removed from your
credit report. Remember they have 30
days to respond then add on 5-10 days
for mail.
If they
state that they did validate the
debt then you need to look for a
response from the collection agency.
If the collection agency doesn't
validate the debt in 30 days, then you
have to go back to the credit bureau to
ask for their method of verification.
Here's
the logic. The collection agency
has not proved that you owe anything, so
the credit bureau better fess up how
they verified this account that is
causing you to have bad credit.
You should expect a response in 15 days
or so.
Here's a
sample statement using the previous
example dispute.
"You stated that
you verified this account in my last
dispute. Here is the dispute I
sent you.
GLA COLLECTION CO,
Account # xxxxxxxx, this account isn’t
mine. Please remove it from my
file.
However, I have
written to the collection agency for
them to validate that I actually owe
this debt. They have not responded
in over 40 days."
I request that you
describe in detail how you verified this
information to include the name and
address of the company you verified it
with, the name of who you spoke with and
actual proof of the debt in the form of
a bill of sale."
Now at the same time you send off
another follow up letter to the
collection agency to give them another
change to validate the debt.
After 15 days...
If the collection agency validates the
debt and the credit bureau verifies that
the collection agency provided the
verification of the debt then you will
have to go into the debt settlement
process.
If the credit bureau verifies that the
collection agency is the source of the
information, but the collection agency
did not validate the account (which is
often the case) you demand that the
collection agency remove the information
of you will sue in 5 days.
Yes, if this is the case then the
collection agency has broken the laws
and you attorney can jump on this one as
a slam dunk. After all, you've
done all the hard work.
Now it is imperative that you be
prepared to act on this demand, because
you have a very small time frame to keep
the ball in your court.
If you would like to know more about an
affordable attorney service you can have
-- by affordable, I mean less than $500
/ year or about $41 a month -- please
complete the form
here.
So...just how much is that collection
costing you? A home, a car, a good
job?
If you are
interested in really going after debt
collectors and getting negatives off
your report all you have to do is to
complete this form and you will have an
attorney ready to work for your best
interests.
Yes Kate - I
want to start today!
I will be the one to call you personally
to see if this program is a match for
your situation. Just complete the
form here
and you will get a call from me in the
next 24 hours.
What others are saying...
Hi Kate,
I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your
program is terrific.
You give an awful lot of personal attention that can never come from a computer
program.
Thanks for everything - I mean it!
Melissa
Louisville, KY
__________________________________________________
Dear Ms Rieger,
God Bless You!
You treated me like I was someone
important. I thank you for that and for showing me how to improve my FICO
scores. You are truly amazing!
Sincerely,
Roberta D.
Jeffersonville, IN
__________________________________________________
Credit Rejuvenations Rocks!
Dave
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P.P.S.
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Warmest Regards,
 |
