should you write a letter or do what
2006-06-29 15:06:16 · 4 answers · asked by theodore d 2 in Business & Finance ➔ Credit
You are about to go to war!
Knowledge of the law is your only weapon!
Don't fight these guys unarmed!
There is a procedure that you need to follow. If this debt is not yours and you are certain of it, you will have no problem getting this resolved.....if you follow my instructions.
First, take the time to learn the law. Read the links below about the Fair Credit Reporting Act and the Fair Debt Collections Act. It explains everything.
Be sure that all of your communications are documented. If you call, write down names and dates. If you write, make it by certified mail, return receipt. If these people do not cooperate, you will need this proof in order to sue them. Don't be afraid to sue them, because it's a simple procedure through small claims court and you will win. You can get $1000 for your troubles. I've done it and I'm helping others do it too.
First, get your credit reports from http://www.annualcreditreports.com and find out who is reporting the debt. It may appear on all 3 of your reports.
Send a dispute letter to each of the credit reporting agencies (CRA's) that are reporting this debt. They will then contact the creditor to "verify" that the debt is correct. Note they don't investigate anything....they just ask the creditor if the information is accurate. They have 30 days to respond. If they don't, the listing is deleted automatcially.
Send a letter to the creditor demanding that they "validate" the debt. That means they must send you copies of contracts, bills, receipts, and anything that was used to calculate what they claim you owe them. This is similar to a 'discovery' court motion. This information is what they will use if they tried to sue you for this debt. Examine it, and if you still believe you don't owe this debt, go on to the next step.....
If they don't send you this information, or if you still believe they have not proven their debt, send another letter to the CRA's and demand the debt be removed due to "lack of validation". Send the information along with the letter to prove your case.
If the listing is still not removed within 30 days, you now have grounds to sue not only the creditor, but the CRA's for posting unvalidated information to your credit report. You can sue them for $1000 plus any damages this may have been done (loss of a loan, higher interest rates, etc...).
Documentation is the key! I've seem people try to sue over this, only to have their case dismissed because they didn't have this information, or they didn't follow the procedure.
Good luck, contact me if you need more info.
2006-06-30 04:50:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
go online to the credit bureau and you will find dispute forms there and you can fill it out online. the creditor will have to prove you owe the debt and if they don't do it in 30 days it will be removed from your credit report.
2006-06-29 22:10:52 · answer #2 · answered by harryt62 4 · 0⤊ 0⤋
Contact the credit bureaus and the credtor(s) for the questionable debt. The Creditor will tell you their procedure. Follow that.
2006-06-29 22:10:36 · answer #3 · answered by jd 6 · 0⤊ 0⤋
There is some useful advice here.
2006-07-02 11:26:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋