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What is a Dispute Letter? Any time you identify information on your credit report that you feel to be inaccurate, incomplete or even just misleading, you have the right to dispute it and have it corrected or removed from your report. You can do this by sending a dispute letter. A dispute letter is a simple document that is written to inform a credit bureau, collection agency or an original creditor that there is a mistake on your credit report and that it needs to be corrected or removed. Is sending a dispute letter the best way to address credit report mistakes? Making a dispute is the best way-and the only way-to address credit reporting errors. The Fair Credit Reporting Act (FCRA), a set of credit reporting rules enacted by the FTC, provides the only legitimate and effective way to handle such problems. If a credit bureau, collection agency or creditor is unable to verify or validate the disputed information within about 30 days, it must be removed from your report. What's the right way to dispute inaccurate credit report information? You can get a sample dispute letter online, or you can write one yourself. Either way, coming up with the letter itself is easy. If you're planning on writing your own, start by addressing it to the agency you intend to dispute with. Include the date of the letter, the account number of the disputed item, and any other information that can help identify the account in question. Next, explain briefly that you believe the information to be inaccurate, and that you'd like it removed right away. That's about all there is to dispute letters. Just make sure you send a photocopy of your ID and social security card for identification purposes, and always send dispute letters by certified mail. This way you'll be informed when the agency receives your letter and you can begin the 30 day countdown. What happens after the 30 days? Once your letter is received and the 30 day period is through, you should expect to get a response
from the agency. They will either provide you with verifying or validating information, or they will simply provide you with a new copy of your credit report with the necessary changes. Sounds easy. Is there a down side? While dispute letters can be useful in getting mistakes removed from your report, they can create problems in certain situations. For example, if you dispute a debt that is still within the statute of limitations in your state, there's a chance the party you're disputing with can take you to court and try to get a judgment against you. That's why it's important to have a fair understanding about credit repair, unpaid debts, the statute of limitations and the dispute process before you make any decisions that could complicate your situation. Furthermore, most credit repair companies do little beyond disputing credit report information. This could be dangerous because they frequently dispute valid items-this could easily result in a lawsuit, so be careful who you choose to help you. If you want to learn more about credit repair or dispute letters, contact a certified expert at My Credit Group.
My Credit Group Inc., a trusted debt relief and credit repair services company, has assisted over 100,000 clients and large institutions. Consultations are free and credit repair is backed with a riskfree guarantee. Contact Information: My Credit Group Inc. 800-430-7494
Article Source: http://EzineArticles.com/?expert=Marc_Chase
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