Understanding Your Credit Report and Scores

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UNDERSTANDING your CREDIT REPORTS and SCORES

Promoting Financial Literacy

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10

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN <UKLYZ[HUKPUN @V\Y *YLKP[ 9LWVY[Z HUK :JVYLZ

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:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN <UKLYZ[HUKPUN @V\Y *YLKP[ 9LWVY[Z HUK :JVYLZ

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:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN <UKLYZ[HUKPUN @V\Y *YLKP[ 9LWVY[Z HUK :JVYLZ

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:HTWSL +PZW\[L 3L[[LY Date: Name/address Of Credit Bureau:

Attention:

Consumer Relations

I recently obtained a copy of my credit report from your service, and have found the following items to be in error. EXAMPLES Item #1 – I dispute ABC National Bank account #12345. I have never been late on this account. Item #2 – I dispute ABC Financial Services account #4545. This account was not a charge-off, please delete. According to Section 611 of the Fair Credit Reporting Act, I am requesting that you re-investigate those items indicated, and promptly delete any XQYHUL¿DEOH LQDFFXUDWH RU RXWGDWHG LQIRUPDWLRQ IURP P\ FUHGLW UHSRUW In addition, I am requesting a description of how the investigation was conducted along with the name, address and telephone number of anyone contacted for information. Furthermore, if there is a change in my credit history resulting from your investigation, I am requesting that an updated report be sent to those who received my report, within the last two years for employment purposes, or within the last one year for any other purposes. 3OHDVH VHQG PH DQ XSGDWHG FRS\ RI P\ UHSRUW DQG QRWL¿FDWLRQ WKDW LWHPV have been deleted. I will consider 30 days a reasonable time for your reYHUL¿FDWLRQ RI WKHVH LWHPV Thank you for your prompt attention in this matter. Sincerely, Signature: Name (print): Address: City, State, Zip: Social Security #:

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Examples: “This is not my account. I have never owed money to this creditor. Apparently, a mistake was made in the reporting.â€? ´2Q BBBBBBBBBBBBBB GDWH , PRYHG WR DQRWKHU DGGUHVV , QRWLĂ€HG DOO FUHGLWRUV LQFOXGLQJ ________________ (name of creditor) promptly. ___________________(name of creditor) was VORZ LQ FKDQJLQJ P\ DGGUHVV LQ WKHLU Ă€OH 6XEVHTXHQWO\ , GLG QRW UHFHLYH P\ ELOOLQJ VWDWHPHQW for ___________________(how long). Once I received the statement at my new address, I paid this creditor.â€?

“On ______________(date), I was hospitalized at _________________(facility). The medical ELOOV ZHUH IRUZDUGHG WR P\ LQVXUDQFH FRPSDQ\ IRU SD\PHQW 0\ LQVXUDQFH FRPSDQ\ GHOD\HG LQ SD\LQJ WKH PHGLFDO ELOOV DQG WKH KRVSLWDO WXUQHG P\ DFFRXQW RYHU IRU FROOHFWLRQ $IWHUZDUGV P\ LQVXUDQFH FRPSDQ\ SDLG WKH KRVSLWDO ELOO LQ IXOO 7KH KRVSLWDOŇ‹V FROOHFWLRQ DJHQF\ UHIXVHG WR change the negative rating on my account.â€?

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“On__________________(date), I ordered merchandise from______________________(name of company) on my account. The merchandise was defective and I returned it to the sender. 7KH FRPSDQ\ FRQWLQXHG WR VHQG PH D ELOO IRU WKH UHWXUQHG GHIHFWLYH PHUFKDQGLVH 7KH FRPSDQ\ ZHQW RXW RI EXVLQHVV EHIRUH , ZDV DEOH WR KDYH P\ DFFRXQW SURSHUO\ FUHGLWHG Âľ

18

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:HTWSL +LI[ =HSPKH[PVU 3L[[LY Date: Your Name Your Address Your City, State, Zip Collection Agency Name Collection Agency Address Collection Agency City, State, Zip RE: Account # (Fill in Account Number) To Whom It May Concern: Be advised this is not a refusal to pay, but a notice that your claim is disputed and validation is requested. Under the Fair Debt collection Practices Act (FDCPA), I have the right to request validation of the debt you say I owe you. I am requesting proof that I am indeed the party you are asking to pay this debt, and there is some contractual obligation that is binding on me to pay this debt. 7KLV LV 127 D UHTXHVW IRU ³YHUL¿FDWLRQ´ RU SURRI RI P\ PDLOLQJ DGGUHVV EXW a request for VALIDATION made pursuant to 15 USC 1692g Sec. 809 (b) of the )'&3$ , UHVSHFWIXOO\ UHTXHVW WKDW \RXU RI¿FHV SURYLGH PH ZLWK FRPSHWHQW evidence that I have any legal obligation to pay you. $W WKLV WLPH , ZLOO DOVR LQIRUP \RX WKDW LI \RXU RI¿FHV KDYH RU FRQWLQXH to report invalidated information to any of the three major credit bureaus (Equifax, Experian, Trans Union), this action might constitute fraud under both federal and state laws. Due to this fact, if any negative mark is found or continues to report on any of my credit reports by your company or the company you represent, I will not hesitate in bringing legal action against you and your client for the following. Violation of the Fair Debt Collection Practices Act Defamation of Character I am sure your legal staff will agree that non-compliance with this request could put your company in serious legal trouble with the FTC and other state or federal agencies. *VU[PU\LK

19

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:HTWSL +LI[ =HSPKH[PVU 3L[[LY *VU[PU\LK ,I \RXU RI¿FHV DUH DEOH WR SURYLGH WKH SURSHU GRFXPHQWDWLRQ DV UHTXHVWHG in the following declaration, I will require 30 days to investigate this information and during such time all collection activity must cease and desist. Also, during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with legal counsel for suit. This includes any listing of any information to a credit-reporting repository that could be inaccurate or invalidated. If \RXU RI¿FHV IDLO WR UHVSRQG WR WKLV YDOLGDWLRQ UHTXHVW ZLWKLQ GD\V IURP the date of your receipt, all references to this account must be deleted and FRPSOHWHO\ UHPRYHG IURP P\ FUHGLW ¿OH DQG D FRS\ RI VXFK GHOHWLRQ UHTXHVW shall be sent to me immediately. It would be advisable that you and your client assure that your records are in order before I am forced to take legal action. CREDITOR/DEBT COLLECTOR DECLARATION Please provide the following: ‡ $JUHHPHQW ZLWK \RXU FOLHQW WKDW JUDQWV \RX WKH DXWKRULW\ WR FROOHFW RQ WKLV alleged debt. ‡ $JUHHPHQW WKDW EHDUV WKH VLJQDWXUH RI WKH DOOHJHG GHEWRU ZKHUHLQ KH VKH agreed to pay the creditor. ‡ $Q\ LQVXUDQFH FODLPV EHHQ PDGH E\ DQ\ FUHGLWRU UHJDUGLQJ WKLV DFFRXQW ‡ $Q\ -XGJPHQWV REWDLQHG E\ DQ\ FUHGLWRU UHJDUGLQJ WKLV DFFRXQW ‡ 1DPH DQG DGGUHVV RI DOOHJHG FUHGLWRU ‡ 1DPH RQ ¿OH RI DOOHJHG GHEWRU ‡ $OOHJHG DFFRXQW QXPEHU ‡ $GGUHVV RQ ¿OH IRU DOOHJHG GHEWRU ‡ $PRXQW RI DOOHJHG GHEW ‡ 'DWH WKLV DOOHJHG GHEW EHFDPH SD\DEOH ‡ 'DWH RI RULJLQDO FKDUJH RII RU GHOLQTXHQF\ ‡ 9HUL¿FDWLRQ WKDW WKLV GHEW ZDV DVVLJQHG RU VROG WR FROOHFWRU ‡ &RPSOHWH DFFRXQWLQJ RI DOOHJHG GHEW ‡ &RPPLVVLRQ IRU GHEW FROOHFWRU LI FROOHFWLRQ HIIRUWV DUH VXFFHVVIXO Please provide the name and address of the bonding agent for COLLECTION AGENCY in case legal action becomes necessary. Your claim cannot and WILL NOT be considered if any portion of the above is not completed and returned with copies of all requested documents. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. Please allow 30 days for processing after I receive this information back. Best Regards [Your Signature] cc Federal Trade Commission

20

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Springboard Nonprofit Consumer Credit Management 4351 Latham Street Riverside, CA 92501 PO Box 5438 Riverside, CA 92517-5438 1-800-WISE-PLAN (800.947.3752) www.credit.org springboard@credit.org

COUNCIL ON ACCREDITATION FOUNDED 1977

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ACCREDITED BUSINESS

HUD Approved

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