For more information about Credit Repair Organizations, check out the Federal Trade Commission website:

http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The most important website is:

www.annualcreditreport.com

You are entitled to 1 free credit report per year from each nationwide credit reporting agency.  You should be running your credit report every 4 months.  Add these dates to your calendar:

January – Equifax, May – Experian, September – Transunion

Sample letters:

To dispute a mistake or negative entry on a CREDIT REPORT, you can use this sample letter from the Federal Trade Commission website:

Sample letter for Disputing Errors on Your Credit Report

It is important to note that the credit reporting agency can find that your dispute is “frivolous” and disregard it.  Obviously, it will be considered frivolous if you are disputing it just to dispute it, or if you are disputing multiple entries at once, or etc.  Another reason it can be considered frivolous is if you don’t put enough information in your dispute letter to show why the dispute is valid.  Make sure you thoroughly explain why you are disputing the entry and include copies (never originals!), of documentation that support your dispute.  Don’t forget to ask for what you want, either.  Do you want the negative entry removed or do you want the information changed or etc.

Make sure you keep copies of everything you send and send it certified mail, return receipt requested.  If you don’t, they can claim they never received it and you are back where you started!

When dealing with debt collectors, use the following letters:

Fair Debt Collections Practices Act 5 Day Debt Validation Letter:

FDCPA 5 day consumer validation letter

Fair Debt Collections Practices Act 30 Dispute Letter:

FDCPA 30 day consumer dispute letter

REMEMBER – It’s always better to communicate with creditors, credit reporting agencies and debt collectors in writing.  Sometimes you will have to speak to them on the phone so, when talking to debt collectors or credit reporting agencies, take meticulous notes.  The first thing you should ask is the name of the person you are talking to, their direct line and THEIR MAILING ADDRESS!  Legitimate debt collectors and creditors should have no problem giving you this information.

Always note the date and time of the call, what you talked about and the terms of any agreement you made with them so you can follow up with it in writing.

NEVER send originals through the mail.  Always, always make sure you send copies and make sure you keep copies of the letters you send and it’s best to send things certified, return receipt requested.

Important information:

-According to the FDCPA, debt collectors MUST stop collection efforts while they are investigating a debt.  15 U.S.C. §1692g

For more information about Credit Management and Repair, be on the lookout for NCV.com’s Credit 101 seminar.  Also, check out the e-book “Money Basics, Keeping it and Growing it: What I Learned About Money as a Bankruptcy Attorney.”  Coming soon to www.newcashview.com.

Credit Freeze 101 websites:

Consumer Financial Protection Bureau list of credit reporting agencies:

http://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf

Credit Reporting Agency Lists:

https://www.creditreportproblems.com/credit-reporting-agencies.htm

https://www.consumer-action.org/downloads/english/specialty_report_directory.pdf

http://www.ncsl.org/research/financial-services-and-commerce/consumer-report-security-freeze-state-statutes.aspx

NC credit freeze law:

http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_75/GS_75-63.html

NC State Credit Freeze Law Highlights

Individual CRA freezing websites:

https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

https://www.experian.com/freeze/center.html

https://www.transunion.com/credit-freeze/place-credit-freeze

https://www.innovis.com/personal/securityFreeze

If you want a sample of Credit Management 101, click on the images below for a video and slides: