Financially Fit for Life

With soaring US public debt, falling home values and record gas prices, many of us feel like our credit scores have been on a roller coaster with no end in sight.  There is hope!  The Federal Trades Commission has established hundreds of laws and rulings geared to help protect consumers.  Federal law also requires that your credit report be accurate, complete and verifiable, and it’s your right to challenge and remove any information that is not exact and precise.  Credit repair is possible with a little effort on your part.

To begin, obtain a copy of your credit report and review each account carefully checking for even the smallest details including spelling errors, outdated or incomplete information and inaccurate account histories.  Every credit report is laid out slightly different, so find a company that provides a report that is easy for you to read and file.  Next, you need to start a detailed log of all the potential problems with the report, and be sure to include creditor contact information and the nature of the item in question.  Make a thorough list of the items in dispute and gather ALL supporting information to help build your case.  Be meticulous in your documentation.  Proper documentation is the key to winning any successful credit dispute.

Be prepared with the following supporting documentation: a photocopy of your credit report with the mistakes circled, records of all forms sent and received, call logs, letters, certified mail receipts and any other supporting information relating to your dispute.  Prepare your documentation as though you will be presenting the information to a judge and jury, making sure to include dates and names of the people you spoke with and their positions in the company.  The credit bureaus must investigate any relevant dispute within 30 days of receiving your certified letter, so be sure to also track the date your package was received by the bureaus.  Any item that is not verified as accurate by a creditor must legally be removed from your credit report.  Please visit www.idealfsi.com for dispute forms and letters for both 30 and 60 days.

The final step, and probably the easiest to forget, is to confirm everything in writing.  When speaking to a representative, request a letter confirming the items discussed.  When an item has been updated, you will want to request a copy of the UDF, or universal data form.  The UDF is a document that your creditor transmits to the Credit Bureaus to update your credit report.  It informs the Credit Bureau of any balance updates, payment history changes, current status updates or other changes to the file.  If the creditor won't send a UDF, request a letter confirming that the creditor notified the Credit Bureau of the inaccuracy and requested a correction.  We also recommend that you have your creditors send a copy of your UDF to all of your other creditors in case any of your rates have been negatively affected by the inaccurate information.

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