The following letter is suitable for complaining about inquiries made on your credit report. Businesses and individuals are not allowed to “pull” your credit without a “legally permissible purpose.” A permissible purpose generally requires your authorization. This letter serves two purposes. First, it may get an inquiry removed from your credit report. Second, it can [...]
-This is a sample “MOV” or “method of verification” letter. It’s an advanced tool in a consumer’s credit repair arsenal. Before using it, you should read about Method of Verification. Experian 701 Experian Parkway Allen, TX 75013 RE: Fair Credit Reporting Act Request under § 611(a)(0) To Whom It May Concern: Time is of the essence [...]
At least one major credit repair website touts “Method of Verification” as a “secret credit repair tool.” Well, not exactly. Method of Verification, or “MOV,” refers to a statutory right that consumers enjoy to demand that a credit reporting agency (transunion, equifax, etc.) supply upon request the method of verification when a consumer asks that [...]
Debt collectors are restricted by powerful state and federal laws from a wide range of practices. You can stop debt collectors from harassing you by following a few guidelines. The principal law that protects debtors from harassment is the Fair Debt Collection Practices Act (the FDCPA). This law imposes obligations on debt collectors, protects debtors, [...]
-This letter should be used by an individual when writing to a credit reporting agency (equifax, Transunion, Experian) when seeking to correct false or incorrect information on one’s credit report. Remember: The agency must investigate or remove the negative item in 30 to 45 days. February 27, 2008 Equifax Information Services, LLC P.O. Box 105873 [...]
Sample Credit Inquiry Dispute Letter -This letter is used for a very specific purpose: to ask a person or company to justify, prove authorization for, or remove an “inquiry” (a “hit” or “pull” of a credit report) by an unauthorized person or company. This approach rarely works on its own, but this letter can serve [...]
Foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn’t pay their mortgage. Two Types of Foreclosure There are two types of foreclosure: judicial foreclosure and trustee’s sale (non-judicial) foreclosure. Some states use [...]
How Does Foreclosure Affect My Credit? Foreclosure devastates credit–the only greater “derogatory” on a credit report is a bankruptcy. If you follow your FICO scores, you would tend to see a drop in the 120 to 150 point range. The amount of the drop will vary depending on the other items on your credit report. [...]