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04-20-2007, 02:41 AM
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#1 (permalink)
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New Member
Join Date: Apr 2007
Posts: 10
Casino Cash: $305700
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New guy
Ok so I have been searching for days to find a step by step process of how to dispute credit with the 3 bureau's and catch the collection company sleeping so they dont respond and it gets removed. And its just not on this site anywhere. I can find letters I think to dispute them but no one put a process together. I would like to know the following and if any of you have questions about mortgages I can answer them for you. O have been in the mortgage biz for 10 years.
Lets say that I have a collection that I dont think is mine on my 3 reports. I want to dispute this item directly with all 3 of the bureau's.
What kind of letter do I send to the 3 bureau's? (I think I found one on this site)
How long does it take from the time that I send to the time they should have a response back?
Will they notify me in writing if the item has been removed?
How many items should I dispute at once?
My main question is about the time frames.
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04-20-2007, 08:49 AM
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#2 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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Quote:
Originally Posted by Mortgage Banker
Lets say that I have a collection that I dont think is mine on my 3 reports. I want to dispute this item directly with all 3 of the bureau's.
What kind of letter do I send to the 3 bureau's? (I think I found one on this site)
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Dear CRA,
Please investigate the following item. I have never had an account with this company, nor have I ever had a collection account.
ABC Collections Acct#123456
Sincerely,
Quote:
Originally Posted by Mortgage Banker
How long does it take from the time that I send to the time they should have a response back?
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About 40 days max. 5 days mail to CRA. 30 day max investigation. 5 days mail for results.
Quote:
Originally Posted by Mortgage Banker
Will they notify me in writing if the item has been removed?
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They better. It is required under FCRA.
Quote:
Originally Posted by Mortgage Banker
How many items should I dispute at once?
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Depends on how many you have. I like to keep it to 3 or 4. If you only have 3 or 4 items to dispute, you may want to split it in 2 disputes. The CRA's seem to think it is a red flag to dispute all negative items at 1 time.
Quote:
Originally Posted by Mortgage Banker
My main question is about the time frames.
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http://www.ftc.gov/os/statutes/031224fcra.pdf
Sorry I don't have more time this morning to get the exact sections on the time requirements. I can post later if it is not answered already. |
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04-20-2007, 03:50 PM
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#3 (permalink)
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New Member
Join Date: Apr 2007
Posts: 10
Casino Cash: $305700
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Quote:
Originally Posted by Pale Rider
Dear CRA,
Please investigate the following item. I have never had an account with this company, nor have I ever had a collection account.
ABC Collections Acct#123456
Sincerely,
About 40 days max. 5 days mail to CRA. 30 day max investigation. 5 days mail for results.
Thank you so much. That was such a help. I have alot of clients that I help fix their credit so I can get them the best mortgage rates and tersm possible.
They better. It is required under FCRA.
Depends on how many you have. I like to keep it to 3 or 4. If you only have 3 or 4 items to dispute, you may want to split it in 2 disputes. The CRA's seem to think it is a red flag to dispute all negative items at 1 time.
http://www.ftc.gov/os/statutes/031224fcra.pdf
Sorry I don't have more time this morning to get the exact sections on the time requirements. I can post later if it is not answered already. |
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04-21-2007, 12:42 AM
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#4 (permalink)
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New Member
Join Date: Apr 2007
Posts: 10
Casino Cash: $305700
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Ok so when you send a letter to the CB disputing an account, they in turn send the a letter to the disputed account, the collection company has so long to respond (30 days? ) And if they fail to respond the CB just takes it off your credit and then tells ya about it? Are you supposed to ask for an updated copy of your credit when you send the dispute letter?
Last edited by Mortgage Banker; 04-21-2007 at 12:45 AM..
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04-22-2007, 08:01 PM
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#5 (permalink)
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HONORED GUEST
Join Date: Jul 2006
Posts: 990
Casino Cash: $437020
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You will get an updated copy when they send you the results of your dispute.
__________________
"I wish I could say something classy and inspirational, but that just wouldn't be our style."
"Pain heals, chicks dig scars... Glory lasts for ever." -Shane Falco (Keanu Reeves) in "The Replacements"
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04-22-2007, 11:39 PM
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#6 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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You dispute with the CRA.
1 The CRA must investigate before the end of 30 days starting on the day they receive the dispute. 611 (a) (1)
2 The CRA must provide notice of the dispute to the data furnisher within 5 business days 611 (a) (2)
3 If the disputed information is inaccurate or unverifiable, the CRA must delete or update the information accordingly, and notify the data furnisher 611 (a) (5)
4 The CRA must provide notice of the results of the investigation not later than 5 days after the completion of the reinvestigation 611 (a) (6) (A)
5 The contents of the notice includes "a consumer report that is based upon the consumer's file as that file is revised as a result of the reinvestigation;" 611 (a) (6) (B) (ii)
http://www.ftc.gov/os/statutes/031224fcra.pdf |
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04-24-2007, 01:44 AM
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#7 (permalink)
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New Member
Join Date: Apr 2007
Posts: 10
Casino Cash: $305700
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Don't I need to put my social or anything in this letter?
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04-24-2007, 08:29 AM
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#8 (permalink)
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Elite Member
Join Date: Oct 2006
Posts: 521
Casino Cash: $413175
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Been my experience that ANY time you communicate with a CRA, you include your name & address (the one they have in their record), DOB and SSN. Once years ago, I sent the page that I was disputing thinking that would be enough for them to ID me, they sent it back requesting the rest of the info.
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04-24-2007, 08:32 AM
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#9 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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You generally need to submit copies of SS#, state issued picture id, and possibly a utility bill showing current address, and DOB so that they can identify you properly. Of course that is based on the CRA's opinion, as the FCRA does not require a SS# as long as you can identify yourself properly.
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