Credit Correction Challenge: Part Three
The 30-day window has passed since my last round of action - time to take stock and plan my next steps. Part One and Part Two gave a basic overview of my credit correction challenge and outlined the first five steps:
- Step One: Get a copy of all three credit reports.
- Step Two: Get all three credit scores.
- Step Three: Challenge all past addresses with CRAs.
- Step Four: Submit blanket disputes to CRAs.
- Step Five: Request Validation from creditors.
Step four is partially completed. I submitted blanket dispute letters stating that certain accounts were “not mine.” Each of these accounts had some element of incorrect information and I was attacking “low hanging fruit” to see what would get deleted with the least amount of effort. I’ve received responses from all three credit reporting agencies (CRA).
Experian Results
My blanket dispute with Experian listed five accounts, including one judgment, that I wanted deleted. Of the five disputes, three accounts were deleted. I’m excited about one deletion in particular: a store credit account with very negative information (multiple 30-90-120-days late payment reporting). The balance was paid in full a couple years ago, but it was still wrecking havoc on my credit score. Aside from the judgment, it was the worst entry on my credit report.
Equifax Results
I disputed eight accounts, including one judgment, with the “not mine” letter. Four negative trade lines, including the judgment, were deleted. The amusing part is that two of the trade lines that Experian deleted, were marked “verified” by Equifax and remain on my report. Equifax also deleted the store credit account; my two worst entries are now gone from my Equifax report.
Trans Union Results
TU requested more information to verify my identity before processing my disputes. This really annoyed me because they didn’t need more information for the first round of address disputes. I still need to respond to this request.
Next Steps: Step Five
I need to draft letters to each individual Collection Agencies (CA). The CAs will be required to validate my debt or they must have the information deleted from my credit report. Validation includes:
- Proof that the CA owns the debt or has been assigned the debt.
- Proof that I owe the money: account statements from the original creditor, payment histories with original creditor, etc.
- Copy of the original signed loan/payment agreement (original statements can fulfill this requirement).
One CA has already contacted me with a very lame attempt at validation, they’ll have to try again or delete. Once I contact the CAs, they will have only 30 days to respond. They can be fined and sued if they refuse to respond, respond incorrectly, or fail to delete an item. I will follow-up validation requests with an Intent to Sue letter as needed, and I’m willing to file suit in smalls claim court if it’s what I need to do to get this information off my credit report.
Stay tuned for more…
Disclaimer: I’m taking these steps in accordance with the research that I did at creditboards.com. The forums there are amazing for getting information and figuring out what you need to do to help shape up your credit. This is not advice of any kind, just my personal experience. If you want to give some of these ideas a try, you should read, read, read the forums, legal documents, and anything else you can before you get started. Failing to do so can have very negative affects on your credit and you may even get sued. Know what you’re doing before you start.