Posts filed under 'Credit Letters'
When the phone rings, does your stomach turn? Do you shutter when you see the mailman walk up? If you’ve answered yes to either of these questions, then you are probably dealing with the dreaded debt collector! But guess what? There’s good news … because there is help.
Thanks to the Fair Debt Collection Practices Act (FDCPA), there are certain debt collection laws that collectors must abide by. What does this mean? You have a weapon against abusive bill collectors.
First and foremost, according to the Fair Debt Collection Practices Act, a collection agent collector can contact you via mail, telephone, telegram, or fax. They can also approach you in person; however that is not a commonly used practice. Collectors are not allowed to contact you at inopportune times, including before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if you tell them that your supervisor would not approve.
To stop the collection agency from contacting you, write a letter to the collector telling them to stop. This is an act that is discussed in the debt collection laws. Once the collector receives this, they can’t contact you again regarding your desired payment. The only other reasons you would hear from them again would be them notifying you that they will not contact you, and that the creditor is taking legal action.
When you write this letter, it’s important to understand that this does not meant the debt is eliminated. It only means the collection agency cannot bother you regarding this credit report collection. The Fair Debt Collection Practices Act states this specifically.
According to the Fair Debt Collection Practices Act Credit, collectors also cannot participate in unfair practices, including threatening or deceiving you, just to name a few practices. If you believe that an agent has broken the law, you can sue the specific collector.
To remove a collection that the bill collector is calling you about, you can negotiate with the bill collector. Before you pay the total debt, have the creditor put in writing that after the payment in full, this collection will be removed from your report. You can also follow up with the credit reporting agency and dispute the collection. This will help you remove a collection, and get back on the path to good credit.
If this doesn’t work, you can consult an attorney. Legal counsel will be very familiar with the mentioned debt collection laws, and will be able to help you.
March 10th, 2009
Your Name
Home Address
RE: [insert name of account]
Account Number: [insert account number]
Attention: [insert name of personal contact, if any]
Dear [insert name of contact or if no contact - To Whom it may
concern...]
I do not agree that I owe as much as you claim or even that I
legally owe the debt that is referenced above. However, I am
willing to settle this matter in an amicable and expeditious manner
if you accept the terms outlined below:
- The full balance claimed [insert the balance they claim you owe]
will be deemed paid in full and the account closed for [insert your
offer here, e.g. $200].
- Said amount is to be paid upon your acceptance of this offer via
a cashier’s check or money order within one business day of receipt
of your agreement to these terms. (Alternatively, said amount is to
be paid via monthly installments of [insert how you prefer to pay,
e.g. $100 monthly] on the [1 st, 15 th, etc.] of the month);
- You agree to remove all negative information regarding this
account from any and all of my credit reports within 30 days of
receiving the above funds.
If you accept my offer, please send written confirmation to the
address listed above. Alternatively, please sign this letter
indicating your acceptance and return it to the address listed
above. Once I receive the agreement I will forward the funds
pursuant to this agreement.
Sincerely,
[Your signature]
[Print Your Name]
Creditor’s Signature
_________________________
Signature
_________________________
Printed Name
_________________________
Title
April 18th, 2008
This Free Step-by-Step Video shows you how to quickly and easily create a credit bureau dispute letter
March 10th, 2008
Here is a sample credit repair letter you can use as a template. You just complete the bracketed [] areas with the bad credit item you are disputing.
Date:
Name of Credit Bureau Here
RE: Your Name
D.O.B. __/__/__
ADDRESS:
SSN: ___-__-____
Dear Sir/Madam:
Please be advised that you are reporting inaccurate information on my credit report. Specifically you are reporting the following errors:
(1) Page _, Line __: [Insert Account Name] This account should not appear on my credit report. This account was [insert reason e.g. paid on time, not my account, etc.]
(2) Page _, Line __: [Insert Account Name] This account should not appear on my credit report. This account was [insert reason e.g. paid on time, not my account, etc.]
I have been trying for some time to get an [insert type of loan, e.g. automobile] loan approved and these inaccuracies are preventing me from obtaining financing.
Please make it a priority to correct the aforementioned errors. Keep in mind that the banks will not approve this loan until you correct these errors. Therefore it is imperative that you address this matter immediately.
I will await an updated copy of my credit report to reflect these changes.
Sincerely,
[Insert Your Name and signature]
July 16th, 2007
