How to Write Credit Repair Letters
Credit reports are very important documents that reflect critical historical financial information on individuals. This information is comprised of credit card accounts, revolving credit accounts, loans, etc.
Generally, through credit reports, financial information has been compiled that reflects whether the individual keeps current on their payments, pays on a timely basis, or whether the individual has ever defaulted on a loan, etc. Although, for the most part, the information may be accurate there may be some errors that have been reported or that are wrongly reflected on the credit report.
That is why it is important that an individual send for their credit report on a yearly basis. If there are any discrepancies, the individual may need to write credit repair letters. When composing credit repair letters it is important to include important information. What are credit repair letters, providing personal data and including additional documentation are important aspects in maintaining the accuracy of a person’s credit report.
What Are Credit Repair Letters?
Credit repair letters are written documents that are provided to creditors and credit reporting companies. These credit reporting companies manage the credit information of individuals. This credit information is provided by lending institutions and other businesses that collect payments from their customers. This information is confidential and can only be accessed by the individual or by institutions that have been authorized by the individual.
It is highly recommended that private citizens access their credit information on a yearly basis. The reasons for this recommendation are to review the information that is captured on these reports, review the accuracy of the data and to ensure that no activity has occurred without the individual’s permission.
If erroneous information has been recorded, if there has been unauthorized activity, or if a negative situation has not been resolved, the consumer may wish to generate a credit repair letter. Credit repair letters are written to identify the situation and request that specific action be taken.
When writing credit repair letters it is important to identify yourself. That personal information should include your name, current address, social security number, date of birth, phone number and other information that will assure the credit managing company that you are indeed the proper person accessing the account.
Credit repair letters can be sent to either the creditor or the company that is managing your credit information. If the payment of a bill is in dispute then it seems that a creditor would be the entity to address the letter to. Or, if there has been some type of identity theft or other issue regarding your credit information, then it would be appropriate to write the credit managing company.
It may prove beneficial to directly contact the credit managing company to inquire about their process. They may require the letter to be notarized.
When writing credit repair letters it is important to include any documentation that may be available to make your case. For example if you have a cancelled check that proves that a disputed payment was made, attach a copy of that check with your credit repair letter. This letter can be sent to the creditor.