How Much Are Negative Items Hurting My Credit Score?
Every inquiry on your credit report can lower your score by up to 3-7 points, which can add up fast. For example, if you have 5 to 10 inquiries on your report right now – you could be losing out on 35 to 70 points from your credit score.Collections are even worse. A single collection could lower your score by up to 50 to 100 points, and if you have multiple collections then you could be losing out on HUNDREDS of points from your credit score.
Is It Really Possibe To Remove These Negative Items?
YES! A little known fact is that many companies perform a credit inquiry on your report without having proper consent. If this is the case, then they are violating a federal law called the Fair Credit Reporting Act (FCRA).Debt collectors are also bound by the FCRA, as well as the FDCPA (Fair Debt Collection Practices Act). They must be able to provide proof that you owe the debt, they must be legally allowed to collect the debt, they must be licensed to collect in your state, and the list goes on. But who makes sure they are following the law? You do!As a consumer, you have the legal right to dispute the validity of any collection, inquiry, or account on your credit report. Upon doing so, the debt collector or the company who performed an inquiry must provide documented proof that they have followed all applicable laws and regulations. If they fail to provide this proof, then the credit bureaus are required to remove the negative items from your credit report – thus raising your credit score.You’re probably wondering if this a difficult and time consuming process — it is, if you try and do it all by yourself. But that’s where DisputeBee makes your life a lot easier.
Are There Any Tricks To Making This Work?
Anyone can open a dispute online with the credit bureaus, and it almost never works. The online system is designed to work against you (the consumer). It’s not surprising, because credit bureaus are in the business of putting information ON your credit report, not taking things OFF your credit report.If you see any questionable information on your credit report (such as potentially inaccurate or erroneous collections or inquiries), the trick is to send a physical letter demanding proof and challenging the legality of the collections and inquiries in question. If they fail to provide adequate proof within 30 days, the credit bureaus must remove those negative items from your credit report.
Ok, So What Should I Do Next?
DisputeBee – Credit Repair does the hard work for you, such as generating the proper letters that are carefully crafted to maximize your chance of a successful dispute. All you have to do is print the letters and mail them. There’s no complicated sign up process, and no need to call a salesperson for a consultation. Here’s what you’ll do next: