5-Minute Template to Dispute Credit Report Letter

5-Minute Template to Dispute Credit Report Letter

The FTC found that one-in-five people have
a mistake on their credit report, a mistake that means you’re paying higher rates than
you should. By the end of this video, you’ll not only
know how to check your report for mistakes but how to get them removed fast in less than
a few minutes online. In fact, getting just one mistake removed
from your credit report can mean a jump in your score by 40 points and save you thousands
in interest. We’re talking disputing your credit report
today on Let’s Talk Money. Joseph Hogue here with the Let’s Talk Money
YouTube channel. I want to send a special shout out to everyone
in the community, thank you for taking a part of your day to be here. If you’re not part of the community yet,
just click that little red subscribe button. Today’s video is the eighth in our debt
payoff series, an entire series on ditching your debt from creating those goals that are
going to motivate you to some tricks I’ve learned to pay off debt. Think of it like a TV series, by the end of
this season, you’ll have all the tools you need to finally get out from under that crushing
debt. Make sure you subscribe so you don’t miss
any of the episodes. I’ll also be putting these videos in a special
list in the Playlists section of the channel and link to it in the video description below
so you can watch the series in order. In our last two episodes, I showed you the
only truly free way to get your credit report and how that report determines your credit
score. This is a hugely important topic because less
than 20 points on your FICO can mean a 2% difference in loan rates. Any bad marks on your credit report, and remember
that more than one-in-five Americans have a mistake on their report, are going to mean
you pay that higher rate. That difference of just 2% on a $180,000 mortgage
means a difference of over $117,000 on a 30-year mortgage. Someone with an 8% rate is going to pay almost
$326,000 just in interest while a borrower with a six percent rate pays $208,000 on that
same loan. Think about that, taking less than five minutes
to dispute your credit report can save you over one hundred grand. We also saw in the last episode that over
three million Americans get their identity stolen every year or report someone hacking
their credit. Don’t think it won’t happen to you. At some point, there will be something wrong
on your credit report and it will cost you money. There’s two ways to dispute credit report
mistakes, through a letter or online. It used to be you had to send a dispute letter
through regular mail but now all three bureaus have an online process. In fact, Experian and Equifax have shifted
to online only. I’m going to walk you through a dispute
letter first so you can use that if you like and then I’ll show you how to do the only
process. You might want to watch through the dispute
letter because it’s going to give you an idea of what to say in the online forms as
well. So here’s a template you can use to get
errors removed from your credit report. You’ve got the date, your name and address
at the top here. Next is the address for the credit bureau. Remember, you have three credit reports, one
from each of the three bureaus; TransUnion, Equifax and Experian. Not all lenders report to all three but most
do so any error on one report is probably going to be on the others as well. This means you’re going to need to do a
separate dispute for each bureau whether online or with a letter. You can use most of this letter as it is. The parts in red are where you need to fill
out the information from the mistake on your report. So you tell the credit bureau what the mistake
is and why it’s wrong. It’s a good idea to include a copy of your
credit report with the mistakes highlighted. You can write one letter listing multiple
mistakes so if there are more than one problem with the report. You also want to include copies of any documents
or letters that back up your story. This includes any payments or agreements with
the creditor. For disputes on your TransUnion credit report,
you’ll mail this letter to: TransUnion Disputes
2 Baldwin Place, P.O. BOX 1000
Chester, PA 19022 Send the letter certified mail with return
receipt requested so you have proof, keep a copy of everything you sent with the letter. Bureaus are legally obligated to check any
dispute and creditors have 30 days to respond the any bureau questions. So if you send a dispute letter and the creditor
doesn’t respond to the bureau’s questions within 30 days, you get the mark automatically
removed from your report. The online process to dispute your credit
report is similar but you’ll have to put in your information first to find your report. Here are the links to each of the websites
to dispute credit at each of the three bureaus. I’ll also include links in the video description. The process is the same on each site so we’ll
look at Equifax. The first thing you see are buttons to either
start a dispute or to check on the status of one. Next you’ve got this screen to put in your
address and personal information. This is to confirm your identity and help
the bureau find your report. For Equifax, you’ll have a 10-digit number
at the top of your credit report that’s like your customer number. After confirming your identity, you get to
the actual dispute part of the process. This is going to be the same as using the
dispute letter template and you can even copy and paste the letter onto the website. You’ll also upload any documents for proof. Just like with the traditional dispute letter,
creditors have 30-days to respond to any questions from the credit bureaus. So the whole process on your end takes less
than half an hour for all three bureaus. It’s going to take a month or two for the
bureaus to investigate and get an answer from creditors. Once any bad marks are taken off your report,
you’ll see your score jump almost immediately. Just one late payment more than 30 days can
hit your score 20 or 30 points so getting anything removed can mean a huge difference
in your FICO. Now there’s some things on your credit report
that you just can’t get removed. We’ve all been there. Nobody’s credit is perfect. For these, we’re going to be talking about
negotiating with creditors to clear those debts for half of what you owe and get legit
bad marks removed from your report. Make sure you click on that subscribe button
so you don’t miss the rest of the videos. Click on the link just below this video to
watch the entire debt payoff plan and get out from under your debt.

16 thoughts on “5-Minute Template to Dispute Credit Report Letter

  1. Get started now on your debt with the complete debt payoff series, all free and right here on YouTube. Stop being a slave to your creditors.

  2. I’m always blown away by how easybitnisnto dispute something on your credit report but so few people even check.

  3. Is one form of communication better than the other or do both online and snail mail achieve the same result?

  4. Great topic because it really make a huge difference when you get those mistakes cleared out or taken care of. The extra amount you pay because of the low credit score as you showed can be staggering vs having everything cleared up.

  5. Motivated words to get me going. I have 6 credit cards in collection, I've paid of 5 and I have one left to go. Can I write to the bureau and get these five taken off my credit score as it say its paid off??

  6. 2:00 Yeah, think about that, that Bank didn't lend you anything, and charging you interest on already paid property.. Wake up…

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