Dispute Bad Credit Report — DIY Guide
Learn how to dispute and remove negative items from your credit report, an easy step-by-step guide.
WHAT IS THE FAIR CREDIT REPORTING ACT?
The Fair Credit Reporting Act is a federal law that regulates credit reporting agencies and compels them to ensure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history.
WHAT IS THE FAIR DEBT COLLECTION PRACTICES ACT?
The Fair Debt Collection Practices Act is a federal law that limits the behavior and actions of third-party debt collectors who are attempting to collect debts on behalf of another person or entity, and which makes it illegal for debt collectors to use abusive, unfair, or deceptive practices when they collect debts.
WHAT IS THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT?
The Fair and Accurate Credit Transactions Act is a federal law that contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected. The Act stipulates requirements for information privacy, accuracy and disposal, and limits the ways consumer information can be shared.
WHAT IS CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY, AND DISCLOSURE ACT?
The Credit Card Accountability, Responsibility, and Disclosure Act is a federal law designed to protect credit card users from abusive lending practices by card issuers. Its primary goals are the reduction of unexpected fees and improvements in the disclosure of costs and penalties.
WHAT IS THE DODD-FRANK ACT?
The Dodd-Frank Act created an independent watchdog system to monitor information given to consumers and ensure consumers receive clear and accurate credit information. It also forces big financial institutions to be more transparent and accountable.
NOW, YOU WILL LEARN SIX STEPS YOU CAN TAKE TO FIX YOUR BAD CREDIT
STEP 1 — GET YOUR FREE CREDIT REPORT
Each of the consumer reporting agencies is required by federal law to provide you one free credit report per year. So, you’ll need to start credit repair by getting a credit report to determine what exactly needs fixing.
STEP 2 — CHECK YOUR CREDIT REPORT FOR ERRORS
Review the reports and locate negative items.
STEP 3 — FREEZE YOUR REPORT
Place a security freeze to each credit bureau to restrict access to your credit report.
STEP 4 — DISPUTE THE NEGATIVE ITEMS WITH THE CREDIT BUREAUS
The credit bureaus must investigate, reinvestigate, and provide a method of verification of anything you challenge. If the credit bureaus cannot or do not confirm the challenged item within 30 days, they must delete that information from your files immediately.
STEP 5 — NEGOTIATE WITH ALLEGED CREDITORS, SCREENING, AND COLLECTION COMPANIES
Debt disputes between creditors and borrowers can occur for a variety of reasons. Federal law provides remedies for consumers charged with invalid debts.
STEP 6 — FILE A LAWSUIT
If you suspect your creditor, credit bureau, or information provider has violated your rights under the Federal Law, you may be able to file a lawsuit to recover compensation for damages.
So, if you want to know the full picture of your financial health, you need to obtain 10 consumer reports. That is the 1ST STEP you need to follow to start fixing your credit reports.
HOW TO GET A COPY OF LEXISNEXIS REPORT
LEXISNEXIS PROVIDES PUBLIC RECORDS DATA SERVICES, SUCH AS BACKGROUND SCREENING, CONTINUOUS RESIDENT MONITORING, CONTRACTOR SCREENING, CUSTOM LEASES, DRUG AND ALCOHOL SCREENING, EMPLOYMENT ELIGIBILITY VERIFICATION, FINGERPRINT SCREENING, MEDICAL COMPLIANCE, AND RENTAL PAYMENT HISTORY.
IMPORTANT! THIS LETTER MUST BE SENT TO LEXISNEXIS ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF CHEXSYSTEMS REPORT
CHEXSYSTEMS IS A CONSUMER REPORTING AGENCY THAT GATHERS INFORMATION ABOUT PROBLEMS YOU’VE HAD WITH CHECKING ACCOUNTS. CHEXSYSTEMS REPORT UNPAID NEGATIVE BALANCES AND FEES, SUSPECTED FRAUDULENT ACTIVITY, ACCOUNT INQUIRIES OR APPLICATIONS FOR BANK ACCOUNTS, AND ANOTHER CHECKING ACCOUNT HISTORY.
IMPORTANT! THIS LETTER MUST BE SENT TO CHEXSYSTEMS ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF SAGESTREAM REPORT
SAGESTREAM IS A CONSUMER REPORTING AGENCY THAT PROVIDES CONSUMER REPORTS TO AUTO LENDERS, UTILITIES, AND MOBILE PHONE SERVICE PROVIDERS, CREDIT CARD ISSUERS, RETAILERS, AND OTHER SERVICE PROVIDERS.
IMPORTANT! THIS LETTER MUST BE SENT TO SAGESTREAM ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF ADVANCED RESOLUTION SERVICES REPORT
ADVANCED RESOLUTION SERVICES IS A CONSUMER REPORTING AGENCY SUBSIDIARY OF VISA U.S.A, THAT ASSISTS FINANCIAL INSTITUTIONS IN EVALUATING RISK, MINIMIZING LOSSES, AND ANALYZING CARDHOLDER ACCOUNTS. THE FEDERAL LAW PERMITS THIS COMPANY TO PROVIDE CERTAIN TYPES OF CONSUMER INFORMATION TO FINANCIAL INSTITUTIONS FOR SPECIFIC PURPOSES ALLOWED BY THE FAIR CREDIT REPORTING ACT.
IMPORTANT! THIS LETTER MUST BE SENT TO ADVANCED RESOLUTION SERVICES ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF EQUIFAX REPORT
EQUIFAX IS A CONSUMER REPORTING AGENCY, DATA AGGREGATOR, DATA BROKER, AND ANALYTICS FIRM. THEY PROVIDE DETAILED INFORMATION ON THE PERSONAL CREDIT AND PAYMENT HISTORY OF INDIVIDUALS, INDICATING HOW THEY HAVE HONORED FINANCIAL OBLIGATIONS SUCH AS PAYING BILLS OR REPAYING A LOAN.
IMPORTANT! THIS LETTER MUST BE SENT TO EQUIFAX ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF TRANSUNION REPORT
TRANSUNION COLLECTS AND AGGREGATES INFORMATION ON OVER 200 MILLION FILES PROFILING NEARLY EVERY CREDIT-ACTIVE CONSUMER IN THE UNITED STATES.
IMPORTANT! THIS LETTER MUST BE SENT TO TRANSUNION ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF EXPERIAN REPORT
EXPERIAN IS ONE OF THE THREE LARGEST CONSUMER CREDIT REPORTING AGENCIES, ALONG WITH EQUIFAX AND TRANSUNION.
IMPORTANT! THIS LETTER MUST BE SENT TO EXPERIAN ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF INNOVIS REPORT
INNOVIS IS A PROVIDER OF CONSUMER DATA SOLUTIONS AND IS CONSIDERED A CONSUMER CREDIT REPORTING AGENCY IN THE UNITED STATES.
IMPORTANT! THIS LETTER MUST BE SENT TO INNOVIS ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF TELECHECK REPORT
TELECHECK IS A CHECK VERIFICATION COMPANY THAT KEEPS RECORDS OF CHECKING ACCOUNT ABUSE. HOWEVER, THE ABUSE THAT IT LOOKS AT IS THE ACCOUNT OWNER WRITING A BAD CHECK OR A DECLINED CHECK, RATHER THAN OTHER ISSUES THAT COULD OCCUR DURING THE PROCESSING STAGES FOR A PAPER CHECK.
IMPORTANT! THIS LETTER MUST BE SENT TO TELECHECK ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
HOW TO GET A COPY OF MICROBILT/PRBC REPORT
MICROBILT PERFORMS MANY DIFFERENT VERIFICATION SERVICES FOR BUSINESSES. CREDIT SCREENING, BACKGROUND CHECKS, RENTAL REPORTS, CRIMINAL SEARCHES, AND MUCH MORE.
IMPORTANT! THIS LETTER MUST BE SENT TO MICROBILT/PRBC ONLY, TO THE ADDRESS LISTED IN THE DOCUMENT.
Finally, send each letter by USPS certified mail. Certified mail is best because it guarantees that the company receives it. That way, they can’t say they didn’t get your letter. But, if you are busy and don’t have time to drive to the post office, you can mail a letter online with LETTERCARRIER.
IMPORTANT: Always keep a copy of the document, certified mail receipt, payment receipt, so you have a record.
Here are some resources you’d find helpful:
⚖️ CHECK IF YOU HAVE BEEN IMPACTED BY AN EQUIFAX BREACHING DATA INCIDENT HERE: https://eligibility.equifaxbreachsettlement.com/en/Eligibility
If you have been impacted, you have the right to get compensation up to $20,000.00 under Equifax Data Breach Settlement (Extended Claims Period between January 23, 2020, and January 22, 2024). Not sure how to write an Equifax Data Breach Complaint? Check this video tutorial: https://www.youtube.com/watch?v=bTnbsq3zAxY or START FILING DOCUMENT HERE: https://pdf.ac/qh6MF
📝 Online notary service: https://www.idispute.org/online-notary
📬 Mail a letter online: https://www.lettercarrier.org
📊 Professional credit repair service: https://www.fixcredit.cc
📈 Contracts, transactions, and records of them are among the defining structures in our economic, legal, and political systems. That’s why we follow blockchain technologies and launch our cryptocurrency soon. You can buy future iDispute token here: https://www.gate.io/signup/5749142
DISCLAIMER: This sample document is not intended to serve as legal counsel or advice. This sample document is intended to be used as an educational tool and readers/users are urged to retain the necessary legal counsel before implementing it. iDispute makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. iDispute makes no warranty, express or implied, and all information is provided on an as-is basis. iDispute is NOT a CPA, attorney, lender, or financial advisor. The content in this video should not be construed as tax, legal, or financial advice, etc…, and maybe outdated and/or inaccurate; it is your responsibility to verify all information yourself.