Welcome back Wealth Builder! At the end of day 5, we have a very colorful credit report. We have highlights , red check marks, and blue check marks.
More importantly, we know who’s been causing the negative information on our credit report and keeping us from being perfect!
With that information, we are going to plan our attack. Now, of course, we are going to attack the red first! With the red marks out of the way, it will make it easier to handle the blue.
Items get removed from your credit report earlier than seven years plus 180 days when a dispute identifies a violation of your rights under the Fair Collection Reporting Act (FCRA).
I’ll include a link to the FCRA and short and sweet summary of it in the facebook group resources for you to read, but for the sake of this challenge and your sanity, the FCRA states
Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
With our colorful credit report in hand, we will attack everything we know that is incorrect.
This will build trust with the credit bureaus and let them know that you’re not to be messed with!
Now there are several ways to skin a cat or in this case dispute an item, but we are going to go with the one that gives us the paper trail.
The reason why want the paper trail is because if we ever have to sue someone, we have our proof that we sent it by the postal stamp.
I know you’re ready to send off letters attacking everything that’s reporting incorrect and negative, but your very 1st dispute should be of any personal information.
Why? Well, when you start to attack the more complicated items on your credit report it will make your chances of removal higher, because the personal data creditors may have on file for you may not match.
If all of your personal information is correct, then your dispute should be items that are incorrect, incomplete or unverifiable . We are going for the low hanging fruit to get quick wins before we go to war over everything else.
In the resource section our FB group I will include a sample dispute letter for challenging personal information as well as inaccurate, incomplete and unverifiable information.
You may be wondering:
No worries! I’ll give you a template and more instructions on the letter.
Now head over to the FB group and download your letter out of the resource section.
We are going to talk more about this letter on Day 8!
See you tomorrow!