Sunday, April 20, 2014

Dispute Letter to Creditors

     One item that is on my credit report that  is hampering my credit score is my Capital One Auto Finance Loan that has been paid off for about a year. Like I said in a previous post, my ex really did a number on our finances while we were together. This loan was one of them. While I have since paid it off, there are multiple instances of the loan being 30 or 60 days late. I found a letter that may help remove the negative entries on my credit report and help me boost my score.

     This letter should only be sent to creditors that you have paid off at least six month prior to sending it. It should also only be sent if the account has 60/90/150 days late status on it. 

     You see, creditors don't want to be bothered with you once you are done paying them off. It is your right per the Fair Credit Billing Act (FCBA) to request certain information from your creditors. Your have the right to have them verify that they billed you correctly, that they sent the bills to the correct address, and that they did not ignore and change of address requests. By sending this letter, they either have to dig up old information or delete the negative information off you credit report. Most creditors find it easier to just delete the negative entries off your credit report instead of using up valuable resources digging up all of that old information that they really don't care about. 

     Below is the letter:
Your Name
123 Your St
Anytown, US 12345

April 18, 2014

Credit Bureau Dispute
PO Box 259407
Plano, TX 75025-9407

RE: Account #: 123456789

I am writing regarding the late payments that your company has reported to Equifax, Experian, and Trans Union for my account.

The Fair Credit Billing Act requires that you bill correctly, that each statement be sent to the correct address, that you not ignore change of address requests, and that you facilitate disputed charges in a manner prescribed by law. The Act also stipulates that you provide lawfully requested information concerning my account upon request in a timely manner.

Per my rights under the FCBA, please mail a notarized statement on your letterhead which will attest to your compliance to the FCBA in general and to my account specifically throughout the period I have been a customer. Otherwise, please delete the negative marks you have reported to the Equifax, Experian, and Trans Union within a timely manner prescribed by law. Your prompt attention is greatly appreciated.

I have enclosed two documents which will verify my address: a photocopy of my (Your state) Driver’s License and a photocopy of my recent (Utility Bill) statement.


Your Name
     If you notice, you are not lying about anything by sending this letter. You are just requesting information that the creditor may or may not be willing to dig up and provide to you. If they don't want to provide it, they have to delete any negative entries on your credit report.

     I sent this letter to COAF on 04/18/2014. I will wait 30 days and will follow up if I haven't heard anything. I will also keep you informed of the progress.

     I would like to say real quick that I am not saying anything bad about COAF. I have several credit cards and a new auto loan through them. I think they are great. They were the first company to give me a chance once I started trying to rebuild my credit. They just happen to be the company that I am having this problem with.

Remember to send all correspondence via certified mail.

And the Saga continues....