How to Beat the Credit Card Companies and Improve Your Credit Score
What follows is way for consumers to fight back. Be forewarned, however, this will only work effectively if enough people participate.
Step 1
Pull your free credit report from each of the three reporting agencies: Equifax, Experian, and Trans Union. There are a number of companies that will assist you in getting your free annual credit report or you can visit the FDIC's website for instructions to get them yourself.
- Step 2
Examine each report and highlight all negative entries.
- Step 3
Next, write a letter to the appropriate agency disputing each negative entry on their report. You will need to send a separate letter for each negative entry.
- Step 4
Next mail your letters (I know this will cost a few stamps) on one of the following dates:
February 25th, June 18th, August 18th, and November 15th.
The credit agencies have to resolve any challenges within 30 days. They receive the dispute then notify the appropriate creditor. That creditor must respond before the 30 day deadline. If they don't, the negative item must be immediately removed from your credit history.
The dates above are designed to correspond with times when large numbers of people take vacations, making it less likely the creditors will be able to make the deadline.
- Step 5
Save your letters and repeat on the next indicated date. This is necessary due to the creditors re-reporting the negative information.
- Step 6
Finally, tell everyone you know about this idea. This will only work if large numbers of people participate. Send this link to all of your contacts and encourage them to participate in this program. This will require a little bit of initial work, but it will pay off if enough people participate.
- Step 7
Repeat all steps annually.
Published by Mike Bauman
Sales Coordinator with major insurance company ex-police officer View profile
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