Bad credit repair demands a game plan! Beware blindly firing off “magic” dispute or debt validation letters guaranteed to score deletions.
I repeat, “THERE IS NO MAGIC DISPUTE OR DEBT VALIDATION LETTER!”
Without a game plan, credit repair efforts often fail.
When I say “fail,” I mean some people (or credit DISrepair companies) get people SUED!
How many times a day…a week…and a month do I get the same request for a silver bullet…you know, a killer dispute or validation template letter? For some reason, everyone seems to think all it takes is the “right” letter to improve credit.
Below, you see the “partial” email exchange a Credit-Success member Randi and I had recently. Here’s a wonderful mom helping her daughter improve her credit. Fortunately, she emailed me before firing off letters without a game plan.
If for some reason, I haven’t been clear, please forgive me for SHOUTING: DO NOT BLINDLY FIRE OFF DISPUTE/VALIDATION LETTERS WITHOUT A GAME PLAN!
Get A Game Plan FIRST...or else!
Randi wasn’t aware of the questions to ask before EVER firing off a letter. What do you think must be considered before firing off a debt validation letter to a collection company or a dispute letter to a bureau?
Click Read More below now to look over my shoulder as Randi and I steer Randi’s daughter away from costly, dangerous mistakes potentially resulting in law suits, anger & delays.
LEGALLY REMOVE A BANKRUPTCY….
Quickly, Randi discovers she doesn’t need a letter. What started as a request for a debt validation letter turns toward more questions (see partial exchange below). Typically, for (this kind of) email guidance, my fee is $99.00. Do you think improving your credit scores and minimizing (or even eliminating) getting sued is worth $99.00? Maybe, maybe not….
TIP: If you hear nothing else I say, please hear this: Do NOT ever allow anyone else (ANYONE) to pull your credit until YOU confirm your credit reports are “okay.” I don’t have time to explain, yet I must add that debt collectors know when you want something. Debt collectors WILL turn you over if they think you have the money and the motivation to pay up.
Strategy!
Game Plan!
Credit debt repair demands strategy…a game plan if you will. Randi asked the right questions. More than asking the right questions, she emailed me before blindly firing off letters. Many times, those “blind” letters backfire…badly. What began as a request for a debt validation letter turned to bankruptcy to settling with a debt collector. Many people find my email or phone support helpful. Others request I write their consumer “goodwill” letters for them. To them, $99.00 is very reasonable. What questions do you have from the partial email exchange I’m sharing with you? What is your experience with “strategic credit repair?” Did you ever think improving credit requires a game plan?
Welcome back! Got a question for me...or an experience to share? Please go to the bottom of this article to ask a question or share an experience. :) Thank you!
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{ 2 comments… read them below or add one }
Hi Gregory,
I get your question often. You did what SHOULD be right by paying off a debt you hopefully validated BEFORE giving money to a stranger (debt collector claiming you owe the money).
The debt collector probably told you a bunch of lies to get your money or perhaps the debt collector was 100% accurate by telling you they (debt collector) would report 100% accurately.
To you, 100% accurately means the bad debt turns into a good account. You paid it off…it’s good now, right?
Unfortunately, that’s NOT what happens. Accurate reporting HURTS your credit even more than by NOT paying. You now have updated the account by paying. How’s the account reported now?
The 2nd issue carries over from my last statement: Tell me how the bureaus are reporting this account now. Is it closed? Does it show a dollar amount or is it ZEROED out?
Gregory, you didn’t know to DEMAND a satisfactory reporting (i.e. paid as agreed, for instance) and SATISFACTION before handing over your money.
What you’re experiencing now is exactly what happens over and over and over again. A new collector steps forward with his hand out. He KNOWS you’re paying, because you already have paid once.
By the way, do NOT allow buy you to pull your credit reports…no car dealer, mortgage person…not anyone until you square this off.
In my members’ area, I use a checklist to help strategize your next move. You might be in a good position to get this removed.
Hope this helps you (and others reading this blog) understand what has happened. This is soooooooooooo common, I have included additional information on my CD (see top right of this page if you’re interested).
By the way, your conflicting scores also is normal. EAch credit bureau uses its own scoring algorithm and not all 3 bureaus are required to report all the same accounts.
Let me know what follow-up questions you have.
Mike
I have a question and don’t kow if this is the place to put it, but here it goes. I paid a settlement offer with a collection agency for a credit card, but another credit agency bought the difference from the settlment offer and the balance. I contacted the new agency and told them that that debt was already paid and sent them the letter stating that the debt was satisfied, but they still won’t take there collection off of my credit report. I disputed it on my credit report, but it came back validated. How is it validated if it was settled? Also how is my credit score 638 with 1 company and 581 with another? This is a big difference.