I'm getting ready to file my first dispute with Equifax and Experian. Back in 2019 I had a voluntary repossession. I recently discovered Equifax has been reporting the repossession as late payments for the last three years and Equifax has the delinquency classified as a foreclosure. How should I form the letter not sure exactly what to say any help would be appreciated
@Fester82 wrote:I'm getting ready to file my first dispute with Equifax and Experian. Back in 2019 I had a voluntary repossession. I recently discovered Equifax has been reporting the repossession as late payments for the last three years and Equifax has the delinquency classified as a foreclosure. How should I form the letter not sure exactly what to say any help would be appreciated
Sometimes these credit reporting agencies will show it as a balanced due even though the account's been closed/charged off for a while.
Honestly just keep it short and simple. I was actually quite successful at getting a lot of things removed off my credit before my BK 2 years ago. I can't recommend enough looking up the Fair Credit Reporting Act which outlines all the laws that these reporting agencies must follow. Whether it's a delinquent account or not or repossession - they still have to follow the law.
I would form your letter like this:
1) First Paragraph: simply state the date that you noticed the error on your credit report and that you are wanting to dispute the information contained in your report. Include account numbers, name of creditor, balance, etc. That way you're clear on which account you want to dispute.
2) Second Paragraph: State the problem such as the misinformation your credit report is showing.
3) Third Paragraph: State your demands - basically tell them how you want it fixed.
*Keep it short and simple and mail it to them certified mail. That way they can't say they never got it and now you have a paper trail.
*Do not use a form letter - those things get shredded almost immediately I've heard.
*Remember when you're disputing something the burden of proof is not on you. It's up to the credit reporting agency to confirm that that account indeed belongs to you. Make them prove it. How does the credit reporting agency know it's yours? How did they verify it?
Starting Score: 570
Thank you. Getting 45 plus late payments off my credit report will definitely help thank you