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How to Erase Bad Debt From Your Credit Report
By Ray Zimmerman
Most individuals that experience hard times also have experienced credit problems that are reflected for years on their credit bureau reports. These negative accounts on a credit report may stay there for ten years and will affect the individual’s ability to secure credit. The majority of individuals that have experienced financial problems will one day become solvent and no longer worry about meeting their financial obligations. During this period of time, creditors may have written-off loan balances owed to them because they realized that they would never be able to collect those debts. When this happens, an individual’s credit is given a black mark (with indelible ink) that will haunt them for years. If you have any debts that have been written off, you many not be able to secure a loan to purchase big ticket items like a home or an automobile. If this is your particular situation, how would you like to get rid of those entries on your credit bureau reports? Most individuals don’t know this, but most creditors are willing to remove all of those entries for a one-time payment that is a small percentage of the debt that was owed. You will simply need to offer the creditor a payment for an agreeable amount in exchange for removing all traces of this account information from all of your credit bureau reports. These creditors realize that something is better than nothing and will probably be willing to accept any reasonable offer. That’s just how easy it is to wipe the slate clean. Utilize the following sample letter to accomplish this magical feat of financial wizardry. Highlight and copy the form letter below and then paste it directly into your favorite word processor. SAMPLE LETTER TO NEGOTIATE WITH A CREDITOR Month 00, 0000 Creditor's Name
Attn: Collections Mgr.
Street Address
City, State & Zip RE: Account # 0000000000 - Balance: $000.00
To Whom It May Concern: This letter will serve as my intent to resolve the past due balance that has been written off by your [ENTER COMPANY, BANK, ORGANIZATION OR INSTITUTION]. This debt went unpaid due to circumstances beyond my control, but now I am in a position to settle this financial obligation. Please advise if you are willing to accept payment in full, via a cashier’s check, in return for a letter stating that you will "delete" this account from all credit reporting agencies when said payment is received. Upon receipt and acceptance of your letter agreeing to these terms, I will forward my payment in full to your office. I will be waiting for your decision. Sincerely, Your Signature Your Full Name
Street Address
City, State & Zip Note: Make sure that you send this letter and any payment that you make to the creditor in the future by certified mail with a return receipt requested. You will need to open a dispute with the credit bureaus in the event that your creditor agreed to delete this account from all of the credit bureaus and does not. To open a dispute with any of the credit bureaus, simply review these articles. • Credit Repair Made Easy #1 • Credit Repair Made Easy #2 CREDIT BUREAU CONTACT INFORMATION Equifax... (800) 846-5279 P.O. Box 740241
Atlanta, GA 30374 Experian... (888) 397-3742 P.O. Box 9530
Allen, TX 70513 TransUnion... (800) 916-8800 P.O. Box 6790
Fullerton, CA 92834 If you have bad debt that has been written off by your creditors, your credit score has suffered and needs to be improved upon. My article... Tips on How to Improve Your Credit Score will prove to be quite helpful while trying to raise your credit score.
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Contributor's Note
All three credit bureaus and all of your creditors are legally responsible to investigate all of your credit disputes and report back to you in writing within a reasonable period of time. For most states, this time frame is 30 days. The Fair Credit Reporting Act (FCRA) and the Fair Debts Collection Practices Act (FDCPA) have been established to protect consumers. The FCRA requires that all of the information on your credit bureau report must be accurate, timely and verifiable in order for it to remain on your report. Otherwise, it must be removed.
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Equifax
| Experian
| TransUnion
| Free Annual Credit Reports
Wipe the Slate Clean...
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This intel was contributed by crawfish
crawfish
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May, 2012
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