I need a sample letter for credit repair.?
I am in the process of "cleaning" up my credit. I have several negative accounts that should be scheduled for removal this year as per my State's SOL. ( 7 years). My first one will be 7 years old this March. I need help with the steps on how to assure this will be removed from my account.
Public Comments
- First, your state's Statutue of Limitations (SOL) has absolutely nothing to do with the reporting period. The SOL is the timeframe to bring lawsuit. Payment restarts the clock The reporting period which is governed by the FCRA is 7 years and 180 days from the first deficiency. Nothing restarts the clock. The items will be automatically removed. You don't need to do anything. If by chance the item isn't removed after the 7-1/2 years, then you simply fill out the credit bureau dispute form noting "beyond reporting period". You don't need any special wording or form letter. By the way, when the item does fall off your report, don't be surprised when you don't see a big increase in your score. The older the item, the less impact on your score.
- I would stay a way from a sample letter or template. They should fall off after 7 years automatically, but some don't unless you dispute them. If you want to monitor your credit report you can get a free trial at http://www.creditimes.com/credit-report.html After 7 years if they are still on there, simply write a letter to the credit bureaus and let them know that the debt is over 7 years old and needs to be deleted and you will be fine
- Old negative information should drop off automatically. Most of it falls off at 7 years. Bankruptcies and tax liens remain for 10 years. A site I've used for info in the past ... http://debt.123thebest.info/credit_card.html All the best to you.
* Some answers may have been provided by Yahoo! Answers.