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A HOAX? Have you seen the commercials about identity theft wrecking a person’s credit? Well, the truth is that if it happens to you, you can get a brand new social security number from the Social Security Administration. You can be sure that the people who make those commercials don’t want you to know about that!

The following two quotes are from the Federal Trade Commission:

“Your credit repair: self help may be best.”

“Credit repair services have been a big problem for consumers. Credit repair firms typically charge hundreds of dollars for their ongoing services, but don’t deliver on their promises.

The Scam: Everyday, companies nationwide, appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.”

End of Federal Trade Commission quotes.

You don’t need to pay firms or attorneys to send out form letters once a month that get limited results. Credit reporting agencies recognize these form letters, and treat them accordingly. It’s better, cheaper and faster if you do your own credit repair.

Below is a complete advanced strategy that anyone can use to repair their credit. It should be sufficient to for most credit repair situations.

Here are the three simple steps you will use to repair your credit. It’s easy. I’ll go into detail later in this article.

1. Obtain your three credit reports. Each credit bureau must furnish everyone with a credit report once a year, if it is requested.

2. Review the reports and locate the negative items. Reading the information on a credit report takes a little effort, but it’s not hard.

3. Dispute the items that you want removed or corrected.

Repairing your credit is not as intimidating, or difficult, as it might seem. It’s as easy as writing a few very simple letters. The best letters are short and direct. This point is very important, and I want you to remember it: “the best letters are short, simple, direct, AND DO NOT look like form letters.” Never offer any explanations whatsoever, unless you are giving an explanation of a negative entry in a credit bureau file that you have been unable to repair.

Your BIG GUN is “Debt Validation.” It is the primary tool you will use when repairing your credit. If a credit reporting agency does not properly validate a debt within thirty (30) days of your request, they must remove the entry from your file. “The time limit is often the key to success for repairing your credit.”

Credit bureaus are merely big filing cabinets that take in vast amounts of information every day. They don’t have the time or resources to check all of the information which comes in on a daily basis. Frequently, the information is wrong, and they never question it!

Here are some things that they would rather you don’t know.

- Credit reporting agencies are subject to the Fair Credit Reporting Act of 1971 and the Consumer Credit Reporting Reform Act of 1996.

- Each item in your credit file must be proven or it cannot remain in the file. If the credit bureau cannot validate the item, it must be removed from your file, whether it’s true, or not. Validation is not simply, “yep, they said it’s yours.” It takes some actual effort.

- Every negative entry on your report can be denied or challenged at any time. The bureau must reinvestigate and if that item cannot be verified within a “reasonable amount of time”, (30 days) it must be removed from the file. However, they do have an option to deem your request “frivolous” under certain conditions.

- Many times the creditor does not re-validate in the time allowed, or the credit bureau is busy and does not handle your dispute properly. The disputed entry must then be deleted.

- The older an item is, the more difficult validation is. It is possible it cannot be validated because records may no longer exist after a year or two.

- As of September of 2005, all credit reporting agencies must provide one copy of each individual’s credit report every year, upon request. The three major nationwide consumer reporting companies have set up one central website and a toll-free telephone number, through which you can order your free annual report.

To order your free credit reports, go to www.annualcreditreport.com or call 877-322-8228. You must obtain copies of your credit report from all three of these major credit reporting agencies. You should do this every year.

NOTE: These companies ARE ALLOWED to charge you for your “credit score.” They don’t like doing anything for free. But, you DO NOT need your credit score.

A free report is all you need. You only need to see the entries that other people have put in your file. Remove negative entries, and your credit scores will automatically improve.

The Credit Bureaus want you to do everything online. Other than getting your reports online from www.annualcreditreport.com, DO NOT contact the Credit Bureaus online at any time. You must use the postal service for ANY credit repair strategy to work.

When you have received and reviewed your credit report, follow these instructions for any negative entries. Send a very brief letter by certified mail with the following information.”I am disputing this item (or these items) on my credit report. (insert a sentence here which explains why you are disputing the items, ie “you are mis-reporting the information,” or “this account is not mine,” etc.) Please verify and validate it (them).”

NOTE: the word “verify” is a very special and strong legal word. In Black’s Law Dictionary, fifth edition, it is defined, “To confirm or substantiate by oath or affidavit.”

Always use the word verify, in any type of dispute letter. You will probably never go to court over a credit dispute, but if you do, it may be important that you have used the word “verify” in your letters. You will need to make it part of the court record that you asked for verification, and that you know its legal definition.

VALIDATION: A COPY of the original contract with your signature on it is NOT validation. It is no more valid than a copy of a $100 bill, or a copy of one of your checks. Anyone can copy your signature.

There is case law involving The Fair Debt Collections Practices Act, which states that validation of the debt can either be a signed judgment order, or an accounting which is signed and dated by the person responsible for maintaining the account general ledger. Credit reporting agencies should be held to the same rules for validation. I’ve never had to go to court for this, but I have successfully used these validation standards for my own clients.

Back to your own credit repair. When the credit reporting agencies receive your dispute letters, they will check the item, or items, that you dispute, and give a brief reply. They have a total of 30 days from the receipt of the original certified mail you sent to them, asking for verification. Wait until there are only 10 days left, and send another certified letter stating: Your alleged validation is not sufficient to show that I am a debtor to that creditor. Remove the entry from my file.

They will have insufficient time to check it out, and they must remove it from your file. If for some odd reason they do provide sufficient validation, it must be 100% accurate, or they must remove that information from your file.

ALWAYS, ALWAYS, ALWAYS – only communicate with these people in writing thru the mail. An old axiom is “if it isn’t written, it wasn’t said.”

1. Always send certified letters that make them sign a card when they receive your letter.

2. Always keep copies of everything in a special folder, just in case you ever need to go to court.

3. Always demand an updated copy of your file after the negative items have been removed.

About dispute letters:

- You want to make your letters to look “unprofessional,” so that you don’t raise any Red Flags with the credit bureaus.

- Do not use dispute forms or file numbers provided by the bureau.

- Do not use a “fill in the blanks” form letter.

- Do not use a letterhead.

- Instead, send a simple handwritten letter, or a letter printed from your computer.

WARNING: Do not dispute more than three (3) items on your credit report at any one time. Also, wait sixty (60) days before disputing any other items on your report. There are laws in place which allow the credit reporting agencies to deem your disputes as frivolous if they detect that you are trying to eliminate all negative information on your file.

A word about bankruptcy and other legal items in the public records on your credit report. These items are almost impossible to get off your report without using more advanced strategies.

It is unlikely that you will vastly improve your credit score in thirty days as some promise, but you should see some solid improvement in thirty days. Everyone’s situation is different. In some cases that need only two or three corrections, thirty days might do it.

Credit Repair Sin #1: Sticking Your Head in the Sand

Have you been through a period of financial stress? Is your credit a mess? It can be difficult to look at the damage, but ignoring your credit report is the number-one worse thing you can do. Did you know that late payments, charge-offs, and collections are almost guaranteed to generate errors that will depress your credit scores even further? It’s ironic that shortcomings in the credit reporting system create a bias against the very consumers who can afford it the least. Fortunately there is good news. It is never too late to stand up for your rights. Take a deep breath and start your credit repair effort today.

Credit Repair Sin #2: Canceling Your Cards

So you decided to start a credit repair program, cut up your credit cards, and make everything right. Right? Sorry. Wrong. As righteous as the plan sounds, there is a flaw. The FICO scoring model puts so much weight on open accounts that even as you remove erroneous items from your credit report your score will go nowhere; it may even fall. If you have open credit cards, don’t close them. Switch gears and get into management mode. Get the balances down, make your payments on time and watch your scores go up.

Credit Repair Sin #3: Failing to Rebuild

It’s common to emerge from a time of financial stress with no open accounts. Many people in this situation begin a credit repair effort and decide to postpone applying for new credit until their report looks better. Who wants to be denied? Why not just wait? Well, there is a reason. As mentioned above, without open accounts your credit repair effort is likely to do little for your credit scores, and you will be no closer to being lender-ready than you were before. You need to rebuild! Just get a couple of secured credit cards. You won’t be denied and you will be on your way to building truly usable credit.

Credit Repair Sin #4: Maxing Out Revolving Balances

You are doing everything right; you cleaned up your credit, you opened new accounts, and you are paying your bills on time. So, why isn’t your credit score cooperating? You may blame an old paid collection or some old public record for keeping your score in purgatory. But you are wrong! It’s just your darn credit card balances. The newest version of the FICO credit score model adjusts your score dramatically depending on the ratio between your balance and your credit limit. If you want to optimize your score keep the balance under 20% of the limit. Just try it and watch the credit repair magic happen!

Credit Repair Sin #5: Ignoring Collection Letters

Got a collection letter? It is tempting to throw it away. But throwing it away won’t make it go away. And if you throw it away you will have missed a golden opportunity to exercise a powerful legal right that exists for just 30 days from the time the collector sends the letter. For those 30 days the Fair Debt Collection Practices Act requires collectors to comply with your request to provide proof of their right to collect and an accounting from the original creditor proving the dollar amount is correct. If they cannot do this they must cease all collection efforts and not report the collection to the credit bureaus.

Credit Repair Sin #6: Not Knowing Your SOL

Statutes of limitation (SOL) limit the time a debt may be collected through the court system. The SOL is different for each state and may be found easily on the Internet. The SOL may be as little as two years for some debt types in some states. If a collector cannot get a judgment they cannot enforce collection. They can ask nicely, or they can threaten, but the threats have no substance. Did you know the Fair Debt Collection Practices Act gives you the right to send a letter to a collector asking them to cease all communication? This is a handy credit repair tool. After all who needs the stress? If you are harassed by a collector beyond the SOL you can send a Cease Communication Letter and they will go away.

Credit Repair Sin #7: Flying Solo

One of the big mistakes people make with credit repair is going it alone. Credit repair is a lot like fixing an automobile. If you need an oil change you can do it yourself and probably don’t need a repair manual or a mechanic. But if you really need a tune-up you better know what you are doing. You wouldn’t just pop the hood and start taking the engine apart. Would you? Credit repair can produce awesome results if done properly, so please do the right thing for yourself and buy a book or consult a credit repair professional.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.