This credit information’s reported to the three credit bureaus: Experian, Equifax, and Trans Union. Federal Law gives you the right to dispute any item on your report. Negative information on these reports lowers your FICO credit scores.

The credit reporting agencies (“CRA’s”) must investigate your dispute. If the creditor doesn’t respond to the dispute within 30 days, then the CRA’s must delete the negative information from your credit report.

If the derogatory information showing on your credit report isn’t removed by the CRA’s within 30 days, you have additional rights allowing you to require proof of the claim and to re-dispute on an escalated basis.

Here are the mailing addresses for mailing your credit report dispute letters to the credit reporting agencies:

Experian, 701 Experian Parkway, Allen, Texas 75013

Equifax, P.O. Box 105891, Atlanta, GA 30374

Trans Union, 1561 Orangethorpe Ave, Fullerton, CA 92831

You’ll want to be able to prove that the CRA’s received your dispute. The best way to do this is to mail your letters using US Certified Mail, return receipt requested. DON’T dispute the derogatory credit items online.

Your dispute letter should look like a “real” letter. Even though there are lots of form letters available on websites…avoid using them because you don’t your letter to appear to be from a “credit repair letter writing factory” or a “credit repair company.”

Don’t try to sound like a lawyer when writing your dispute letter. The CRA’s obviously know they have statutory obligations to follow the Fair Debt Collection Practices Act, the Fair Credit Billing Act and the Fair Debt Collection Practices Act. Restating this in your letter won’t accomplish anything for you.

Just include this information in your dispute letter: 1) Name of creditor or disputed item; 2) Account number you’re disputing; 3) Statement that the entry’s in error; 4) Why the entry’s in error (e.g. “never late” or “paid in full”); 5) What remedy you want (e.g. “please delete this item” or “please correct this item”); 6) Ask what procedure the CRA used in investigating the claim along with the names/numbers of anyone involved with the reinvestigation; 7) Your name, social security number, birthdate and address.

Provide a copy of your photo ID showing your name and address. Include copies of any paperwork you have to support your claim. Also, you might want to include a copy of your credit report, or the page showing the item you’re disputing, but this isn’t required.

Lower credit scores will cost you thousands of dollars (or more) in higher loan costs. Even tiny collection items can lower your score 20-40 FICO points EACH. Get started now. Fixing your credit isn’t difficult. The sooner you get started, the quicker you can fix your credit. Writing simple dispute letters to the credit reporting agencies is the first step to fixing your credit and raising your scores. Higher FICO scores will save you money with lower rates on mortgages, credit cards and car loans. Fixing your credit raises your FICO scores. You’ll save a lot of money by fixing your credit, and you can do it yourself…for free.

In future articles, we’ll show you how to dispute billing errors by credit card companies and send collection agency dispute letters for free along with how to re-dispute items that the CRA’s refused to remove.

Looking to find the best deal on credit repair? then visit Steve Silver’s blog to find the best advice on credit repair and other real estate, mortgage and credit topics for you.

If you have some credit judgments on your credit report, deleting them is a excellent way to boost your credit worthiness, as well as restore your credit score.

If you have unsettled debts just sitting there on your report for too long, then you are widening the possibility of the creditor taking you to court to get a credit judgment. Credit judgments are a court order that demands payment from you on a contract or obligation you made. A credit judgment is the “ultimate validation” of your owed debt because a judge has usually reviewed documentation and has ruled that the debt is in fact authentic.

One of the other extensive set backs of having any credit judgments is that it can be nearly out of the question to get supplements of credit with unpaid credit judgments on your credit reports; especially if you are attempting to get a mortgage for a home, since a credit judgment can tie itself to your realty.

There are various ways to erase credit judgments:

1. Push for a Motion to Vacate

Your credit judgment can be deleted from your credit report immediately if your vacate request is approved. If you choose to do this you will have to find out about the court procedures in your area.

2. Get the time limit for the Statute of Limitations in your State for credit judgments.

The statute of limitations on credit judgments is 10 years here in Texas, but can be restored within 2 years of expiration. The interest rate on judgments used to be 10% but now the rate is 8.25%.

Judgments will usually stay on your credit report for 7 years; however they can stay collectible for 20 years. As soon as the 20 year period is expired, it is pretty easy to get an extension if the judgment is open and has not yet been collected.

Credit judgments that have exceeded your state’s statute of limitations can be erased with the credit bureaus. You will need to object to that specific judgment as being “obsolete”.

3. Arrange for a Removal

You don’t want to just pay off the credit judgment because it will still be reported on your credit report as a paid judgment. You have to try to speak to the original creditor and get them to agree to have this judgment totally removed from your credit report.

Good luck.

The key to an 850 credit score

Older accounts should not only be used, but are actually what we call a golden account. If you are trying to reach a credit score of 800 there are many key factors that you must follow and the most critical is getting a “Golden Account.” Many times people close older accounts because they are not using them.

A Golden Account

One of the best strategies to use to get 800 credit score is hold two to four Golden accounts in your credit report. Once you acquire an account that has been open for seven years you should never close it. This can be the difference between a 700 and 800 score.

Too Many Open Revolving Accounts

If you hold too many open revolving accounts in your report AND you already have 4 Golden Accounts, you should close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you should always hold on to at least one bank or national card open with your credit file.

Too many people have been losing loans or just paying too much interest because of some inaccurate information that has been reported by the credit bureau on their credit report. You may be able to get your credit score recalculated in a few days by a company who specializes in rapid credit rescoring and who has a special relationship with the three major credit reporting agencies.

The rapid rescoring company can only be accessed by mortgage lenders and brokers and not by the general public. This means that if you want to have your credit report rapidly rescored you must ask your loan officer or mortgage broker to do it for you. Those rescoring companies usually charge a fixed fee for each item they fix.

Some people suggest that if you are one of those people who has a credit score that is less than 680, then you may want to try for a rapid rescore if you plan to apply for a mortgage within a month. But its still better to try and fix the problems at least six months before you even apply for a mortgage loan.

There are things Rapid Rescoring can accomplish for you and things it can’t:

1. They are not able to work with YOU:

You cant use this service yourself directly. Rapid rescoring of your credit is usually offered by a small credit reporting agency. This type of company is just the middleman between the credit bureaus and some loan officers and mortgage brokers.

2. They cannot make a promise to help your score:

This is something I talk to all of my clients about. In some cases, deleting “derogatories” can actually harm your score. This is more than likely not the case for you but it is worth noting.

3. They cant perform magic and they cannot delete legitimate items:

A rapid rescorer can’t get negative items, such as late payment remarks, or items that are in dispute removed. You have to have some proof that a mistake was made. You cant just say it. If the credit bureau has already investigated your complaint concerning a particular error, then usually that item cannot be included in a rapid rescoring process.

4. Proof is a must

The best plan is definitely to repair (or restore, or whatever you want to call it) your credit FIRST because the services require that you have the approved dispute in writing. Otherwise, the usually short turnaround time for a “rapid rescoring” takes much longer – but they may still be able to get the proof for you.

Here is a good example of what you should (or could) use rapid rescoring for. Let’s say you have a high balance on a credit card which is harming your score and your ability to get a lower mortgage rate. If you pay down the card electronically now and have a rapid rescorer get your score recalculated within 3 days instead of waiting to get a score boost for it a month later.

Hope this helped anyone.