6 hot tips on how to dispute negative items on your credit report.

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6 hot tips on how to dispute negative items on your credit report.

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Here are some good tips on how to dispute negative items on your credit report that are in collections. 

  1. Account reporting “One Month Term.” What terms and agreements did you sign and agree to when the debt collector purchased the debt? None. Collection accounts should not have one month terms.
  2. Account reporting as “120 days late”. How can this be? Collection accounts are not like original creditor accounts. You did not open an account with a collection agency and promise to pay monthly payments. The debt collector can report the last status from the original creditor but they cannot update lates on a monthly basis.
  3. Account is reporting as an “Installment”. Again, what terms and agreements did you sign and agree to when the debt collector purchased the debt? None. Is the debt collector posing as a bank, lender or finance company? Collection accounts are not installment accounts.
  4. Another common error is reporting the debt as revolving, which is not only inaccurate, but may cause the credit score to further decrease. The collection account now looks like another revolving account in default and will be scored along with other revolving accounts on the credit report.
  5. Account ” balance” or the “high balance” is incorrect. Many collection agencies pose as Data Factoring Companies. Even if the credit bureaus allow this deception, you did not open a “data factoring account” with them. Collection accounts are not “data factoring accounts.”
  6. The date of first delinquency with the original creditor is not reporting and according to the F.C.R.A., Section 623, (a)” A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.”
Usually these items are on a credit report under your collections accounts and can be disputed because they are reporting incorrectly. Get your credit repair ebook here
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