The Grand Social Media Experiment. We learn by doing.

Credit Repair – Troy Clark Part 2 Contact Creditors

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After you have pulled all three Credit Bureaus, next you must compare all three credit reports to create a master list of all of your creditors. List all of your creditors by name, address, phone number, dollar amount owed, and date of origin for the debt. Your creditors may be listed slightly different on each credit report so you must examine each debt listed to ensure that your master list does not have any duplication of creditors.
Once you feel confident that you do not have any duplications on your creditors list, the next step in your process is to send a “certified letter” to each creditor requesting a “verification of debt”. Your letter should only disclose your current contact information (if you can afford a P.O. Box I would highly recommend it) and inform the creditor that “pursuant to the Fair and Accurate Credit Transactions Act (FACT Act),” they have “30 days to respond to your letter in writing or you will demand the three major credit bureaus consider these debts invalid and remove them from your credit report.” Make sure you send this letter ”certified mail” so you have a third party verification that you sent the letter. Check your mail daily and document the date each of your verification letters come back. Place each verification letter you receive in your corresponding file folder.
Once thirty days has expired from the day you mailed your letters, you will need to review all the “verification of debt” letters you have received and update your creditors list to reflect an exact dollar amount for each creditor listed. Now take each of the dollar figures you have for each creditor and multiply the dollar owed amount it by 15%, this will be the settlement-in-full figure you will use when making an oral offer of repayment.


If you have further questions of require assistance, contact Troy Clark @ 763-390-9144 or provestor2005@yahoo.com



Author: 5oci4lm3di4101

We're a class learning about the ins and outs of social media. We learn by doing.

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