Round 4: Creditors & Collection Agencies
(Creditors & Collection Agencies)
Darn! If the negative item is still on your account after disputing the credit bureaus, its time to take a further step to getting it removed.
If you did each round with the credit bureaus, 95% of the time your dispute will be removed. However, if you have been persistent and you do not see any progress with your dispute its time to contact the companies that reported the negative item.
Go through your report and make a note of what you would like to dispute.
Open Round Four Furnisher Disputes to each Creditor & Collection Agency you would like to dispute.
On the document edit the highlighted area with your information and the reason why you are disputing the item.
On the bottom of the document add your address and that last four of your social.
Print and sign the document.
Send document certified mail the the bank or agency you are disputing.
NO RESPONSE = Furnisher No Response Letter
VERIFIED = Furnisher Reinvestigation Letter
RESPONSE From Original Creditor but NO RESPONSE from Collection Agency = Furnisher Creditor Switch Letter
The Furnisher Reinvestigation letter is the letter you send out if you receive a letter back from the creditor/bank/ or collection agency, stating your account has been verified.
The Furnisher No Response letter is the letter you send out if you do not receive a letter back from the creditor/bank/ or collection agency.
The Furnisher creditor switch letter is the letter you send out if the collection agency doesn’t answer when you receive a response from the original creditor.
The creditors’ jobs are to lend and collect money. They do not chase or try to find people who are not paying the money they borrowed. Instead, they sell your debt to a collection agency.
Once your debt has been sold to a debt purchaser, you owe the agency money, not the original creditor.
There are instances where you dispute a collection account on your credit report and the collection agency doesn’t answer, but you do receive a response from the original creditor. This is unacceptable. You do not owe the original creditor any money because they sold your debt.
This is the letter you send if the creditor/collection agency responds to you with “PROOF” of your original signature and obligation to pay.
If you receive a letter from the furnisher that does not involve the item being removed, the next letter you will send is the Furnisher Warning Letter. This letter is simply showing the furnisher you mean business and you are to be taken seriously.
The Furnisher Validation Letter is the letter you send out if you receive a letter back from the creditor/bank/ or collection agency that your account has been verified but failed to provide you with proof of obligation or your original signature. In this letter you are stating that you are now taking legal actions and taking action to small claims court. You can also send this letter if you have not received a response from them.
The Furnisher Settlement Letter is optional. If you do not want to take legal action, go back to the Furnisher Verified Letter. 95% of the time the collection agency does not want to deal with going to court, so they remove the dispute or they just don’t show up to court.
Send the Estoppel Letter if the creditors do not respond. The Estoppel Letter is very powerful and states that the creditor must remove the item off of your report because they failed to respond to your requests.