Debt and credit Repair Kit

This kit contains 35 letters – almost every letter you could ever need to send to credit card companies, debt collectors, or anyone harassing you about debt ! The letter templates are easy to use. Simply fill in the blanks with your specific information and customize as necessary.

Keep your letters brief and professional. Always make a copy for your own records. Send using certified mail, return receipt requested; that way you have proof and a record that your letter was received.

If you have a situation that differs slightly from the examples here, select one of the letters from this kit that most closely fits your need and adapt it to your particular situation. Customize these letters as required by your circumstances and your state laws. Different states have different laws so be sure to check on yours. This kit is provided as an aid and as guidance. Laws and policies continue to change so check for current updates or changes. I am not a lawyer, so if you have questions or need help, do not hesitate to consult your trusted legal advisor.

A simple letter may be all it takes to get your debt situation back under your control. The Table of Contents lists the type of letter and to whom it is to be sent. At  the top of each letter is a brief explanation when to use it. Some letters have additional notes for you at the bottom providing more information.

We  know these letters can work! Send in your success stories to info@fixyourowncredit.studio1live.com!

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Table of Contents

Name of Letter – Who Letter is sent to – File Number

(see each letter for detail on when it’s used)

Debt Cures Kit………………………………………………………………………………………………….. 01

Table of Contents………………………………………………………………………………………………. 02

Stop Phone Calls – Debt Collector………………………………………………………………………. 03

Request Proof of Debt – Debt Collector………………………………………………………………. 04

Follow Up Request of Proof – Debt Collector………………………………………………………. 05

Request of Proof, Same Debt – New Debt Collector……………………………………………… 06

Dispute of “Validation” – Debt Collector…………………………………………………………….. 07

Collection Agency Tries to Change Terms…………………………………………………………….. 08

Verification of Final Payment Amount – Debt Collector………………………………………… 09

Debt Paid in Full – Debt Collector………………………………………………………………………. 10

Debt Already Settled – Debt Collector………………………………………………………………… 11

Request to Reduce Monthly Payment – Debt Collector………………………………………….. 12

Offer to Settle Debt – Debt Collector………………………………………………………………….. 13

Calls About Another Person – Debt Collector……………………………………………………….. 14

Statute of Limitations Expired – Debt Collector……………………………………………………. 15

Complaint about Collection Agency – State Attorney General………………………………… 16

Request Lower Interest Rate – Creditor……………………………………………………………….. 17

Request Removal of Fee – Creditor……………………………………………………………………… 18

Suspending Payments – Creditor…………………………………………………………………………. 19

Reduce Payments – Creditor………………………………………………………………………………. 20

Correction of Information – Credit Reporting Agency…………………………………………… 21

Credit Reporting Agency Addresses……………………………………………………………………. 22

Correction Follow-Up – Credit Reporting Agency………………………………………………… 23

Notice to File FTC Complaint – Credit Reporting Agency……………………………………… 24

Complaint Letter to FTC…………………………………………………………………………………….. 25

Notification of Lawsuit – Credit Reporting Agency………………………………………………. 26

Notification of Identity Theft – Credit Reporting Agency……………………………………… 27

Notification of Identity Theft – Debt Collector…………………………………………………….. 28

Adding Personal Statement – Credit Reporting Agency…………………………………………. 29

Free Credit Report – Credit Reporting Agency……………………………………………………… 30

Free Credit Report After Denial – Credit Reporting Agency………………………………….. 31

Request Removal of Old Info – Credit Reporting Agency……………………………………… 32

Request Removal of Inquiry – Credit Reporting Agency……………………………………….. 33

Request Removal of Inquiry – Creditor………………………………………………………………… 34

Bankruptcy Discharge – Credit Reporting Agency………………………………………………… 35

Net Worth Letter (On Letterhead of Accountant)…………………………………………………. 36

Opt Out Letter – Credit Reporting Agency…………………………………………………………… 37

Opt-Out Addresses……………………………………………………………………………………………. 38

Letter to Congressman……………………………………………………………………………………….. 39

Contact Record…………………………………………………………………………………………………. 40

The next step to repairing your own credit after getting copies of your credit report are as follows.

The following is a list of things you want to check on your credit report. If you do not know how to read your credit report be sure to view my sample credit report page which shows how to read an example credit report.

• The creditors Name, Address, phone# and account#
• The date the account was opened
• The type of account, (auto, mortgage, credit cards or revolving etc)
• The credit limit or original borrow amount
• Reported since, (date account started being reported)
• Terms, (lenght of mortgage, auto loan, if credit card, NA)
• Monthly payment( credit card may show “0” since min pmt varies
• High balance ( showing your largest obligation)
• Recent Balance
• Status (Open/Current; Paid/closed, never Late

These are most things to look for there are a few more. be sure to check out the sample credit report page for full details on how to read your credit report.

If you find any mistakes in this section notify that credit reporting agency directly.

Check It! Verify it! Dispute it!

Review your credit report carefully. Are there any accounts that you hav not heard of? Are there amounts, dates, or any information that appear incorrect? Compare the credit reporting information with your own records. Make sure these items are really yours and is accurate. Errors in your in your personal information does not affect your credit score, but still need to be corrected. Errors or unidentifiable information especially a PO Box if not yours can indicate identity theft, or the credit bureaus may have crossed some one else information on your credit report. That type of error may affect your score. If not for this review you wouldn’t even know why your score was so low and that it should be higher. This process may takes some time, several hours. Remember, time is money, and so is having good credit. All your interest rates are determined by your score, so a few hours of your time to check your credit report is a great way to invest in smart time.

Make sure to be diligent in your search for errors, the credit bureaus are known for making many mistakes. Find an error? File a dispute as soon as possible! You can file a dispute for free online, over the phone or by mail. You don’t have to pay anybody to do this, but most people will do and pay heavy cost. Contact me if you require my help, have a question, or simple prefer for me to do it for you. Fill out the contact form and I will get back to you ASAP. It is easy, so I recommend you do it yourself and save money. Our letter template are only 2$ each, and that just covers admin cost.

Once you file a dispute, the credit reporting agency contacts the lender or creditor or the credit card company. If you file in writing make a copy of the current credit report. Highlight the credit report number, the date , and actual error. Your letter should include your basic information, plus a copy of current utility bill as proof of residency. Make sure the bill shows your name and address and include a copy of your state issued ID. Include a detailed explanation of each error, along with your statements, or whatever else you have to prove your dispute.

The credit reporting agencies has 30 days to resolve the dispute. If they can not prove the error, the item has to be removed until they can prove that it belongs to you. See debt “Validation Letter Template”

The collections agency may not respond. A simple stall tactic, if so, send a follow up letter. Download “Follow up Proof of Debt Letter”

Another stall tactic is the agency will send you a letter head with name of creditor and balance, but that doesn’t prove anything. If they continue to send this, Then you need to send “Validation of Debt Notification” This requires real proof, like original contract , etc….

This part of fixing your credit is the tricky part and is where you can get the run around. Don’t worry you have the FDCPA and the FCRA on your side. They have a certain time to respond, you just have to be diligent and follow up and send out all the letters certified. Each dispute must be followed up with, not required by law but will help your case. They have thirty days to respond to your first dispute, if they do- not send follow up, but you may then send the letter to the credit bureaus to correct the information.

After they have not responded to your dispute, or have not validated the debt in the thirty day time period, you then must deal with the credit bureaus. When dealing with the credit reporting agencies it is recommended that you send a letter to correct the information. “Correct Information Letter Template” . After, thirty days send a follow up letter. This “Follow up Correct Information Letter” has a little more attitude as it points out what must be done per the FDCPA and FCRA.

Step three is owning up to your debt. Now that you have disputed all the errors and removed any old or outdated information, you can now tackle what you really owe. Before we get into step three, I want to rehash step 1-2 and list in order the letters you may need to download and send.

Letters needed to fix your credit, in order

• Request Proof of Debt – Send to Debt Collector: Use this letter to dispute a debt which debt collector has contacted you about.
• Follow Up Request of Proof – Send to Debt Collector: This is a follow-up letter to the prior letter, and should be used when no action has been taken by the debt collector on the first dispute letter
• Request of Proof, Same Debt – Send to New Debt Collector: This is a stall tactic. Debt collectors sell debts to other collectors. You may get contacted about the same debt you already disputed, but by a new collector. Use this letter to dispute such debts with them.
• Dispute of “Validation” – Send to Debt Collector: Sometimes a debt collector will supply the name of the creditor and an amount as “validation” that you owe a debt. If you do not agree, you can still dispute “FDCPA“

Other things to look for!

• Statute of Limitations Expired – Send to Debt Collector: Check your state law, if you see a debt older than what the state allows Use this letter if you are being contacted about a debt that is no longer collectable because the statute of limitations has expired
• Debt Already Settled – Send to Debt Collector: Sometimes long after you have settled a debt, a different debt collector will try to collect on it. That is another reason why you need to keep good records! Use this letter to explain to a new debt collector that you have already settled this debt. Most of the times it will be the remaining balance from the settled debt, they just failed to write off the remaining balance. They sometimes allow this lingering balance to collect interest ballooning your balance right back up keeping you in a never ending debt cycle.
• Debt Paid in Full – Debt Collector With debt collectors you want to take every precaution to be sure that your account is recorded as paid in full. Use this letter when making the final payment

Actions You can Take!

• Request Removal of Old Info – Credit Reporting Agency Use this letter to request that the credit reporting agency remove information from your credit report that is outdated. You may also use this in conjunction with “Statue of Limitations” letter. Review the FDCPA and FCRA they outline generally how long a debt can be reported, 7-10 years typically, but your state laws prevails in these matters.
• Correction of Information – Credit Reporting Agency: Use this letter when there is information on your credit report that needs to be corrected. To be honest, this is a soft letter to let credit reporting agency items now need to be removed.
• Correction Follow-Up – Credit Reporting Agency: This is a follow-up letter to the prior letter, and should be used when no action has been taken by the credit reporting agency on your first letter. Unlike the prior letter, this explains to Credit Reporting Agency , According to the Fair Credit Reporting Act, you have 30 days to address my dispute.

More Actions; Make them follow the Law.

• Complaint about Collection Agency – State Attorney General Use this letter to make a complaint against the abusive practice of a collector
• Notice to File FTC Complaint – Credit Reporting Agency This is a follow-up letter to the prior letter, and should be used when no action has been taken by the credit reporting agency on your first and second letters
• Complaint Letter to FTC This is a follow-up letter to the prior letter, and should be used when no action has been taken by the credit reporting agency on your first and second letters, and third letter, the notice of intent to file a formal complaint
• Notification of Lawsuit – Credit Reporting Agency Use this letter if all else fails. You cannot send this letter without actually having filed a lawsuit. You will need to send a copy with the letter ( State Attorney General
  Address at www.naag.org )

Notification of Identity Theft – Debt Collector

Use this letter if you have been the victim of identity theft and you are being contacted about debts that are not yours. I would send this letter along with dispute letter.

You are now done with the hard part of cleaning up your credit. The extensive review, letter writing, and follow-up can seem daunting. That just might be the easy part, getting them to respond in a timely manor is what makes the process long. With some luck you may get every one to respond with your first letter, but keep good records and be diligent in case they don’t. Now that is done, lets get to the part that really matters, paying the people you do owe.

Paying Your Debt;

Things to remember when paying your debt. There are two type of accounts, open and closed. Your open accounts are usually things like, car loan, house, and credit cards. These are the things you are probably using right now. These accounts are the most important, as they are the accounts that fluxuate your credit score based on how you pay monthly.

The closed accounts are usually accounts that were open but were closed due to late or non-payment. These accounts have already affected your score for them going bad, so paying them off carries a different weight. I will not say I know exactly how the algorythm for the Fico and beacon scores are produced, but I do know enough to say: ” Once an account goes bad it drops your score, the more bad accounts you have do this drops the score even lower. The more bad debts that show as paid increases your score, but not as much as the item made your score drop. That is why it is important to make sure your current and open accounts do not go bad. Below is a list of letters that will help you facilitate this with your current creditors , and stopping anymore accounts showing as charge offs.

• Verification of Final Payment Amount – Debt Collector With debt collectors, you want to take every precaution to be sure that your account is recorded as paid in full. Use this letter prior to making the final payment
• Offer to Settle Debt – Debt Collector If you want to offer to settle the debt instead of paying the full amount stated by the debt collector, use this letter
• NOTE * Paying the debt in full always looks better than settling your account. The credit report will also show “account settled in full” this is still an adverse mark on your credit. Be sure to clarify with debt collector if your account is being paid in full.*

Next Best Thing

Most people would love to pay their accounts in full or settle them all out, but do not have the upfront cash to do so. I have provided some letters that will help the middle of the road consumer get back on track, and keeping their open accounts from becoming closed collection accounts.

• Request to Reduce Monthly Payment – Debt Collector If you cannot make your monthly payment per your agreement with your debt collector, use this letter to request a lower payment that you can afford
• Reduce Payments – Creditor If due to personal circumstances you cannot make your payments, call and speak to someone about your situation. If the person you spoke with agreed to reduce payments temporarily, follow up the telephone call with this letter
• Request Lower Interest Rate – Creditor Use this letter to ask that your interest rate be lowered

Bad Times, Just make it stop!

If your in a tuff bind and can not do either of the prior options and simply not interested in fixing your credit right now, you still have options. There is no magic trick in fixing your credit, ultimately you need cash to pay. If your not currently in the position to do so, no need to be harassed. I have listed a few letters that pertain to the ones who want the collection activity to stop, or their creditors to be put on noticed of consumers current situation.

• Stop Phone Calls – Debt Collector Use this letter to have debt collectors stop calling you. This is the simple Cease and Desist letter, * There is a $1,500 penalty on the collector for each violation of this, after you have sent this letter, so keep records of all calls.
• Suspending Payments – Creditor If due to personal circumstances you cannot make your current payments, call and speak to someone and explain your situation. If the person you spoke with on the phone agreed to suspend payments temporarily, follow up the telephone call with this letter
• Net Worth Letter (On Letterhead of Accountant ) Use this letter to show creditors/debt collectors that you have no means to pay the debt
• Bankruptcy Discharge – Credit Reporting Agency Use this letter to have the credit reporting agency show debts as zero balance or deleted after being discharged in bankruptcy. If you choose this route, don’t view it as all is lost, many people have filed bankruptcy and have made a substantial rebound. In fact, many has view it as an alternate method in cleaning your credit. See your local attorney, if your considering filing bankruptcy.

The good news is, most debt have a statue of limitations, and at worse case you can sit it out 7-10 years and get a fresh start.