THE SUBSTITUTION DISPUTE METHOD
The last few weeks we have been discussing the dispute method, but this week it’s time to move on! There are lots of ways to start improving your credit score, and one is the substitute dispute method. This is very similar to the dispute method, except that you do not have contact with the credit bureaus. You do all of your dealing with the creditors (i.e. a bank, department store, collection agency etc.)
People do this so that the creditors must provide supporting information and documentation on your financial history. This gives the consumer all of the information and freedom to prove if it is indeed false or if the information is accurate. If they cannot provide sufficient, or accurate information within a reasonable amount of time, you can demand they remove the negative information from your report. It is popular to use the substitute dispute method after you have already tried to dispute certain information and they refused to take the information off of your report because the substitute method requires them to provide you with supporting evidence.
In your dispute letter, make sure that you include these five things:
“1. Identity the account you are disputing
2. State exactly what your are disputing
3. Explain the grounds for your dispute
4. Ask the creditor to verify what you are claiming
5. Demand the correction or removal of the derogatory item from your credit report”
The intent behind these dispute letters is that action must be taken immediately or you will not hesitate to file a lawsuit against a creditor. So, let the creditor know that they are at fault and be prepared to send a letter of your dispute to the head or CEO of the company.
This can be done while also saving face, it all depends on your situation and the relationship you have with the company. Don't forget that nothing will ever happen if you do not ask or bring it to their attention.
Information pulled from:
Notley, S. Credit solutions: Proven strategies to establish and re-establish your credit. The Manning Group
If you ever have questions, contact us - your expert consultants.
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Solutions Team
