08/12/2024
If one of these letters shows up in the mail... DO NOT PANIC!!
And follow these steps:
1.) Get a copy of your credit report: Look for inaccuracies on the account and note how the account is reporting on your credit (i.e. charge-off/collections/etc.)
2.) Send the creditor a letter disputing any inaccuracies you found on your credit report, including the balance owed if it has been grossly inflated. Send a copy of the same letter to each consumer reporting agency: Experian, Trans Union and Equifax.
3.) Wait. They have up to 45-days to respond to your dispute.
4.) Check your credit report to see if they marked your account as "disputed". If they did not, that is a violation under the FCRA and that is the ammunition you need to get the account removed from your credit report and the debt waived as if it never existed.
*Do not waste time: If you’re going to pay, pay. if you’re going settle, settle. If you’re going to sue, sue. Invest $405 to file in Federal Court and the bank will probably “pay” you to go away.
Why? Because once you file, it has to go to trial and they cannot dismiss the case. The bank knows that a trial is expensive and that filing is “public information”.
