Documentation and recordkeeping crucial for the credit repair process
Money Matters
- Posted:
11/24/2009
Yesterday wasn’t a very great for me as I had a tough time returning the damaged t-shirt to a local cloth store. The vendor wouldn’t take the thing back without a receipt no matter how much I tried. Finally, I got through when the manager came in and told the cashier that he knew me. A small thing as a receipt can cause such a lot of chaos. The first positive thing that came to my mind after the incident was “Thank goodness, it wasn’t a car.” Trust me, credit cards can land you in a worse situation and there won’t be a manager to bail you out.
Receipts and bills may seem cumbersome to carry and keep a track of but they can play a crucial role when you are fighting your case in the court. To make your case strong during the credit repair process you can use these documentation tips:
• Avoid filling up their online form on the credit card issuer’s website. Instead, send a physical mail to make sure that the records are well kept.
• Remember that your credit card issuer has only 30 days to remove the negative item from your credit report. After 30 days if you file a case in the court, you will lose unless you have proper evidence that you have submitted the request for your negative item. If that happens, the negative item will not go away from your credit report.
• Many times credit card holders have to be prepared to send dispute letters number of times to make sure that the negative item is removed from their account. But, to re-dispute the case, a different reason is essential. Noting down the details including dates, documents and reasons is important to put your case forward in future.
• Documentation plays an essential role when your credit card issuer violates the
Fair Credit Reporting Act or
Fair Debt Collection Practices Act and you have to report the case.
• If you are writing to the collection agency to stop making phone calls, send a written letter and collect a signed receipt so that later on the company cannot dispute.
• If you have come on agreement terms with the collection agency, have the records in a written format along with a copy.
Lastly, keeping the documented records is fine but you must organize it carefully. You can use different envelopes or have the material sorted alphabet wise in the folder.
If you have any suggestions on document keeping, please post them via comment.
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