Credit sweep services11/28/2023 “The right way to do it would have been to pay it,” she says. She wasn’t making good on some of her debts. At times she felt uneasy about the process. To her surprise, she generated some deletions: the unpaid dental bill the balance she owed on the Chase credit card and the $110 she owed West Bay Acquisitions, a collection company, for $110 in charges from Black Expressions, a book club she initially paid $1 to join but forgot to cancel. Over the next couple of years, Clark sent round after round of handwritten letters to the bureaus. Please reinvestigate this matter and the disputed item as soon as possible.Ĭlark now understood that the best way to repair her credit was to get “deletions.” If she had enough negative items - a late payment, a debt - removed from her credit report, her score might rise. ![]() ![]() I am requesting that the item be removed to correct the information.Įnclosed are copies of supporting my position. I have circled the items I dispute on the attached copy of the report I received. I am writing to dispute the following information in my file. Clark chose the most straightforward template: She could send letters to the bureaus challenging the accuracy of entries on her credit report, and if a bureau couldn’t verify the legitimacy of something within 30 days, typically, the bureau was required to delete it from the record. ‘Credit scoring reflects, numerically, America’s racial and economic divides.’īy now, Clark had learned about dispute letters. She found seminars that cost as much as $1,500 but settled on two e-books, “Boost Your Credit Score” and “Do It Yourself! Repair Your Credit Now!” which were sold for $20 each on Facebook. But when her apartment came under new management, she worried about another rent increase and began looking online for help with her credit. station in Houston, promoting something called credit repair. Until this point, Clark had paid little attention to the frequent radio ads that she heard on 97.9 the Box, a hip-hop and R.&B. “They had this little ‘poor’ underneath them,” she recalls. She signed up for a $19.95 monthly subscription with Equifax, and one day in December 2014, she received her scores. The free reports didn’t include what Clark most wanted to know, however: her credit scores, the credit bureaus’ numerical prediction of how likely someone is to pay back a debt. So was the unpaid debt for the Dodge Neon and her own voluntary repossession - after seven years, some negative entries have to be removed from credit reports. But the longstanding T-Mobile debt she had worried so much about was gone. The $2,742 on a Chase credit card she never paid off. The $4,552 for emergency dental work her insurance wouldn’t cover. The minutiae of her financial identity were on full display: addresses, employment history, lines of credit, missed payments, collections, closed accounts and credit inquiries from prospective lenders. Since 2003, the bureaus have been required by law to make these reports available free to consumers once a year. “I didn’t know any of this.” She also didn’t know what exactly she could do.Ĭlark requested her actual credit reports from the so-called Big 3 bureaus, each of which keeps its own records. “I didn’t know there were three companies, with three different scores,” she says. The numbers were grim: On the widely used credit-scoring scale, which ranges from 300 to 850, two of her scores were in the low 500s (the third was 700). ![]() It came in the form of a report from one of the many companies that sell reports to mortgage lenders, based on data those companies buy from the three major credit bureaus, Experian, Equifax and TransUnion. ![]() It was only then that she saw her credit history for the first time.
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