Last year I gave my students a tip on how to use the "holiday blitz" to remove some delinquencies off your credit reports. The students who used this strategy reported that they increased their personal credit FICOs anywhere from 38 to 81 FICO points just by using this strategy.
So, I'm going to up the ante this year.
I know, I know...sorry. You thought you were on the verge of enjoying a vacation, right?
Well, don't worry. This will actually only take you a few minutes of your time and it's only for those of you who desperately need to boost your personal credit FICO points.
It'll also cost you about $100 to do this because you'll be overnighting these letters via USPS Express (which costs $19.99 x 3 envelopes) and you'll need a current copy of your credit report (which you can get for $39.95 from www.Experian.com).
Click on this link to download the letters you'll be using: http://www.monicamain.com/credit_dispute_letters
But, the good news is that if you can get confirmation that all 3 credit bureaus (Transunion, Equifax, and Experian) received your dispute letter on Wednesday, November 26th (that's tomorrow), the 30-day clock immediately starts ticking.
And what happens then?
Most of their staff is either gone on vacation starting the lateral part of tomorrow through Monday. Those who are working aren't mentally "on the job" and are probably going to be pissed off that they're working when they believe they shouldn't be.
In case you don't know how imperative this 30-day period is (starting tomorrow), let's analyze this period.
Again, tomorrow is November 26th. Thirty days from now is Christmas Day. And nobody is there then either. In fact, during most of this next 30-day period, many of the credit bureau (and creditors including collection agencies, law offices handling collections, etc.) are taking loads of time off too.
Let me walk you through what happens when you file a dispute with the credit bureau. They receive your letter and have 30 days to investigate your dispute. During this investigation, they will send a letter to the creditors you are disputing and require that they send the appropriate documentation required to substantiate that the account(s) you are disputing is yours.
Except that during the "holiday blitz," many of these employees working for these companies aren't around, they're taking extra time off, and when they actually are working, their minds are elsewhere such as thinking about shopping, cooking, partying, etc.
And this is where your advantage comes in. If there is no response (or a late response) from any of these creditors or collection agencies, the delinquent account falls off your credit report.
Last year, because of a major hacking breach of security, the credit bureaus were blasted with disputes so they started using slick tactics to "buy time" in order to put off the 30-day time line. They would do things like sending letters back stating that they didn't believe the letter was a "valid claim" or that they needed "proof" of your identity such as a driver's license and utility bill.
So, here's what you're going to do (if you want to take advantage of this "holiday blitz"). You're going to download these letters that are in the Microsoft Word document format. There is one for each of the bureaus including their respective addresses at the top of each letter.
Next, get a copy of your credit report. If you received one recently (within the past 45 days or so) you can use that one. Otherwise, go to www.experian.com and download a new copy. Yes, it'll cost you $40. So what? You can also try some free services like www.creditkarma.com. You really don't need your FICO. You just need your delinquent or "negative/adverse" accounts.
Next, fill out each letter. Include your full name, current residential address, and your prior address if you've moved in the past 2 years. Include your Social Security Number and your date of birth.
The letters I've given you only has a section for one single disputed account. Copy the entire dispute section and keep pasting it underneath one right after the other for each account you will dispute. Put in the name of the creditor, the partial account number as shown on the credit report, and the dollar amount listed.
Remember, collection agency accounts (including those from a law office) will come off easier during this time than those from banks or very large lenders.
Print off your letters, SIGN the letter with a wet signature (use blue ink, if possible) then include a copy of your driver's license AND a utility bill of a major utility like the electric company or water company. Make sure the service address on the bill MATCHES the address where you currently reside. This will give them no excuse to kick out your dispute to buy themselves time.
Go to the post office and overnight Express each one in an Express envelope. You'll have tracking information for each one. And each bureau will receive this package tomorrow. This is when the 30-day clock will start.
What if you can't do all this by tomorrow? That's okay. You'll be working on doing this between now and throughout turkey day. If you need a little extra time, overnight express your packages out this Friday right after Thanksgiving or November 28th. The bureaus will receive your package on Saturday, November 29th. And yes, the 30-day clock starts ticking. This means the 30 days will end on December 27th...right after Christmas when people have, yet again, been off work and unable to respond.
Remember, the key element this year is to include a clear copy (preferably in color) of your driver's license and a major utility bill showing your current address. Include this set of copies with EACH letter you send out.
By following these instructions, you will make the greatest impact on boosting your personal FICO during this time over any other time of the year because of these holidays that create "stumbling blocks" for the bureaus and creditors to respond in time.
Finally, I should add one more valuable tidbit of information: Experian is the only bureau that will allow you to dispute your "hard" inquiries. So, on your Experian letter, mention that you are also disputing the following inquiries then list the name of the company that put the inquiry on your credit and the date of the inquiry. Doing this alone can boost your score 10 to 20 points alone with Experian. (The other bureaus won't remove hard inquiries but sometimes I ask them too anyway because you never know when they may change their policies.)
Again, here's where you can download these letter files so you can start getting to work right now: http://www.monicamain.com/credit_dispute_letters
See you at the top!
P.S. Don't want to fix your own credit? Our credit building service is now back after going on a "hiatus" from taking new students for almost a year. And yes, if you sign up now, we'll get your first set of disputes out during the "next wave" of the credit "holiday blitz" between Christmas and New Years. Here's a link with more information: http://www.monicamain.com/credit_building_service
P.P.S. Videos from the Detroit Underground Secret Event are selling like hotcakes. I also reveal some credit secrets during the event that will blow your mind. Here's more information: http://www.monicamain.com/detroit_seminar_videos_2014