Sample Credit Repair Letters and Credit Card Debt Negotiation

Credit repair is a complex process of phone calls and follow-up letters. You may be in the midst of credit card debt negotiation, or trying to remove outdated or inaccurate information from your credit history. Either way, you need documentation, in writing, of every step you take.

When to Use a Credit Repair Letter

Credit repair letters should be used when you inform one of the three major credit bureaus that your credit file has inaccurate information you want removed. The three credit bureaus are:
  • Equifax
  • Experian
  • Trans Union.
A credit repair letter should be brief and polite, but firm. Explain the mistakes listed on your credit report, and request that they be removed within 30 days.

List any proof you have that the items you want removed are errors (canceled checks, account statements, date of account closure, etc). Credit bureaus do not investigate "frivolous" disputes, so the more evidence you provide, the better.

Your credit repair letter should include you name and address. Request that a corrected copy of your credit report be sent to you; this copy should be free.

Be assertive and firm, and don’t immediately start threatening legal action. Legal action may be required if the bureau ignores your credit repair letter, but initially you can assume this won’t be necessary. You are making a reasonable request and it is the responsibility of the credit bureau to accommodate that request.

Sample Credit Repair Letter

Below you'll find a sample credit repair letter to give you some idea of how to request credit repair from a credit bureau.
 

[Your Name]
[Your Address]
[Your City and Zip Code]

[Name of Credit Bureau]
[Credit Bureau Address]

[Date]

Dear Sir / Madam,

This letter is to inform you of inaccuracies in my credit report that I wish to have removed. Under the Fair Credit Reporting Act of 1996, credit bureaus are obligated to provide accurate credit information. At present, the following inaccuracies negatively impact my credit worthiness:

[List disputed information. If possible, follow this up with proof]

I believe that 30 days should be sufficient time for you to remove these inaccuracies. Please send a free corrected copy of my credit report to my mailing address as shown above.

I appreciate your cooperation in this matter and look forward to hearing back from you.

Sincerely,

[Your Signature]
[Print Name]

Please remember that each person's credit situation is unique, and that no single sample credit repair letter can cover all possibilities.

Where to Send Credit Repair Letters

Equifax
P.O.Box 740256
Atlanta, GE 30374-0241

Experian
P.O.Box 2104
Allen, TX, 75013

Trans Union
P.O.Box 2000
Chester, PA, 19022

Credit Repair Letter Tips

Some people choose to customize a sample custom repair letter by including a copy of their credit report with the inaccuracies highlighted. Copies of any documents proving that your dispute is valid should be included if possible.

Additionally, the following tips may be helpful:

  • Keep original copies of any material you send with your credit repair letter.
  • Never send original materials with credit repair letters or during credit card debt negotiations.
  • Send credit repair letters by registered mail.

Credit Card Debt Negotiation

Credit card debt negotiation requires a different approach to credit repair. Your initial contact with the credit card company should be by telephone. Explain your financial situation, and that you need to negotiate for a lower interest rate, a lower minimum payment or both.

Credit card negotiation sounds very intimidating, but many credit card companies are willing to accommodate customers, especially customers with good credit histories who need some help until they're in better financial shape. Again, your best chance of a successful credit card debt negotiation lies in staying firm but polite.

Once you and the credit card company agree on a payment plan, send a follow-up letter to the company detailing the results of the credit card debt negotiation. You will need the date of your phone call, the name of the person you called and spoke with and the results of the conversation. Keep a copy of your credit card negotiation letter and send the original by registered mail.

Sample Credit Card Negotiation Letter


[Your Name]
[Your Address]
[Your City and Zip Code]

[Name of ]
[Credit Bureau Address]

[Date]

Re: [Your Account Number]

Dear [Name of Representative],

I would like to thank you for the time you spent today, the [insert date], discussing my short-term financial difficulties and my need for a reduced payment plan on the account noted above.

As per our discussion, my reduced minimum payment of $[amount] will be paid on the [date] of each month with an interest rate of [interest rate] percent.

[Include any other arrangements agreed upon during your credit card negotiation phone call, and including any time frame for the reduced payments].

I appreciate your helpfulness and understanding concerning this matter. If you have any questions please contact me at [your phone number].

Sincerely,

[Signature]
[Printed name]

Resources

3DebtConsolidation.com. (n.d.). Reduced Payment Agreement to Creditors Letter. Retrieved January 15, 2008, from the Debt Consolidation Web site: www.3debtconsolidation.com/diy/letters/reduced-payment-to-creditors.html.

Fix It Credit. (n.d.). Free Sample Credit Repair Letters. Retrieved January 15, 2008, from the Fix It Credit Web site: www.creditinfocenter.com/forms/.

Rose, P. (7 June 2006). Sample Credit Repair Letter. Retrieved January 15, 2008, from the Ezine Articles Web site: ezinearticles.com/?Sample-Credit-Repair-Letter&id=215006.

Web Nation. (n.d.). Sample Letter 1: Removal of Inaccurate Information. Retrieved January 15, 2008, from the Credit Infocenter Web site: www.creditinfocenter.com/forms/sampleletter1.shtml.