by Linda on February 8, 2011
Question
What is validation of debt?
Answer
Validation of Debt (VOD) is the single greatest tool you can use to deal with collectors. What it means is that you have 30 days from the time a collection agency contacts you to ask that certain documentation be provided by the collection agency to validate the debt. If the agency cannot validate the debt, then it must remove the debt from your credit report. This process will buy you time; it will get collectors off your back; it will wipe out debts that are invalid and/or inaccurately reported.
Unless you are 100% certain that a negative account is being reported accurately, VOD should be used before paying or negotiating a payoff for any charge-off or collection. Statistics show that 80% of consumer credit reports contain errors! And there are 100+ reasons why an account would be considered inaccurate.
To find out more specific information on how to validate your debts, ask for our Fact Sheet: Validation of Debt.
by Linda on November 22, 2010
The next step in The Big Score Take Action Plan is to literally take action! It’s time to get the items on your TAP list updated, corrected, or removed. Now, although I am going to give you some great information below, I highly recommend that you consider reading my book The Big Score – Getting It & Keeping It if you are facing serious credit challenges. Throughout The Big Score, you will receive access to tools, tips, information and even legal references that will help you successfully dispute and negotiate with the credit bureaus and creditors; however, for the purposes of this part of the series, I will outline the basics for you.
You have three options:
Dispute
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by Linda on August 13, 2010
by Linda on August 5, 2010
Click here to watch Linda’s Video on Part 3.
When most people look at their credit reports, they focus on repairing the negative items. My goal with this article is to remind you of how important it is to remember that negative payment history only makes up 35% of your credit scores. That means that 65% of what makes up your credit scores has nothing to do with negative history, making it critical to make sure that all of your good credit is being reported accurately.
For this part of the seris, let’s use the Home Inspection Analogy. When you want to sell your home, you hire an inspector. They make a detailed “fix it list” of the items in need of repair. The theory is that the more items completed on this list, the more you will maximize the value of your home. It’s the same with credit. Your goal is to go through your credit reports with a fine-tooth comb, make a list of the items that are negatively impacting your scores, and know that the more items you check off your list the better chance you have of maximizing your credit scores in the shortest period of time.
Create A Spreadsheet
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