Credit Repair with Colonial Mortgage Group

Begin:

      Request online, or in writing, a free copy of your report from all 3 bureaus. You can also try www.annualcreditreport.com or call (877) 322-8228. If writing a letter to receive your report, we have example letters as well as instructions listed below.

Cleanup:

      Write letters to all three bureaus listing all incorrect items. Include the vendor name and account number, and the reason that the item is to be removed. Ask that they remove the derogatory entry or the entire account and that they send you a new report when they make the corrections. Repeat this process as necessary. It can speed the process if you use the case number that they issue to you. Note: Correct derogatory items may be removed after 7 years and bankruptcy after 10 years.

Your Rights:

      You are entitled to a free copy of your credit report every year, which can be utilized for annual review. If they do not verify the derogatory information within 30 days of your request, they are required by law to remove it.

 

 

Credit Bureau

How to request your free credit report

How to dispute items on your credit report

TransUnion Credit

  1. Click on the Personal Tab
  2. Click on Free Credit Report on the right under “Credit Reports and Monitoring.”
  3. Click on “See your free credit report”
  4. Choose State, then complete the form and submit
 
  1. Click on the Personal Tab
  2. Click on “Learn More” under the “Want to dispute an item on your Credit Report?”
  3. Then click on Submit a Dispute
  4. You will be given three options of how you would like to submit your dispute, (online, phone, or mail).
  5. If you choose online, click online (You may need a copy of TransUnion’s Credit report).
  6. Click on first-time, and complete information.
Experian Credit
  1. Click on “get your free credit report & score”
  2. Enter your information
  3. Click on submit and continue
 
  1. At the bottom of the page under “additional services & products” then “credit report assistance, click on disputes
  2. You will be given several options
    1. If you have an Experian credit report, click on “Yes, I have a credit report number”
    2. If you have an account, login and click on the Dispute information tab
    3. If you do not have a report, then you will need to order one from Experian. You can also mail your dispute in.
  1. Complete all information and submit
Equifax Credit
  1. Complete information and submit
  1. Under “Other Credit Service,” click on “Start a new dispute”
  2. You will need a copy of an Equifax report. You can also send in your dispute by regular mail.

 

You can also request all three of your reports from www.annualcreditreport.com.

 

If you plan to dispute items on your credit, go to each bureau separately.  You will be given three options from each bureau (online, phone, or mail). 

The fastest way is online. They will send everything to the email address you provide within a short period. If you choose mail, it typically takes up to 30 days for them to send you a credit report, and then you will have to dispute thereafter.

 

Feel free to call any time to learn if there is a mortgage program for which you may qualify.  Many programs are available for all credit situations.

 

For those with No or Little Credit:

Begin:

Know what credit you do have.

If there are any negative reports, resolve them as described above.

 

Build:

Open one or two secured credit cards. These types of credit cards require a security deposit up front, usually $200-300. Then, the bank will give you your line of credit. Only use between $30-50 a month, and always make your payments on time. Doing otherwise will damage your credit instead of helping it. Your first credit history is important to building good habits for yourself, as well as showing those habits to future lenders.

Capital one has great options for these types of cards.

You can apply here: http://www.capitalone.com/credit-cards/secured-mastercard/

 

Maintain:

Creating a positive history from the beginning will give you a great foundation. So long as you maintain good spending and payment habits, a good credit will follow suit. Never spend more than you know you can pay. The point of credit is not to borrow money….it’s to show you can efficiently manage the money you already have.

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Example Letter 2: 

January 10, 2004

Trans Union
PO Box 2000
Chester, PA 19022
(800) 916-8800
www.transunion.com

To whom it may concern,

Listed below are two items that you are reporting as open collections on my report.  I have enclosed documentation to show that they have been paid.

  1. First American Bank of Kabul – settled/Paid
  2. Collections -R-Us  - settled/Paid.

Listed below are two items that you are reporting as having been 60 days late in October 2000.  These accounts were never late.

  1. Ford Motor Credit- never late
  2. No Cash 4U Visa- never late

Please investigate this matter with each creditor and change the status of the account to report that they have been paid.  Please send to me a copy of the complete corrected credit report.  Thank you.

Sincerely,

John Q. American
SSN 000-00-0000
9400 Livingston Road 
Fort Washington, MD 20744

 

 

 

Example Letter 3:

January 10, 2004

 

Experian
PO Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com/reportaccess

 

To whom it may concern,

 

Listed below are two items that you are reporting as open collections on my report.  I have enclosed documentation to show that they have been paid.

  1. First American Bank of Kabul – settled/Paid
  2. Collections -R-Us  - settled/Paid.

Listed below are two items that you are reporting as having been 60 days late in October 2000.  These accounts were never late.

  1. Ford Motor Credit- never late
  2. No Cash 4U Visa- never late

Please investigate this matter with each creditor and change the status of the account to report that they have been paid.  

Please send to me a copy of the complete corrected credit report.  Thank you.

 

Sincerely,

John Q. American
SSN 000 00 0000
9400 Livingston Road
Fort Washington, MD 20744

 

Colonial Mortgage Group

Company NMLS# 70452
Paul Skeens NMLS# 7392
www.nmlsconsumeraccess.org

Licensed:  MD 17542  DC MLB70452  FL MBR1384
Licensed by the Virginia State Corporation Commission License #MC5185 & MLO-2351VA
Licensed by the PA Department of Banking License #MB35217

By refinancing your existing loan, the total finance charges may be higher over the life of the new loan.

 

Phone: 301-932-4610
Toll Free: 877-248-0500
Fax: 301-500-1201

3261 Old Washington Road Suite 1011
Waldorf, MD 20602

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