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sample 623 letter?

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diem613



Joined: 13 Feb 2010
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430 Magic Points

Subject: sample 623 letter?
 
Posted on Tue Feb 23, 2010 11:40 am  

Does anybody have a something to go off of for a 623 letter. I know it's suppose to be short & sweet and in my own words, but I have no idea where to start. Help!! Thanks.
Aaron

Aaron

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Subject: sample 623 letter
 
Posted on Tue Feb 23, 2010 11:59 am  

Hi Diem,

Creditor or the collection agency is the information furnisher. They retain a particular information for 12-18 months. After that if you ask for that particular information, they may not be able to provide you with it. If they are not able to provide you with it, they are bound to remove those listings from your report. You can dispute the listings with them. This is known as the 623 dispute.

Generally, the 623 dispute is done with the original creditor. However, in this forum, there is no sample 623 dispute letter. You can check out for a 623 dispute sample letter from other websites. For more details regarding 623 dispute, you can refer to http://www.creditmagic.org/repair/about9714.html .
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goodnatured



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Posted on Tue Feb 23, 2010 12:21 pm  

Have you tried to google the letter, you may get some good results that way. hope you can find what you need.

Also, is there a dispute form on the credit report pages, I thought you could dispute a debt directly there and then the credit reporting agency would follow through with the complaint?
cinnamngrl

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Posted on Wed Feb 24, 2010 11:44 am  

I am anti form letter. I think someone said form letters get form responses.

what I suggest is that you look at this section of law so you can quote it and then ask the creditor to provide records that document the negatives you want to remove. If you have some evidence that disputes their reporting, provided it.
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goodnatured



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Posted on Wed Feb 24, 2010 12:32 pm  

If you find one though you can use it as an example and then personalize it right?

sometimes, I just have no clue where to begin on these letters so I will google it just to get an idea on what it's content should be and use it as guidance.
cinnamngrl

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Posted on Wed Feb 24, 2010 1:37 pm  

read the law and write your own. I wrote on this for ehow
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fireyone



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Posted on Wed Feb 24, 2010 10:02 pm  

I never even heard of this type of letter before. I think looking at an example would provide a good starting point. It does not have to go word for word but it would give a person an idea of where to start. A lot of us are not really knowledgable in this department. We know the rules but when it comes to letters or other things most of us depend on advice from the more knowledgable sources.
cinnamngrl

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Posted on Wed Feb 24, 2010 11:01 pm  

my how to link has some referrals
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Megan
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Subject: 623 Dispute Letter
 
Posted on Wed Mar 17, 2010 7:43 am  

Hi, I agree that a form letter is not a great idea because it generally shows itself as such when sent given that lack of personalization which is a significant temptation when it comes to using one.

However, I do think it would be beneficial to have a list of the content of such a letter since it seems there should be certain elements to it. So maybe a quote of the 623 section of the FCRA, how it applies to the creditor in general (e.g. as a creditor) and what specifically you want them to furnish when they investigate.

That is actually one area I am unclear on. If you want them to investigate and furnish something, which they have to do as I understand it based on §623, you should be relatively specific about what you want investigated.

That said, you don't want to be too specific if the purpose of doing a 623 dispute is to remove negative marks from creditors based on your belief that the creditor with whom you are disputing does not have the records to back things up. This is the loophole that makes a 623 dispute work, as I understand it.

Creditors often list the point at which your payments became overdue and list a balance history up until that point. If this time period is relatively recent, I would imagine the creditor still has decent records.

So it would seem to me that there needs to be certain things they should have in their records to back up the very basic reporting they do (e.g. 90 days past due for $333 or something to that effect) that you can ask for that they probably won't have.

The catch, though, there, would seem to be that it has to be something related to backing up the very basic information they list. So I guess you could ask for something like a copy of each bill statement from the time the account went past due showing the interest incurred because you do not believe the account was past due at whatever point it went past due and therefore the interest incurred from that point on would be off in number.

I don't know for sure, though. Does this sound about right? Any thoughts on what types of things to request investigation and production of back-up/proof records on?
Megan
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Subject: 623 Dispute Letter
 
Posted on Wed Mar 17, 2010 7:47 am  

I should add to this (paragraph four) that the reason one would not want to be too specific is that this removes the burden to produce massive amounts of records and thereby lessens the chance the creditor cannot produce these in 30 days (the latter which leads to your negative mark getting removed). The only time it would make sense to dispute something very specific would be if you have incontrovertible proof it is reported in error and that due to this you know the creditor cannot possible produce a record that substantiates it.
Megan
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Subject: 623 Dispute Letter
 
Posted on Wed Mar 17, 2010 7:53 am  

I should add to this (paragraph four) that the reason one would not want to be too specific is that this removes the burden to produce massive amounts of records and thereby lessens the chance the creditor cannot produce these in 30 days (the latter which leads to your negative mark getting removed). The only time it would make sense to dispute something very specific would be if you have incontrovertible proof it is reported in error and that due to this you know the creditor cannot possible produce a record that substantiates it.
Megan
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Subject: By the way
 
Posted on Wed Mar 17, 2010 8:06 am  

Cinnamngrl, I've been meaning to let you know that the debt validation method you lay out is fantastic. I sent a letter requesting debt validation to five collection agencies and not a single one could produce the records to validate the debt. I asked for a substantial amount of proof, and made sure to list that not providing this within 30 days violated the law in x, y, z ways, but it turns out that whether than even try to validate using info they have they just removed the negative marks I cited as illegal. Moreover, they have not contacted me, even after the 30 day period, so I assume that (as you note) they are trying to pass the debt on to another collection agency, with whom (as you note) I can just repeat the process with. No need for pay-for-delete yet, and next creditor I can probably just negotiate a settlement payment with, with either a pay-for-delete clause or an agreement not to report the debt so long as I abide by the terms of payment I set up with them, or something like that. If they give it back to the original creditor, I'll do the pay-for-delete with them, and can forget the 623. So it all works out, and your advice is just great.
Megan
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Subject: One issue with a 623 Dispute
 
Posted on Wed Mar 17, 2010 8:41 am  

There seems to be one issue with a 623 dispute. I've read the law under this section and it appears that the original creditor only has a duty to report the results of an investigation requested pursuant to 623 to the CRA, and not the consumer. Is this correct?

If there is no duty to report the results of the 623 investigation to the consumer then I do not see how a 623 investigation would actually work.

I've already disputed online with CRA, and I understand this must occur first for a 623 directly with the OC or tradeline furnisher, but where under § 623 does it state the OC must provide results of the dispute to the consumer?

Or is the tactic to go to the OC and request investigation and then, when they do not produce records that back up what they have told the CRA, send a letter to the CRA stating the OC did not have records to backup what the CRA lists and therefore you are wondering how the CRA can list it when the furnisher can't back it up?....

(Which would by why they advice on another website to dispute through the CRA first -- so you can go to the OC and come back to the CRA when the OC cannot back it up and say to the CRA that they erroneously told you it was backed up because the OC couldn't produce the records substantiating what's reported by the CRA)?
Megan
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Subject: So the 623 tactic would be?
 
Posted on Wed Mar 17, 2010 8:47 am  

(1) Dispute through a CRA (Experian is easy to do this through).

(2) Once the CRA verifies their reporting is correct and cites the FCRA, go to the OC and, in bringing the 623 dispute/requesting investigation, cite something you know the OC can't back up.

(3) If the OC cannot or does not produce records backing up what you request they do so regarding, go back to the CRA and report that OC cannot substantiate what they report so it wondering how CRA validated tradeline and so negative mark with info not substantiated pursuant to your request to OC must be removed.
cinnamngrl

cinnamngrl

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Subject: Megan Guest
 
Posted on Wed Mar 17, 2010 1:44 pm  

Please join credit magic. That way when I respond you get notice. Also, you will get magic points for all this typing. So there is no 30 day time limit for the CA to respond to your DV. You had a 30 day time limit to send the DV letter from the time you received their dunning letter. Of course many people never receive this letter.
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