Letters You May Need To Write

GOOD MORNING
 

ILYCE:

WHEN IT COMES TO FIXING YOUR FINANCES, YOU GENERALLY CAN’T DO IT BY PHONE. IF YOU WANT TO CLOSE A CREDIT ACCOUNT, FIX YOUR CREDIT HISTORY,  OR CANCEL A HOME EQUITY LOAN OR REFINANCE DURING THE 3-DAY RIGHT OF RECESSION, YOU’LL NEED TO DO IT IN WRITING. I’VE PUT TOGETHER THE INFORMATION YOU’LL NEED TO INCLUDE TO GET THE JOB DONE. IF YOU WANT TO SEE COMPLETE SAMPLE LETTERS, WE’VE POSTED THEM ON WGNTV.COM. LET’S START WITH CANCELING A CREDIT ACCOUNT.

CANCELING A CREDIT ACCOUNT:

• ACCOUNT NUMBER
• “CLOSE THIS ACCOUNT”
• NEVER CLOSE ACCOUNTS THAT HAVE A BALANCE

ILYCE: YOU NEED TO INCLUDE TWO PIECES OF INFORMATION WHEN CLOSING A CREDIT ACCOUNT….THE ACCOUNT NUMBER AND THE WORDS “CLOSE THIS ACCOUNT.” BUT DON’T CANCEL THE ACCOUNT IF YOU ARE PAYING A BALANCE ON IT, SINCE THIS WILL SERIOUSLY DING YOUR CREDIT HISTORY. THE NEXT LETTER YOU MAY NEED TO WRITE IS TO FIX YOUR CREDIT HISTORY.

FIXING YOUR CREDIT HISTORY

* DISPUTING CREDIT INFORMATION

* STATE FACTS

* REQUEST DELETION OR CORRECTION

* ENCLOSE COPY OF CREDIT HISTORY – CIRCLE DISPUTED ITEMS.

ILYCE: IF YOU CHECK YOUR CREDIT HISTORY AND FIND AN ERROR, YOU MUST WRITE TO EACH CREDIT REPORTING BUREAU THAT HAS THE ERROR AND TELL THEM THEY’VE MADE A MISTAKE AND YOU’RE DISPUTING THE INFORMATION. BE SPECIFIC ABOUT WHAT INFORMATION YOU’RE DISPUTING, STATE THE FACTS AS THEY ARE AND ASK FOR A DELETION OR CORRECTION. ENCLOSE A COPY OF YOUR CREDIT HISTORY AND CIRCLE THE DISPUTED ITEMS.

ILYCE: THE CREDIT REPORTING AGENCY MUST START AN INVESTIGATION AND EITHER FIX OR DELETE ERRORS WITHIN IN 30 DAYS. AND YOU’RE ENTITLED TO RECEIVE A COPY OF THEIR FINDINGS. OUR FINAL LETTER WILL ALLOW YOU TO CANCEL A HOME EQUITY LOAN OR A REFINANCE ON YOUR PRIMARY HOE FOR UP TO 3 DAYS AFTER SIGNING THE PAPERWORK.

CANCELING A HOME EQUITY LOAN OR REFINANCE

• UP TO 3 DAYS AFTER SIGNING
• SIGN PRE-PRINTED FORM FROM LENDER
• DELIVER TO ESCROW AGENT OR TITLE COMPANY
• ONLY FOR PRIMARY RESIDENCE

ILYCE:

WHEN INVOKING THE 3-DAY RIGHT OF RECESSION, YOU MUST TELL THE LENDER IN WRITING YOU’VE DECIDED TO CANCEL YOUR HOME EQUITY LOAN OR REFINANCE. YOU HAVE UP TO 3 BUSINESS DAYS AFTER YOU SIGN IN WHICH TO CANCEL, AND YOU WOULD NORMALLY SIGN A PRE-PRINTED “RIGHT OF RECESSION” FORM YOUR LENDER GIVES YOU WITH YOUR LOAN DOCUMENTS.  IF YOU LOSE THAT, WRITE A LETTER THAT SAYS “I WANT TO RESCIND MY HOME EQUITY LOAN OR REFINANCE,” AND INCLUDE THE LOAN NUMBER. FINALLY, MAKE SURE THE ESCROW AGENT OR TITLE COMPANY RECEIVES THE PAPERWORK WITHIN THREE BUSINESS DAYS. REMEMBER, YOU ONLY HAVE A RIGHT TO RESCIND A REFINANCE OR HOME EQUITY LOAN AGAINST YOUR PRIMARY RESIDENCE.

ILYCE: THE WAY YOU DELIVER THESE LETTERS IS IMPORTANT. IF YOU CAN’T DELIVER THEM IN PERSON, MAKE SURE TO SEND THEM CERTIFIED MAIL, RETURN RECEIPT REQUESTED. SEND ORIGINAL LETTERS, AND COPIES OF ANY DOCUMENTS YOU INCLUDE WITH THE LETTER. KEEP COPIES OF THE ENTIRE PACKAGE, AND WHEN YOU'RE RETURN RECEIPT COMES, MAKE SURE YOU STAPLE IT TO THE LETTER TO KEEP YOUR PAPER TRAIL INTACT. CHECK OUT WGNTV.COM AND MY WEBSITE, THINKGLINK.COM FOR COPIES OF ACTUAL LETTERS YOU CAN PRINT AND SEND OUT AS YOU NEED THEM.

SAMPLE LETTER #1 CLOSING A CREDIT ACCOUNT

Date

Your Name
Your Address
Your City, State, Zip Code

Customer Service Department
Name of Credit Company
Address
City, State, Zip Code

Dear Sir or Madam:

I would like to cancel my account, # (fill in the account number). I request that you close this account immediately. 

Sincerely,

Your name

Enclosures: (If you like, enclose a copy of your final bill showing the account is paid off.)

SAMPLE LETTER #2 – DISPUTING ERRORS ON YOUR CREDIT HISTORY

Date

Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I
dispute are also encircled on the attached copy of the report I received.

(Identify item(s) disputed by name of source, such as creditors or tax
court, and identify type of item, such as credit account, judgment, etc.)

This item is (inaccurate or incomplete) because (describe what is
inaccurate or incomplete and why). I am requesting that the item be
deleted (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name

Enclosures: (List what you are enclosing)

For more information, check out www.thinkglink.com or the Federal Trade Commission’s website, www.ftc.gov.