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want to keep your account, and you as a customer.  
At some point it may be beneficial for you to have your 
attorney write a letter to the creditor. Many times just the 
threat of a lawsuit will get the creditor to change the 
credit rating.  
Remember, that if the creditor placed it on the credit 
report, they can take it off. Having an attorney write a 
letter may cost you somewhere between $75 and $100.  
Many times stores will not keep records past 24 months and 
cannot find the information. Therefore there is a good 
chance it will be removed.  
One more option when dealing with creditors is if you have 
not paid a bill in full with them. The fact that you owe 
them money can work to your advantage. Most, if not all, 
creditors would rather get some money instead of none at 
all. This is true from banks to oil companies. Be willing to 
negotiate with your creditor.  
Approach the creditor with the idea that you would like to 
settle your account difference. Probably you do not have 
enough money to pay him in full or you would already have. 
For example, let's say you owe a department store $100. The 
department store may have already charged it off and 
reported it to the credit bureau. Offer to pay the store $50 
to settle the account with the understanding that they will 
also remove the negative mark on your credit report.  
The store can either say yes or no to this proposition. If 
they want a little more than $50, you will have to decide 
how high you can go and still stay within your payment 
schedule.  
Subscribers have the ability to change your credit rating 
with the credit bureau. Many will tell you they cannot 
change the rating, but that is just not correct.  
Please Note
We are not suggesting this method to discount bills that you 
already owe. We feel each and everyone should pay their 
bills on time and in full. However, there are times when you 
just cannot pay 100% of every bill. Another reason for 
settling could be you where dissatisfied with the 
merchandise or service.  
If you were dissatisfied with the merchandise, credit card 
companies have been known to take the bill off your account 
and charge it back to the store. However, you must notify 
your credit card company within one month of the purchase 
date.  
If you feel uncomfortable about approaching the creditor 
yourself, you should hire an accountant, financial 
consultant, or possibly an attorney to act as your 
representative. Please check with the professional on how 
much this will cost you.  
If you are handling your own case, at some point you will 
probably reach a settlement. Percentages vary, however. I 
had a large chemical client that settled for 20 cents on the 
dollar. Don't expect to get that low in your negotiations. 
Settlements vary from 30 to 70 percent, with the majority 
being around 60 percent.  
If you feel you can afford 60 percent, don't start out at 60 
percent. If you do you will probably end up at 70 or 80 
percent. You must start at around 40 percent if you expect 
to end up at 60. Remember that the collection department 
will start high to end up somewhere in the middle.  
When you reach a verbal agreement with the collection 
department have them prepare a SETTLEMENT AGREEMENT and mail 
it or fax it to you for your review. DO NOT pay your bill 
prior to receiving this settlement agreement. Arrangements 
have been known to change from the time of initial phone 
contact to the receipt of the written settlement agreement. 
It would also be a good idea to have an attorney review the 
document for you.  
Inquiries - What To Do? 
Excessive inquiries on your credit report can short circuit 
your loan efforts with any lender.  
The first thing you have to understand is how inquiries get 
on your credit report. Any time you apply for credit from 
any bank, department store or other creditors, they call up 
a credit report on you. This is called any inquiry, an d the 
name of the bank will be listed under inquiries for two 
years. In some cases you will find a bunch of letters and 
numbers with no names explaining who they are. You will need 
to ask your credit bureau to verify the names of these 
individuals.  
Unfortunately it is now a common practice for car salesmen 
to run a credit report on you at 10 different finance 
companies. Before he spends time showing you dozens of cars, 
he wants to make sure that you will be approved for the one 
that you want to buy. If he can't get you approved for 
ANYTHING, he will move on to the next person. Leaving 10 
different inquiries in his wake.  
Naturally, if you have many inquiries listed, it looks like 
you are in financial trouble and are applying for loans all 
over the city. If four or more inquiries appear on a credit 
report within a two month period, a message of Trans- Alert 
is listed on the credit report. This alerts creditors that 
you have applied for credit an excessive number of times. 
Trans-Alert appears on the TransUnion statement. Sometimes 
banks screen your account to see if you will qualify for 
their credit card promotions and this just adds one problem 
upon another.  
To correct this problem, I believe it is the easiest to deal 
with the creditor dispute method where you direct your 
correspondence to the company that listed the inquiry on 
your report.  
In your letter you must ask them for proof that you 
authorized them to check your credit rating. If they cannot 
find that proof, they will have to get the inquiry taken off 
the credit report.  
Many times, creditors do not have the time to go back into 
their records and verify your account, so automatically you 
win, and it will be deleted off your credit report.  
You can also dispute directly with the credit bureau and ask 
what legitimate business reason they had to give your 
personal credit information out to "Company Name". If they 
can not provide this information, please remove the inquiry. 
 
Do's And Don'ts 
Do not type your letters, write them in your own hand 
writing and use your own words as much as possible. Typing 
makes the credit bureaus think you are using a credit repair 
service.  
Do not send mail by "Certified Mail." 
Do use your own paper or the dispute forms that come with 
your credit reports.  
Do not use legal language.