Method of Verification Letters
What is a Method of Verification Letter?
A Method of Verification (MOV) letter is a request sent to a credit bureau asking them to explain how they verified the accuracy of an item on your credit report. This letter is used when you have already disputed an item, and the bureau claims to have verified it. An MOV letter seeks to understand the process and methods the bureau used to confirm the disputed information.
Purpose of a Method of Verification Letter
- To ensure the credit bureau followed proper procedures in verifying disputed information.
- To gain insight into the sources and methods used for verification.
- To challenge the validity of the verification process if it appears flawed or inadequate.
Example of a Method of Verification Letter
Below is a template example of a Method of Verification letter:
Your Name
Your Address
City, State, Zip Code
Date
Credit Bureau Name
Credit Bureau Address
City, State, Zip Code
Dear [Credit Bureau Name],
I am writing to request the method of verification for the following item on my credit report:
Account Name: [Account Name]
Account Number: [Account Number]
Despite my recent dispute regarding the accuracy of this item, you have reported that the information has been verified. Under the Fair Credit Reporting Act (FCRA), I am entitled to know the procedures and sources used to verify the accuracy of this information.
Please provide a detailed description of the method used to verify this account, including the name and contact information of any individuals or entities contacted for verification purposes.
Thank you for your prompt attention to this matter. I look forward to your response.
Sincerely,
Your Name
Pros and Cons of Using a Method of Verification Letter
- Pros:
- Ensures credit bureaus follow proper verification procedures.
- May reveal inaccuracies or inadequate verification methods.
- Provides a basis for further disputes or legal action if needed.
- Cons:
- May not always result in the removal of disputed items.
- Credit bureaus might provide generic responses without detailed information.
- Can be time-consuming and require follow-up actions.