Fix Credit Reports Step by Step
by: RichardLakin |
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When there are problems on your credit report, you absolutely must take every possible measure to remove them. Your credit score is extremely important and it could be negatively impacted by having these things on your report. Though it is not difficult to fix credit reports, it is tedious and requires you to go through many steps in order to complete the process. Here are some steps to help you fix free credit reports.
Obtain your credit report
Make sure that you have a copy of your credit report information before you proceed to do anything else. Although it is tempting to obtain your credit report free through the consumer program available now, it is a good idea to buy your credit report so that you have access to all your information, including your FICO score.
Without that, you don't have the entire picture f how your credit is being impacted by some of the mistakes. After you get your credit report, you can figure out why that debt collector is calling you or what you need to do to clear credit information.
Inspect your credit report thoroughly
Once you buy your credit report from one of the credit reporting agencies, look through it to identify any items you might want to dispute. To make sure everything is accurate, inspect the report word by word. Typically there will be a couple of errors, simply because there is so much information present.
Usually, these are quite easily dealt with. Pay close attention to items that are very damaging to your score, like late or missed payments. It will aid you in repairing any mistakes, and indicate if you may need to take further action such as reporting an identity theft.
Make a Estimate the Damage Impact on the Report
Once you have broken down the items on your report that need fixing, you need to rank them. As you know, your credit score is going to be impacted more by a bankruptcy filing than it is by a simple late payment. The first thing that a debt management program will tell you is that you have to make sure the major problems stay off of your report, no matter what. During your credit report check, you need to take a look at credit reports from every agency, because you may have to write a letter to each of them.
Although late payments, missed payments, and credit inquiries can hurt your credit score, bankruptcy, foreclosure, repossession, and loan default will be much more damaging. You must write to each of the credit agencies, since all of them have different scoring models. Fast credit repair begins with accurate information.
Disputes and requesting corrections
When it comes time to actually dispute the things on your credit report, you have to make sure all of your bases are covered. As a general rule, it is best to dispute the accuracy of something on the report completely. You can always go back and dispute things within the listing at a later time, but on your first go around, you need to dispute the fact that those things are even there. If you have a three bureau credit report, then you will not be able to see what each of the agencies has on you, so it is always best to have all three credit reports at your disposal.
Credit counseling agencies will advise you to send your letters disputing items on your credit report via certified mail so you can confirm delivery. Also, for every try you make, you will require proper documentation. When you repair errors on your credit report, you need proof to back you up. Don't leave it to fate.
The Waiting Game
It becomes a waiting game for you once you have done all these things to combat your credit errors. You must wait patiently for the credit bureaus to reach a conclusion. Many people like to use this interval to contact a credit repair clinic and begin a debt management plan. Credit agencies are allowed 30 days to investigate problems you report and to reach a decision.
Once they have made a decision, they have to notify you in writing. If they do decide to eliminate certain things from your credit report, then they cannot simply re-insert those things without having lots of probable cause.
You also have the right to submit a corrected credit report to all entities that may have inquired about your old report. This is one method that you can use to improve your credit score.
Evaluate and Repeat
When you get your hands on the new copy of your credit report, compare it to the old report. By doing this, you will be able to see how well your efforts worked. If they got the result you were looking for, then your work is finished. If not, you need to re-evaluate and start the process over again. There are many different reasons why a person would dispute something on their report, so if it was not removed because of one thing you mentioned, then try another.
For example, if you have previously mentioned that the item was not yours, this time you might want to try saying that you noticed a discrepancy between the date listed on the credit report and the date you made the payment. Consider having your credit monitored to assist you with this.
Re-inserted Listings
As soon as you are of the opinion that your consumer statement is ok and no creditors are behind you, the agency may once again state the negative information on the credit report. If they have sufficient reason to do so, then they are lawfully allowed to do it, but they are supposed to inform you that it is being reapplied to your credit report.
Since ovation law and the Fair Credit Reporting Act are in force, if the agencies do not inform you about these things, they can be required to pay a fine for $1,000. If they make a mistake, it is good for you because the fine is payable to you. Thus, you are bound to make some extra money.
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About the Author
Let me share how I fix my credit with a few very simple steps. Anyone can repair credit accounts on their own with the proper information and determining how they work.
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