Having good credit is essential to getting the things you want in life today, almost all decisions related to offering you financing relies on your credit. This step by step guide to do-it-yourself credit repair is the first step to making sure your credit report is correct.
There are many options available if you need to repair your credit. Credit repair companies will help you, but they do charge a fee. Some of these companies really do a good job, but many do not. Take the time to investigate before hiring a credit repair company.
If you can’t find the time or don’t want to deal with the credit bureaus, you can pay for professional help. There are companies that provide great credit repair services, and you only pay after the service is performed. One such company is CreditRX America, plus they offer a 100% guarantee on their services.
Do-it-yourself credit repair is entirely possible. If you’re persistent and organized, you can do just as well as any company available for hire.
The Fair Credit Reporting Act requires that the credit reporting agencies, conduct a reasonable investigation whenever a consumer disputes information on their credit report
Follow these steps to successfully repair your own credit:
1. Get copies of all your credit reports. Equifax, Experian, and TransUnion are the big 3 credit reporting firms. You should obtain all three reports.
- You can obtain a free copy once a year from each of these companies at https://www.annualcreditreport.com/
- If you’ve recently been denied credit or a job for having poor credit, you can also get a free copy of your reports, even if it has been less than a year since you got a copy.
- Find out what these companies are saying about your credit worthiness.
2. Find any errors. Once you obtain your credit reports, look for any negative information, even if it’s true. Nearly everyone has at least one error on his or her credit report.
- Remember that the credit bureaus just report information. They don’t take the time to verify it.
- Credit bureaus often rely on the lenders, debt collectors and other data providers that furnished the misinformation to investigate a dispute.
- Make a list of everything you want to dispute.
3. Mark up the credit report, highlighting the mistakes, circle or highlight any error that you see, even if the error seems minor.
- If there are multiple errors on your report, put a number next to each error.
- This will help you refer to the errors when you write your dispute.
- Once you’ve marked up the report, make multiple copies. You’ll need them for your files, as well for your disputes.
3. Dispute all the negative items. While it won’t do any good to dispute true items still carrying a balance, everything else is fair game.
Items with a balance will just reappear the following month anyway.
- All disputed items should be documented in writing. Do not use the forms that are available online on the credit bureau’s website. That just makes everything too easy for them.
- There are many form letters online that you can use for your dispute. You basically just want to say that you don’t agree with the items and wish to have them verified.
- The credit bureau then has 30 days to go back to the creditor and verify the accuracy of the item or else the item must be removed from your credit report. This applies if they fail to accomplish this task in time, for any reason.
- It’s the law!Be sure to send all of your correspondence by registered mail or some equivalent. You want to be able to prove when the item was received by the credit bureau.
- If they don’t verify the items in time, remind them of the law and demand that the items in question be expunged from your records.
4. Include evidence. Attach whatever evidence you can find, backing up your dispute. Those pieces of evidence may be important later on if you do need to go to court to prove that a credit bureau isn’t correcting a legitimate mistake.
- Include every bit of documentation and every bit of detail available to you, that way, the credit bureau can’t say that you didn’t give them enough information.
- The big three [credit bureaus] consistently lose or claim to lose consumer correspondence, so make copies of all your correspondence, including every piece of evidence that you mail.
Keep copies of your letters and their responses. You just might need all of this information at a later date.
5. Don’t give up. Persistence and being organized are the keys to success. You must send your letters, follow up, and document everything.
6. Realize the truth of the situation. Credit bureaus make money by selling credit reports, not by responding to your inquiries. The last thing they want to do is spend time and resources on you. If you’re a pain in the neck, you might eventually get what you want.
7. Don’t be afraid to use the court system. Taking the credit bureaus to court and suing them can sometimes be the best solution.
- Anytime you have a mistake on your credit report that the credit bureau refuses to remove, there is a $1,000 fine. The same $1,000 fine applies for any item that they fail to verify and refuse to remove.
- Credit bureaus have a long history of caving in at the last minute and giving the consumer everything they want.
- Don’t hesitate to file a lawsuit with your local small claims court.
- You might have to actually show up to court before they are willing to deal. But these credit bureaus don’t want to get stuck with thousands of dollars in fines, especially when they have nothing to gain. Give it a try.
Do-it-yourself credit repair is something that anyone can do. It really is very simple and effective.
It can take months to see any real improvement, but it’s much faster than just waiting out the many years it takes for the items to fall off the list naturally.
Boost your credit and better your life. You’ll be happy you did!
Are you ready to find financial freedom? If so, check out the companies recommended to you by Inker Street Consumer Credit Advice. For fast and effective credit repair with pay after service and a 100% guarantee we recommend CreditRX America.
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