Steps to repair your credit do not have to become a difficult task.
Here's how to accomplish this task in 4 simple steps.
1.
Order Each of Your Credit Reports from the 3 Major Bureaus.
The law states you are entitled to one copy of your credit report, free each year, from all three credit reporting agencies; TransUnion, Equifax and Experian.
You definitely want to get all 3 reports or a 3 in 1 report that only saves time from waiting on all 3 to arrive.
Caution: Avoid requesting your credit report online or using the online report request forms.
If you do, you will have to sign agreements and disclaimers that may not be in your best interest.
Too, avoid "free" reports from companies you've seen on TV as they will try to sell you other services (how else would they afford those commercials?).
2.
Review with a microscope! Carefully review your report for errors.
Do not only look for creditor's name; look at dates, limits, date(s) of last transaction, inaccurate history and any other information reported.
There's a chance that there is something incorrect that's affecting your credit score.
3.
Create a list and dispute.
Highlight any inaccuracies and list all areas that must be fixed.
Next, write a letter disputing the information.
The law states, they have 30 days to investigate and respond to your request.
If the creditor cannot prove that the information is indeed correct, all the items disputed must be removed from your credit report.
Hence, this will result in an increased credit score.
4.
After 30 days, you should receive a response.
You will receive an update on your dispute.
Did the creditor verify the information? If the creditor verified the information, the credit bureau will identify this in the letter.
Now, this can be tricky because your dispute letter hinges on whether or not the creditor has to remove your tradeline (that is, account) or just update with corrected information.
For example, if you disputed a loan amount on a negative tradeline, this will not get that it removed.
The more probable outcome is that the creditor will have to correct the amount.
If you wanted it removed, you must get more creative.
Here's how to accomplish this task in 4 simple steps.
1.
Order Each of Your Credit Reports from the 3 Major Bureaus.
The law states you are entitled to one copy of your credit report, free each year, from all three credit reporting agencies; TransUnion, Equifax and Experian.
You definitely want to get all 3 reports or a 3 in 1 report that only saves time from waiting on all 3 to arrive.
Caution: Avoid requesting your credit report online or using the online report request forms.
If you do, you will have to sign agreements and disclaimers that may not be in your best interest.
Too, avoid "free" reports from companies you've seen on TV as they will try to sell you other services (how else would they afford those commercials?).
2.
Review with a microscope! Carefully review your report for errors.
Do not only look for creditor's name; look at dates, limits, date(s) of last transaction, inaccurate history and any other information reported.
There's a chance that there is something incorrect that's affecting your credit score.
3.
Create a list and dispute.
Highlight any inaccuracies and list all areas that must be fixed.
Next, write a letter disputing the information.
The law states, they have 30 days to investigate and respond to your request.
If the creditor cannot prove that the information is indeed correct, all the items disputed must be removed from your credit report.
Hence, this will result in an increased credit score.
4.
After 30 days, you should receive a response.
You will receive an update on your dispute.
Did the creditor verify the information? If the creditor verified the information, the credit bureau will identify this in the letter.
Now, this can be tricky because your dispute letter hinges on whether or not the creditor has to remove your tradeline (that is, account) or just update with corrected information.
For example, if you disputed a loan amount on a negative tradeline, this will not get that it removed.
The more probable outcome is that the creditor will have to correct the amount.
If you wanted it removed, you must get more creative.
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