Fixing A Credit Report
Posted at by ifydcat on category CreditThe first step in fixing a credit report is to read it. You can go online and get a free credit report; just search for free credit report to get started. You can request your credit report for free once per year. You can also get a free copy of your credit report if you are denied credit based on the report provided by a particular credit reporting agency, as long as you request this within 30 days of the denial.
Once you see your report, youll know why you were denied credit. However, how can you set things right again? What do you do if you see inaccurate items on your report or ones which you feel to be unfair, even if they are accurate?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. They will have to investigate within 30 days. Send your request by certified mail along with copies of canceled checks or any other documents which support your dispute.
The credit reporting agency then has to contact the source of the disputed item. If the credit bureau does not receive a satisfactory answer within 14 days, they then remove the item from their records and send you a new copy with this item removed. Afterwards, they will send you an updated copy of your report and if you ask them to do so, they will also send a copy to any creditor who has asked to see your report in the last six months. However, if you want this done, ask the bureau to do so they will not do this unless you ask.
If the item is over a year old or amounts to less than $500, many creditors will see it as not worth their time and will not respond to the credit reporting bureau. Repairing your credit report can be done, even if the items contained are accurate. If you dont manage to have the item removed the first time, you can submit another dispute in 30 days.
If it is impossible to remove an item that you have disputed, you are permitted to add a brief explanation, which will be visible to anyone who pulls your credit report. This explanation will be viewable to any prospective creditor who looks at your credit report.
If there is a long history of late payments and defaults, repairing your credit score can be a long term project. However, you can correct some of the problems and provide an explanation for others. This kind of effort will go along way in helping to repair your credit report.