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.
Get a copy of your credit report information.
Before you can do anything else, you have to have a copy of your credit report. Though many people like to take advantage of the free credit reports that are available to consumers these days, it is best to purchase your report so that you have all of your information, as well as your FICO score. Without that, you donâ€™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.
Take a close look at your credit report.
Once you purchase your credit report from one of the three major credit reporting agencies, you can start looking for disputed information held within the report. Look at every single word on the report, just to make sure that everything is correct. With so much information out there, it is normal that there may be a couple of mistakes. More times than not, these things can be taken care of rather easily. In particular, you need to look out for things that can be very damaging, like late payments or missed payments. This will help you fix credit score mistakes and give you an idea of whether you need to do something more drastic, like filing an identity theft report.
Figure out how damaging the items on your report are.
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. As a general rule, things like bankruptcy, foreclosure, repossession, and loan default will be much worse for your report and credit score than late payments, missed payments, and credit inquiries. Remember that each of the credit agencies has different scoring models that they use to calculate your score, so you want to write each of them. Quick credit repair starts with getting all of the information right.
Fix a credit report by making 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 tell you that when you send a letter to the three major credit reporting bureaus to dispute the information, you should send it through certified mail to make sure of its delivery. In addition to that, you need to have documentation for every attempt that you make. Donâ€™t leave anything to chance when you fix credit repair errors.
The Waiting Game
After you have done all of these things to fight your credit errors, it turns into a waiting game. You have to sit back and let the credit bureaus make a decision. During this time, many individuals like to get a hold of credit repair clinics and they start debt management plans as a result. The credit agencies get 30 days to make a decision and investigate the problems that you mention. 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.
In addition to that, you have the right to have your corrected credit report sent out to people who have requested your old credit report. This is one way of going about improving your credit score rating.
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 instance, if you mentioned that the item was not yours, then next time you might try saying that there is a discrepancy between the date listed on the credit report and the actual date of payment. monitoring »” rel=”nofollow”>Credit report monitoring can help you with this.
Fix Credit Reports Key Watch for Re-Inserted Listings
Just when you think you have collectors off of your back and your consumer statement is fixed, agencies might put the information back on your credit report. This is legal if they have proper reason to do so, but they have to notify you that the information is being put back onto your credit report.
All the work you’ve done to fix your FICO score can be undone if the incorrect items are returned to your credit report detail.
Because of ovation law and the Fair Credit Reporting Act, these agencies can be forced to pay a $1,000 fine if they do not notify you of these things. The best thing about that is that the fine is paid to you, so you can make some money off of their mistake if they happen to make one.