What exactly is involved with credit repair and rebuilding your credit score?
In its simplest terms, credit repair is all about looking at your credit report…finding any errors and correcting them.
The three major credit bureaus are responsible for processing millions of pieces of information every day. Whenever you are talking about such a large number of daily transactions, there is always the possibility of mistakes being made and the wrong information going into your report..
The Fair Credit Reporting Act was put into place to protect consumers against these types of mistakes and inaccurate reports.
You have every right to dispute any item that you believe is not correct. Creditors must follow up on your dispute with a decision. They will either verify that the item is valid (in which case it would remain on your report) or agree with your dispute and remove the item from your credit history.
Disputing an item.
The first step is to order a copy of your credit report from the three major credit bureaus…Equifax, TransUnion, and Experian….and look for any type of inaccurate items that are negatively affecting your credit
Next, you want to contact the credit solutions creditor who reported the account in writing notifying them that you are disputing the item. Be as specific as possible in your request by including dates, copies of payments made, and any other type of evidence that will support your claim. Also remember to include all the account information on the item you are disputing.
Be firm in your position that the item is inaccurate, but don’t be rude or threatening – that will not help your situation. Remember, you are dealing with a person at the other end.
Credit repair service or do it yourself?
Disputing inaccurate items on your credit report can be done in one of two ways…using a credit repair service or on your own.
Handling the dispute process yourself is 100% possible, especially if there are only a few items that need to be corrected. The more items that you have to dispute, the longer the process will be. However, if you are a disciplined individual, even a large number of items can be handled successfully
Keep in mind that credit repair can sometimes be a long, involved, complicated process. Many people who start working on rebuilding their credit become frustrated or even bored with the process…and quit.
If you do not feel that you will have the time or ability to do everything that will be required, then using a credit repair service to handle your disputes will definitely simplify the process. They are able to take care of every step for you…for a fee of course.
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