Credit Report Repair
A credit report is a powerful piece of paper. Lenders look at it closely when deciding whether or not to give you a loan. Insurance companies can use it to determine your rates or whether they will cover you at all. Employers can access it and use it as a factor in offering you a job or promotion. With that much significance placed on your credit report, it is absolutely essential that the information it contains paints you in a good light.
One of the credit report repair secrets that companies are selling is information about obtaining your credit report. Some companies charge for credit report repair information, giving you what amounts to helpful hints; where to get your credit report; how to write a letter and other so called credit report repair information that you can find on your own for free. If you have any “proof” that the information is inaccurate, (statements, cancelled checks, the “proof” depends on the individual item) list it here and enclose a copy of this material with your credit report repair letter.
Credit report repair companies require an installment payment in the beginning and a monthly competitive fee thereafter. Not surprisingly, Equifax, Experian and Trans Union do not approve of credit report repair companies. Acting on your behalf, the credit report repair service takes your credit report, and using the fair credit reporting act and planned strategies, dispute any negative item on your credit report history that you have selected. Some companies may even offer an upgraded service to continue monitoring your reports for other negative damage to come. This option of credit report repair is far more expensive but is not as time consuming or nerve racking as filing and handling the disputes yourself.
Handling a credit report repair yourself or using a credit report repair company will take some time. Both options require an updated copy of all three credit reports. The credit reporting agencies have thirty days to respond to a filed dispute claim. The complete process may take much longer. Whichever method you choose to pursue, the key is patience and persistence.
If you find any inaccuracies, you can have your credit repaired by requesting, in writing, that the credit bureau investigate the disputed items. If you have any supporting documentation, include it, otherwise simply state where the confusion is and request that it’s looked into. This benefits you in two ways: first, if the credit bureau can not verify the information you are disputing, by default it must be removed from your file; second, if the bureau doesn’t respond to your request for an investigation within 30 days, the information in dispute must be removed.