A Look at the Process for Repairing Your Credit - Honore Credit Consultant
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A Look at the Process for Repairing Your Credit

A Look at the Process for Repairing Your Credit

Seven years.

That is how long most people think it takes to repair credit, but that simply isn’t true. You can repair your credit in months instead of years by following the credit repair process.

You’re probably wondering how this works. Look at it so you will know if it can help you.

Check Your Credit Reports

It all begins by pulling your credit reports from the three major credit reporting agencies. Experian, Equifax, and TransUnion each have a copy of your credit history, and you might discover that they have different information. That’s why you need to get reports from all three.

After you pull the reports, you need to look through them all, searching for errors. There are many different types of errors. Your reports could contain incorrect aliases, outdated account statuses, duplicate accounts, paid collection accounts that show up as unpaid, and outdated penalties. In addition, you might notice that some of the account balances are overestimated.

Dispute the Errors

When you find an error, you have to dispute it. You need to send a letter to each of the three major credit reporting bureaus, explaining why the information isn’t accurate. You should also provide proof, if possible. For instance, if the reports have the wrong credit card balance, send a copy of your last statement, showing the right balance.

You will likely notice several errors on each report. You want each error to get the proper attention, so don’t put more than five errors in a single letter. Otherwise, the agent handling your case might miss one.

Let the Investigation Take Place

Due to the passage of the Fair Credit Reporting Act, it’s illegal for credit reporting agencies to keep inaccurate information on consumer files. That means that the credit reporting agency has to inform the creditor of the dispute, and then the creditor has to research it. If the creditor cannot validate the item, it has to be removed from the report.

This all has to be done within 30 days of your dispute. If the creditor isn’t able to validate the claim within 30 days, it’s removed from your report. Your credit score will go up as soon as the item is off your report.

Amend Your Report

In some cases, the creditor will provide ample proof that the item is valid, but you still might not agree with it. In that case, you need to add a 100-word statement to go with the item on the report. Lenders will see this statement whenever they pull your credit report. Some lenders will give you some extra consideration after seeing the amendment as long as you state your case clearly.

What if an Item Comes Back?

Since creditors only get 30 days to validate a claim, some items go away, only to come back after the 30-day period. You have the right to dispute the item again. You can also dispute it and ask for it to be removed from your file permanently. That way, the item won’t keep popping back up repeatedly, causing your credit score to yo-yo up and down.

Your credit is one of the most important things that you have. It can open doors for you or keep them closed for years to come. Push those closed doors back open by repairing your credit. You don’t have to do it on your own, either. You can get help with the process so you can get the items permanently off your report. You shouldn’t get weighed down from false items, and a credit repair agency can help.