Having poor credit can put you in a paralyzing financial state. There is, however, a solution that many individuals don’t know about: do-it-yourself credit repair. Consider the following four steps to take in the first month of your credit repair efforts.
1. Make your point clear
After obtaining a credit report from all three credit agencies, the first thing you need to do is write a letter to the credit reporting company. This letter should include all the information you think is inaccurate on your credit score. Your letter should include the following:
- Complete name
- Current address
- Each disputed item
- The facts and reasons behind your dispute
- A request for the information to be removed or corrected
Your letter should also include a statement requesting a returned receipt for documentation.
2. Be patient
Repairing poor credit is not a quick process. It takes considerable time and effort, but can be done. After submitting your letter to the credit reporting companies, they have 30 days to investigate and process the items you questioned. The credit reporting company must then forward all of the relevant data you provide to the original organization.
After the original provider conducts their own investigation on the allegations, they send the results back to the credit reporting company. If, indeed, the disputed information is found inaccurate, the original organization must notify nationwide credit companies.
3. Ask for action
After all investigations are complete and results have been decided, the credit reporting company will send you a copy of the results in writing as well as a copy of the report if anything was changed. They will send you written notice of the disputed information – whether accurate or inaccurate – that includes the name and contact information of the original information provider. Be sure, however, to ask the credit reporting company to take action by:
- Sending a notice or notices with any correction made to your report to anyone who received your credit score in the past six months.
- Sending a corrected copy of your report to anyone during the past two years who has worked with you for employment purposes.
4. Inform the creditor
Lastly, you must inform the creditor or information provider that you dispute an item. This dispute must be delivered in writing and include documents that support your position of dispute. A notice of your dispute must also be included in any report filed by the original provider to a consumer reporting company. If the information is found inaccurate, the provider cannot file the report again.
For help repairing your credit score or if you’re interested in a free credit consultation, visit Lextington Law.