Fixing A Credit Report: Getting Started
The first step in fixing a credit report is to read it. You can go online and get a free credit report; just search for “free credit report” to get started. You can get a free copy of your report once a year, as well as when you are denied for credit – you can request a free copy of your credit report from the credit agency which supplied the report to the prospective creditor who turned you down.
One look at your credit report should give you the answers you need on why you were turned down for credit. Now that you know this, how can you go about fixing a credit report? What if there is something inaccurate on your report or something which while not inaccurate, is unfair?
You can dispute any item on your credit report by writing to the credit agency. They will have to investigate within 30 days. Be sure to send your dispute by certified mail and include copies of any supporting documentation you may have.
The credit reporting agency then has to contact the source of the disputed item. If your do not receive a responce with proof within 14 days the credit agency must remove the item from your credit report. They will send you an updated copy of your credit report and if you request, a copy of this new report will also be furnished to any creditor who has seen your report in the previous six months. You need to ask specifically for this, since it is not done automatically.
A lot of creditors won’t bother to write back to the credit agency if the item in dispute is less than $500 or is over a year old. Fixing a credit report can be done, even if the items contained are accurate. If you don’t manage to have the item removed the first time, you can submit another dispute in 30 days.
If a disputed item cannot be removed, you will be allowed to add an explanation of up to 100 words to your credit report; this will be seen by anyone who sees your report. This explanation can be up to 100 words in length.
If there is a long history of late payments and defaults, repairing your credit score can be a long term project. However, you can often have some items removed and add explanations of others. This kind of effort will go along way in helping to repair your credit report.
