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How to Go About Fixing A Credit Report
By plrprousers | February 22, 2009
The first step in fixing a credit report is to read it. You can get a copy of your credit report for free online; just search for “free credit report”. 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.
Once you see your report, you’ll know why you were denied credit. However, how can you set things right again? What do you do if you see inaccurate items on your report or ones which you feel to be unfair, even if they are accurate?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. You have to tell them that a given item is incorrect and by law they must investigate the matter within 30 days. Be sure to send your dispute by certified mail and include copies of any supporting documentation you may have.
The credit bureau will contact the organization which reported the item in dispute. If your do not receive a responce with proof within 14 days the credit agency must remove the item from your credit report. You can request that they send this updated report to any creditors who have seen your previous report in the last six months. You need to ask specifically for this, since it is not done automatically.
If the item is over a year old or amounts to less than $500, many creditors will see it as not worth their time and will not respond to the credit reporting bureau. 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 you cannot have an item removed, you will be allowed to provide a short explanation of the item (this can be up to 100 words long). This explanation can be up to 100 words in length.
If there is a long history of late payments and defaults, fixing a credit report 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.
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