Credit Repair

It is unfortunate that many people come to know that they have negative credit score when they are in need of car or home loans. This is not the best approach. There is need for you to be checking your credit report once every year. This will enable you to know when you need credit repair. There are some organisations that can help you in that regard. But you can also do it by yourself either through the internet or offline. Whichever option you take, there are some basic steps that you have to follow in to achieve that. You cannot think of credit repair, if you do not know your credit score. You can also demand for your credit report from any of the three approved credit report agency. Any of these agencies can electronically generate your report. The report should show your contact details. It will also indicate your habit of redeeming debts, arrest information and bankruptcy. The lending institution normally judges your credibility through the credit report.

Employers also use it to determine a good employee through that. Review your credit report critically, once it has been given to you. Check in details to spot out any offensive information or inaccuracies. If there is any false information, it can debar you from getting loan, so you have to correct that by filling for credit repair dispute at the credit bureau. You can also file for the dispute online through the site of the agency that issue the report by simply filling the forms online. The above completes step one of the entire process of credit repair. The second step takes place at the credit bureau office. According to the law, the credit rating agencies have the duty of verifying the claims of any consumer that files for disputes. There is a stipulated time within which they have to complete their investigation and give you feedback. If there is no to contact you for proofs, you will be contacted through your email or postal address.

If the credit bureau is unable to verify the bad record in your report, then they have to remove it from your credit report. It is your legal right. You have also the right to be issued with another credit report free from error. At times, the credit bureau may refuse your request for credit repair. You have to write a letter of explanation in order to reject the claim. However, you should always bear in mind that authentic negative information cannot be removed by the bureau. You do not need to waste your time filing dispute in such situation. You have to use the report like that until the stipulated time elapses – usually 7 to 10 years depending on the nature of the credit score. When these years elapse, then you have to file for credit repair and it will be removed from your credit score. The last step of credit repair process is the rebuilding of your credit. You can do this by taking some small loans or by asking any person with good credit report to co-sign on loan application. #