DIY Credit Report Repair Tips

A credit report repair is the first step of an effective bad credit repair. If you’ve been turned down for a loan application you will need to find out the reasons from your credit report and take steps to fix it as soon as possible.

The key to your credit rating lies with credit bureaus. There are three major bureaus that handle reports from creditors about your credit activities. If you’ve missed payments with a creditor in the past, they will report this to credit bureaus, which will then make a note of it on your record. And once you have a low credit rating, you’ll be unable to get most kinds of loans.

Effective Credit Report Repair Steps

The first step in credit report repair is to get your report from the credit reporting agency that holds your file. From a declined credit card application, for example, you can write down which agency provided the report.

When you are turned down for credit you have a right to get your credit report free of charge. Just visit the agency website and download an application, and then mail it, along with photocopied ID, to the agency. You should receive your credit report though the mail in a timely fashion. They also allow you to get your report online, though a fee is charges for this.

Examine your credit report closely once you get it. Look for any inaccuracies in it and if you find any, ask an investigation in writing from the firm and send any supporting documentation, if any.  The credit bureau must respond within 30 days providing documentation of the entry in question. If they fail to do so, the entry must be removed from your credit report.

Although it’s not common, in some cases the agencies make outright mistakes, or confuse your information with another customer with the same name. If an entry in your credit history is being investigated, you may also ask that the agency mark the entry in question as “under investigation” on your file.

The Importance of Credit Report Repair

You may think that the above steps are a cumbersome process, but you cannot make credit report repair if you don’t get your report first. Without the report, you won’t know exactly where you stand, only that your credit is “bad.”

What you need to know is how bad credit is, and why. For example, are you dealing with a single outstanding issue or multiple ones? How long has the mark been in your credit history and for long will it stay?

So, a credit report repair is important to avoid any inaccuracies that may leave bad marks in your credit report. Your knowledge of those things can help you effectively begin the process of credit repair.

DIY Credit Report Repair Tips was last modified: April 9th, 2014 by Paul Sarwana