Taking steps to make fast credit report repair are essential if you run into trouble with your credit rating. As Lenders are likely to check your credit report, once you have a bad credit score you’ll be unable to get most kinds of credit and without a credit card you won’t be able to shop online, or rent a car.
This is, however, not just about obtaining credit anymore. Today, there is a growing trend by employers to check the credit of potential employees. Even though your FICO credit score is a good measure of how responsible you are, it also reflects unforeseen financial setbacks, which you will rarely be given the opportunity to explain in your interview.
For these reasons, you need to attempt fast credit report repair by monitoring your report and disputing any and all items that you believe to be incorrect. It could literally save you thousands of dollars a year to do so.
Fast Credit Report Repair 1st Step – Get Your Credit Report
Having your current credit report is the first step towards fast credit report repair. All credit information is reported by banks and other financial institutions to credit bureaus, which in turn hold the key to credit restoration.
You are entitled to a free copy of your credit report from all three major credit bureaus every 12 months. If you have not seen your credit report in the last 12 months, you can request it today by going to annualcreditreport.com.
In most cases there should be no charge to receive a copy of your credit report. When you are turned down for a credit card or loan, the company must state which credit bureau reported you as having bad credit, and you can then ask a report from this bureau.
But if you have already requested your free report in the past twelve months, contact each credit reporting agency and order a current credit report for a few dollars. As your free report is not going to include your FICO credit scores, spend the extra few dollars and get the score. The investment is paltry compared to the money you’ll save on lower interest rates.
Also, do not order 3-in-1 or combination report, where all three of your reports are consolidated into one. You need your complete three reports from each credit report agency so you can see exactly what is on each one. Since lenders check your FICO score from each agency, one bad score can mean the difference between your next application for credit being approved or denied.
Fast Credit Report Repair 2nd Step – Dispute Credit Report Errors
Effective credit repair begins by taking a detailed look at your report. Look for any inaccuracies — sometimes there can be mistakes on your file, or your credit information can get confused with someone else with the same name. Many people are surprised how often a company reports a missed payment by mistake.
If you find any inaccuracies, you can have your credit fixed by requesting, in writing, that the credit bureau investigate the disputed items. If you have any supporting documentation, include it, otherwise simply state where the confusion is and ask that it’s looked into.
This benefits you in two ways. First, if the credit bureau can not verify the information you are disputing, by default it must be removed from your file. Second, if the bureau doesn’t respond to your request for an investigation within 30 days, the information in dispute must be removed.
If it turns out that your bad credit is the result of an error, going to the credit reporting agency is usually all you need to do for fast credit report repair. Keep in mind, when requesting your report, that many credit bureaus will make the process seem more difficult than it is. It is not in their interests to be responding to many credit report requests.