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
obtain most kinds of loans 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 it is essential that you attempt fast credit report
repair by monitoring your report and disputing any and all items that
you believe to be erroneous. It could literally save you thousands of
dollars a year to do so.
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
www.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 request a
report from this bureau.
But if you have already requested your free report in the past twelve months,
you can 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 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.
Disputing Credit Report Errors
Credit repair begins by taking a detailed look at your report. Look for any
inaccuracies -- in some cases 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 request 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, as it is not in their interests
to be responding to many credit report requests.
