Can Your Credit Reports Really Be Fixed

A Credit Article Contributed by Mark Mcclelland

Are the Offers to Fix Your Credit Reports Legitimate

Depends on what you mean by "fixing" your credit report. If you mean fix as in "correct mistakes" - absolutely yes. If you mean fix as in "fix my credit" that odds are against you. You always have the right to request that inaccuracies and errors contained in your credit be repaired; however, suggestions - by anyone - that they can "fix" your credit, implying that they can get you more credit, are probably scams.

The three credit reporting agencies, Experian, Equifax, and TransUnion collect and sell data. Lending institutions like banks and mortgages evaluate this data and decide whether or not to extend you credit. All you can do is ensure that the data contained in your credit reports is accurate and complete; there is no legitimate way that anyone can guarantee that you'll be extended credit (well, unless it's the loan officer as you're being handed the check).

How Can I Get My Credit Reports Fixed

There are really only two routes to takes when you need to have your credit reports fixed: do it yourself or pay a fee to a company to do it for you.

And as with most things there are pro's and con's to each option. Paying a small fee to have someone else do it for you sounds great, but if you think about it for a minute, how would they know what's wrong with your credit reports to begin with? They wouldn't - you do. So you will have to identify all the items in the reports that you want to dispute. Of course they would then notify the credit reporting agencies, informing them that some of the data contained in your reports is being disputed.

Then they should follow up on the disputed items, working as a liaison between you and the agencies to ensure that the disputed items are indeed corrected, right? Well, they should, but there's no guarantee that they will, and even if they do, there's no guarantee that it'll happen in a reasonable timeframe.

Probably the best option, although often we're all reluctant to do so, is to take the bull by the horns, and do it ourselves. It may be unpleasant, and it may take a long time, but we'll benefit from it in the long run in more way that just financial... we'll also have developed a real understanding of how the credit reporting agencies work.... at least from an outsiders viewpoint.

Who Do I Contact to Get My Credit Reports Fixed

It is the the three national credit reporting agencies that collect and sell your data, feed this data to the world, be it correct or incorrect. For each data item in any of your reports that you're disputing you'll need to communicate with all three agencies, whether or not the disputed item was found in their report or not. Their address and phone numbers are:

Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

(800)685-1111

Experian

P.O. Box 2104

Allen, TX 75013-0949

(888)397-3742

Trans Union Corp.

760 W. Sproul Rd.

Springfield, PA 19064-0390

(800)888-4213

And just in case, after repeated attempts to have a disputed item (that is actually incorrect) corrected, you can contact the Federal Trade Commission consumer response center at (877)382-4357.