Bad Credit Report? Repair Credit Yourself!
A Credit Article Contributed by Cathy Wilson
Need to Repair Your Credit? Read On!
The first time you're turned down for a cell phone application or a mortgage loan, you may be stunned; you didn't even know you needed to repair that credit. What, is your credit THAT bad? You may have been so upset that you didn't even bother to check your credit report to see what the problem really was!
You're not alone. For some reason, that official-looking credit report scares the heck out of lots of people.
Credit Repair 101
Well, no more! Here's how you can take charge of your credit yourself!
If you go online for information on repairing your credit, you may be shocked at how many offers there are to SELL you info on credit repair. But you don't need to buy help. Just follow the simple steps here and begin repairing your own credit today.
The first thing you know is that Credit Bureaus are NOT government agencies; they do NOT double-check entries that come in (from credit card companies, banks, public records, companies you may have paid late, and more). They are only as accurate as the information they receive. And lots of times, even when you make good on a debt, they will never receive the information! SO... your first step? Get a copy of a free credit report. Here are a few sources:
Addresses for Credit Repair
Equifax TransUnion Experian Credit Information Services, Inc.: PO Box 740241, Atlanta, GA 30374 - 1.800.685.1111
Consumer Disclosure Center: P.O. Box 1000, Chester, PA 19022 - 1.800.916.8800
National Consumer Assistance: P.O. Box 2104, Allen, TX 75013, 1.888.397.3742
Once you receive your report, don't freak out! Just go through it, step by step. First off, are all the entries really about YOU? We have had entries show up on our credit report that were not even ours! Next, check to see if any requests for credit inquiries (which can lower your credit score) are older than two years. Any such should be removed; they no longer are valid. This will help repair your credit.
Now check to see if all the accounts listed are accurate. Sometimes the credit limits on a charge card have changed, but this doesn't show up on the report. That can hurt you. Or the account balance may not be up to date. Check it and get ready to correct it.
Now get ready to repair out-of-date entries, such as:
Bankruptcies. Invalid 10 years from the discharge date of the bankruptcy.
Judgments. No longer valid 7 years from the date the judgment was entered.
Charge-offs. It's the same: 7 years from the date the account was charged-off. The same goes for any other negative entries: 7 years.
Ready, Go! Repair That Credit!
If you have come up with anything that can be legitimately removed, now you should write a letter to the credit bureau. Explain the problem and request that the incorrect item be removed. Some people bravely dispute ALL negative items on the credit report and demand removal. If the credit bureau cannot substantiate an entry, you can legitimately request removal.
How long should you wait for a response? The law requires that the agency answer within 30 days.If you don't hear by then (but almost always you will), follow up with another letter.
Others have repaired their credit with these easy steps. You can too! You may get a cell phone, a mortgage loan -- AND peace of mind -- if you do!
