• Home
• Article Library
• Giveaways
• Contact
• RSS

5 Steps to Credit Repair

First Time Visitor? Welcome

FinancialLearn.com is dedicated to finding great deals, free stuff, and promote frugal living. We are delighted to have you here.

Sound Fun? Have our articles delivered to you via RSS Feed or E-mail to be reminded of new and upcoming contests and articles.

There are five major steps in repairing your credit report.

Step one

Check your credit report. This may sound very basic but if you don’t know what is on it then you don’t know if it is accurate or inaccurate. Learn how to read your credit report. Some bureaus send information on how to read their credit report. Being informed is your number one priority.

Step two

If you have found inaccuracies (over 83% of reports contain them) you must tell the consumer reporting company, in writing, what the error is and why you believe it to be inaccurate. You will want to send copies (no originals) of all supporting documentation regarding your dispute. You will need to provide your name, address and social security number in your letter. You will need to clearly identify the item or items you are disputing. Sending a copy of your credit report with the disputed information circled or highlighted is a good way to insure that the credit bureau understands what item is being disputed. Your letter does not need to be long or elaborate. What is important is that the facts are clearly stated along with the request that the information be removed or corrected. This letter should be sent certified mail “return receipt.” You can save a little money by having the return receipt sent to you electronically.

Step three

Inform the information provider, in writing, that you dispute an item. Send copies of your supporting documentation. If the creditor continues to supply the information it must also include your dispute. If you are found to be correct the creditor can no longer report the disputed information on your credit report.

Step four

Review all personal information and ascertain its accuracy. If there is inaccurate information i.e. misspelled name, invalid address or incorrect birth date, you will want to dispute this information. You need to send a copy of your state or federal id with proof of your address. You will need to state, “this is my correct name, address, date of birth and Social Security number. All others are inaccurate and need to be removed.” Some bureaus state that misspelling of your name or inaccurate variations of your name do not affect your credit so don’t worry about them. This is inaccurate. A long list of names may give a prospective creditor or employer the mistaken impression that you alter or vary your name to obtain credit. It can also make you appear to be a criminal. A long list of addresses can also have a negative impact on a credit application. A lot of different addresses can make you appear shifty or unstable.

Step five

Inquiries are another area that the consumer credit reporting agencies do not want you to dispute. They will tell you that if you believe an inquiry was done in error that you must get a letter from the company that requested the report, signed by a person in authority that states they pulled your credit report in error. It can be difficult to get an agency to admit their error. If accurate, the number and when inquires were reported on your account can point to car shopping, mortgage shopping or personal line of credit shopping. There are a certain number of “hard” inquiries allowed in any 2-year period before they start to negatively impact your credit score. If you didn’t authorize it dispute it. If you see inquiries that you did not instigate it could mean someone was attempting identity theft.

Next Step: Debt Validation Letters

Popularity: 16% [?]

Related Posts

• How to Dispute a Credit Card Charge
• Credit Score Personal Information
• The Negative Impacts of Credit Collection Accounts
• Debt Validation Letters
• Credit Repair Information
• Credit Report Inquiries
• How to Read A Credit Report

Comments