Today, millions of people have bad credit. For these individuals, a number of methods are available to get the credit repaired but determining the best method to credit repair needs to be determined before you can take action. First, we believe the best method to credit repair is not getting sucked into scams, which are relatively common. How to you spot these – pay attention to specific claims such as “We can erase your bad credit, 100% guaranteed”, “Create a new credit identity, quickly and legally”, or “We can remove judgments, bankruptcies, tax liens and bad loans from your credit file forever!” Anything type of over-the-top claim like these should raise red flags!
Instead of being swallowed up by people willing to take your money but do nothing in return, stand tall and proud, save your money, and handle the correction of the credit report yourself or work with a reputable, credit advisory service. The best method to credit repair is taking an honest approach but one backed by the Fair Credit Reporting Act. Remember, no one can legally remove timely negative or accurate information from your report. However, the law does allow you to review your credit entries and then file a formal dispute if the information being reported is inaccurate or erroneous.
The best method to credit report starts with you being entitled to a free report if you were denied credit. That means if you applied for a credit card and were denied, you can go to the reporting credit bureau, either in a written request or online through their website, and request a copy. If you have not been denied credit, you can still obtain a copy of your current credit history but for a minimal price. In addition, you can request a copy of your report if you are unemployed but plan to search for a job within 60 days, if you are on welfare, or if you have wrongful information because of fraud to include identity theft.
Continuing with the best method to credit repair, once you have received your copy of the report, we recommend you take a pad of paper and pencil and begin to make a list of everything on the report that is wrong. For instance, if a company is reporting an open account that was paid off months ago, that would need to be corrected. If you have never been late on a payment for a specific credit card but the report shows late payments that too would be something to dispute. In addition to things that are obviously being reported incorrectly, make sure nothing is on your report that does not belong to you, perhaps credit belonging to an ex-spouse or someone you do not even know.
After you have made a list of everything inaccurate, use your records to confirm the right information. With that in hand, you can log onto the credit bureau’s website and file an online dispute or you can get the address from the website and write a statement of 100 words or less, identifying the error and making demand for it be corrected. Keep in mind, there is a wrong and best method to credit report. By following the rules, you will get faster and better response to your inquiry. That means sticking to the 100 words or less rule. Although you might have more to say, keep the dispute brief and to the point or it will not even be read and you will have to start all over.
The best method to credit repair means telling the credit bureau not only what is wrong but providing them with copies of proof. In this case, if you have paid off a credit card and have the latest statement or letter showing the account was paid off in full, then send a copy along with the dispute. We also recommend that you circle or highlight with a marker the items on a copy of the credit report itself, sending this along with your dispute statement and copy of proof. Then, make sure you send your information by certified mail with a return receipt requested. With this, you can document that your information was received and since the credit bureaus must respond within 30 days, you are now armed should they fail to comply.
Finally, the best method to credit repair is to also tell the creditor reporting the information to the credit bureau of their mistake. Let us say you have a credit card to a major department store. You had a balance of $500 but over the year, you have paid the account down to $100, never being late on a payment. However, one of the reporting agencies is showing you owe $300 and that you had two late payments. In addition to bringing this to the credit bureau’s attention, the creditor must also be advised that they are reporting inaccurate information. Then, check your credit report from all three bureaus (TransUnion, Equifax, and Experian) since most get information from different creditors and check it at least twice a year.
