Fixing A Credit Report: How Long Does It Take?
The first step in fixing a credit report is to read it. You can get a free credit report online (just look up “free credit report”). You can get a free copy of your credit report once a year; also, if you are denied credit on the basis of your credit report, you may then request a free credit report from that credit reporting bureau (this must be done in writing within 30 days of the denial of credit).
Reading your credit report should answer the question of why you were turned down. Now that you know this, how can you go about fixing a credit report? What if there is something inaccurate on your report or something which while not inaccurate, is unfair?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. They are required to look into any disputes within 30 days. Be sure to send your dispute by certified mail and include copies of any supporting documentation you may have.
The credit bureau will contact the organization which reported the item in dispute. If the agency does not receive proof that the debt is valid within 14 days, they will remove this item from your credit report. Afterwards, they will send you an updated copy of your report and if you ask them to do so, they will also send a copy to any creditor who has asked to see your report in the last six months. Remember though, you have to ask for this since the agency will not do this otherwise.
Many creditors will not bother to respond to the credit agency if the disputed item is over a year old or if it represents a debt of under $500. Repairing your credit report can be done, even if the items contained are accurate. Even if you can’t have an item removed the first time you try, you are allowed to dispute it again after 30 days have passed.
If a disputed item cannot be removed, you will be allowed to add an explanation of up to 100 words to your credit report; this will be seen by anyone who sees your report. If you had a dispute over a charge, you can briefly lay out the details here.
If there is a long history of late payments and defaults, repairing your credit score can be a long term project. However, you can correct some of the problems and provide an explanation for others. This kind of effort will go along way in helping to fixing your credit report .
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