Understanding Credit Repair
Let us help you learn more about credit repair. If you have poor credit, chances are you may be denied for a credit card, loan, or even an apartment rental. Credit repair companies help improve your credit report and credit score by working with the credit bureaus to correct mistakes. There is a nominal fee for this service, and credit repair companies are heavily regulated to ensure consumer confidence.
I’ll do it myself you say, but credit repair harder then most people realize.
Yes, you can do it on your own, with hard work and persistence. Or, you can get help using one of Creditly’s partners guiding you every step of the way. If you need a boost in your credit score, we recommend reviewing your credit file and fixing any errors you find. The best loan rates are reserved for good credit scores, which means you save money. Sometimes it pays to keep that credit file clean and up to date.
A person’s credit score is a key factor in determining the interest rates you pay for cars, mortgages, credit cards and other loans and in fact, it may prevent people from even being approved.
See below for Creditly partners that can help you get that score cleaned up. We’ve also included a guideline for doing it yourself.
- Lexington Law is a trusted leader in the credit repair industry.
- They have helped hundreds of thousands of Americans work to improve their credit by working to ensure that client credit reports are fair, accurate and substantiated.
- We have assisted more clients in their fight for fair credit than any other credit repair company or firm.
- When you’re dealing with something as important as your credit, you don’t just want someone good on your side. You want the best.
- Credit Repair is a process that has been developed, refined and proven over many years and thousands of customers.
- It’s people who are not only experts in the credit repair field but also experts at helping individuals meet their credit goals.
- For a number of years, Lexington Law Firm has led the credit repair industry.
- Unmatched in credit repair knowledge, technology, and regulatory compliance, we stand alone at the top of the field.
- Lexington Law Firm has led the charge to bring ethical and effective credit repair services to consumers.
- Your first step to becoming debt free.
- Connect with a debt relief provider who can help.
- Free, no obligation consultations available.
- Get started now!
- Owe $10,000 or More in Credit Card Debt
- Let us help you get out of debt.
- We provide clients with our expertise and proven results.
- Get relief now!
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Credit Repair – The Good, Bad and Ugly How To Get It Done Right
How To Start the Credit Repair Process for the DIYers
Step 1 is getting your credit report.
You’re entitled to a free credit report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. Also, you have to ask for your report within 60 days of receiving notice of the action. The notice includes the name, address, and phone number of the consumer reporting company. You are also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
- Each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. To order, visit annualcreditreport.com, or call 1-877-322-8228. You may order reports from each of the three credit reporting companies at the same time, or you can stagger your requests throughout the year.
Step 2 is all about finding errors.
It doesn’t cost anything to dispute mistakes or outdated items on your credit report. Both the credit reporting company and the information provider (the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights, contact both the credit reporting company and the information provider.
Step 3 is to tell the credit reporting company, in writing
Tell the credit card company what information you think is inaccurate. Use our sample letter to help write your own. Include copies (NOT originals) of any documents that support your position. In addition to including your complete name and address, your letter should identify each item in your report that you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a copy of your report, and circle the items in question. Send your letter by certified mail, “return receipt requested,” so you can document that the credit reporting company got it. Keep copies of your dispute letter and enclosures.
Step 4 is to stay on track with the laws.
Credit reporting companies must investigate the items you question within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider gets notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the investigation reveals that the disputed information is inaccurate, the information provider has to notify the nationwide credit reporting companies so they can correct it in your file.
When the investigation is complete
When the investigation is complete, the credit reporting company must give you the results in writing, too, and a free copy of your report if the dispute results in a change. If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it’s accurate and complete. Also, The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider. If you ask, the credit reporting company must send notices of any correction to anyone who got your report in the past six months. You also can ask that a corrected copy of your report be sent to anyone who got a copy during the past two years for employment purposes.
Ask that a statement of the dispute be included in your file
If an investigation doesn’t resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to give your statement to anyone who got a copy of your report in the recent past. You’ll probably have to pay for this service.
Tell the creditor or other information provider, in writing, that you dispute an item. Include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if the information is found to be inaccurate, the provider may not report it again.
Reporting Accurate Negative Information
When negative information in your report is accurate, only time can make it go away. A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. The seven-year reporting period starts from the date the event took place. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance.
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