Credit repair is increasingly becoming a sought after service as more and more people are realizing the benefits of having a good credit. That’s probably the reason why everyday a new credit repair company crops up with a promise of erasing bad credit so that the consumers can avail a home mortgage, car loan, insurance, or even a job. But the truth is most of these companies ask hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money. Credit repair can most often be accomplished by yourself; all you have to do is to implement the guidelines that are stated below.

Get your credit reports

• As per FCRA the three nationwide credit bureaus are obligated to provide you a free copy of your credit report once every year at your request. If you are interested to get your report more than once a year, then you can buy it from the three nationwide credit bureaus.

Check for errors

• It is a well-known fact that millions of Americans have inaccurate or outdated information on a credit report. These errors on your report can cost you and should be corrected as soon as possible. It should be noted that the credit report agencies are not obligated to fix up the errors and provide accurate information on the reports. They are only concerned with recording the information presented to them by creditors, on your credit files. So, it’s up to you to see that your report is clean.
• If the negative information included in your report is true, then it can be only improved by time and changed spending habits. Late payments and charged-off accounts remain on your report for seven years; bankruptcies stay for up to 7 to10 years.
• If the negative information included in your report is false then you should immediately dispute it with the credit bureau as well as the information provider.

Dispute false, inaccurate and incomplete information with the credit bureau

• Notify the credit bureau in writing about the information you think is inaccurate in your report. Send the letter with copies (not originals) of documents that support your position. In the dispute letter you must

	1. Provide your complete name and address.

	2. Clearly identify each item in the credit report you are disputing.

	3. State the facts and explain why you are disputing the information

	4. Request that it be removed or corrected appropriately. 

• If you want then you can enclose a copy of your report with the disputed items highlighted or circled for ease of processing.
• Ensure that you send the dispute letter via certified mail with a return receipt request.
• Once the CRA receives the dispute letter they must start reinvestigating the items in question--usually within 30 days. They must also forward all the relevant information you provide about the items in dispute to the information provider. When the information provider gets the dispute notice from the credit bureau, it must reexamine and review all the data provided by the CRA, and notify the results of the investigation to the CRA. If the information provider finds the disputed items to be false and inaccurate, then it must notify the credit bureau so that they can correct this information in your file.
• In case of disputed items being changed then the CRA must provide you the written results and a free copy of your report.

Dispute the false, inaccurate and incomplete information with the information provider as well

• In addition to writing to the credit bureau, you must also notify the information provider in writing that you dispute an item. Again, include copies of documents that support your standing. Send the dispute letter via certified mail with a return receipt request. If the provider still reports the disputed item to any bureau then it must also include a notice of your dispute.

Flip through the related articles section to know more on Credit Education

• Warning signs of credit repair scams

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