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Bad Credit Repair > Bad Credit Repair: Solid Foundation for the Future
Bad Credit Repair: Solid Foundation for the Future |
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If you see any kind of error on your credit report, you should immediately apply for a bad credit repair program. And if you neglect the errors and don't apply for a bad credit repair program, you might not be able to get a good deal on your loans in the future. How would you detect the errors? It's simple. Apply for a copy of your credit report from any of the three major credit bureaus: Equifax, Experian and TransUnion. These bureaus charge $10-$20 to send you your credit report. And you can get them very easily. You can call the bureaus over phone or the Internet. Getting copies of your credit report is the first step toward your bad credit repair program. Once you have copies of your credit profile, check all the personal information. This information includes your name, address, date of birth, social security numbers, sex, occupation, spouse's name, phone number, and occupation. Note any changes that need to be made for a proper bad credit repair. Now that you know what is on your report, the next step is to list the names and account numbers of every derogatory item on your report. Next, you should send a letter to each of the bureaus outlining the inaccuracies and what you would like to be changed. In addition, it is wise to send a copy of the credit report with a circle around the inaccurate information. All correspondence should be sent via certified mail for future records. Additionally, it is important to save a copy of everything that is sent. Once this information has been received, each credit agency must initiate an investigation within a period of 30 days. If an error is discovered the agency is required to send a corrected report to any creditor that had requested a copy over the past six months. This way your bad credit repair effort can be successful without doing anything else. The Fair Credit Reporting Act (FCRA) has made it mandatory for the credit-reporting agencies to provide a copy of free credit report to all the consumers once a year. For this purpose, the FCRA asks the three major credit bureaus to set up a centralized source to provide reports to consumers. The centralized source includes a website www.annualcreditreport.com, the toll-free phone number 877-322-8228 and a mailing address, Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281. Thus, availing the benefits of bad credit repair has become very easy and less time consuming. In order to go ahead in your bad credit repair process, it's necessary for you to apply for your free credit report through the centralized source. But you also have the right to request for a free credit report directly from the credit bureaus under certain circumstances. You may be eligible for free reports if: --You have been denied credit, housing, employment, or insurance based on the information in your credit report within the last 60 days (from the bureau that supplied the information). --Adverse action was taken against you based on information contained in your free credit report. --You certify that you are unemployed and plan to seek employment within 60 days. --You certify that you are receiving public benefits. --Your report is inaccurate due to fraud. How you get your credit report doesn't matter. The crucial thing is that to succeed in a bad credit repair program, you need to obtain copies from all the three credit bureaus on an annual basis. If it is discovered that a mistake has been made then it is important to act immediately. When contacting the creditor and the credit bureaus it is also important to keep records of all correspondence including: dates, times, names, and circumstances. Finally, to accelerate the rebuilding process after bad credit repair, try to leave at least three active credit lines open and behave perfectly with them. Make all payments on time to ensure a better financial life. |
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