Self Help As Solution to Credit Repair Problem
When your credit report has inaccurate and correct negative information, you've two choices open to you to rectify the mistake and clean up your record. You may choose to hire the services of a credit repair company or decide to rely on your own efforts to delete the false negative information. Assuming you've an aversion for repair companies based on their penchant to demand for payment upfront for services to be rendered or for payment after the service has been carried out, you've to use your personal efforts to solve the problem. Here are steps to take in a self-help campaign to repair and clean up your credit record.
ASK FOR YOUR CREDIT REPORT
Usually, the problem starts when you've been denied an application for a job, credit, insurance, or mortgage due to inaccurate information which is in your credit report. Within sixty days of the notice of the denial, ask for a free report from the reporting company quoted on the notice. You do this by clicking on annualcreditreport.com, or call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
CONTACT THE CONSUMER REPORTING COMPANY
Supported with copies (not originals) of documents related to the offensive item in the report, you write a certified letter to the consumer reporting company, stating the information which you believe to be inaccurate and requesting that it should be corrected through an investigation, not forgetting to provide your name, address, social security number and other relevant information in the letter.
CONTACT THE INFORMATION PROVIDER
Also to be supported with copies (not originals) of documents related to the dispute, you should write a certified letter to the creditor or information provider to the consumer reporting company, pointing out areas of the report which are inaccurate, demanding for an investigation into the matter, as well as calling for the information to be deleted or changed.
WAIT FOR RESULT OF INVESTIGATION
Within thirty days of sending the certified letter, if your argument is considered to be strong enough to warrant an investigation, the consumer reporting company must give you the result of your complaint. It will also provide you with a free credit report if the information which brought the dispute into light has been changed; while the information provider will not report the information again.
CORRECT NEGATIVE INFORMATION
In the case of correct negative information and the fact that you've declared bankruptcy being put in your record, you need the passage of a few years before both information can be removed from your report. The law stipulates seven years and ten years respectively for the removal of correct negative information and bankruptcy. . In other words, you've to live with this unfortunate situation. There is however no time limit for removal where the correct negative information is that you've once been convicted.
Sam Kristen is a Financial expert, who owns credit blog. He regularly writes a blog on credit rating tips and financial issues.
