We all have seen a few ads that promise,
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever in 30 days!”
“We can erase your bad credit — 100% guaranteed.”
If you see a company that offers these claims, run…There is no quick fix for creditworthiness.
Many individuals struggle with the understanding that you can improve your credit legitimately, but it is not magic. It takes time, action, and self discipline to be consistent setting up a personal debt repayment plan and sticking to it.
The first step in working on your own credit worthiness is to know your rights.
Your Rights By Law:
If you request it, The Credit Bureaus (Equifax, Experian, and TransUnion) are required to provide you with a free copy of your credit report once every 12 months. Visit annualcreditreport.com to order your free report. You may order reports from each of the three credit reporting companies at the same time, or you can select one every few months throughout the year.
If a company takes “adverse action” against you,like denying your application for employment, insurance, or credit, you’re entitled to a free credit report. The company would normally send you a letter through snail mail or your email explaining this. Once you received the notice, you have 60 days to request a report.
Both the credit bureaus and the company reporting your account 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 credit bureaus.
DIY
If you want to fix your own credit you can start by contacting the Credit Bureau and the Creditor to dispute the inaccurate information.
Use our sample letter to help write your own. When you are writing your dispute letter, 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. Always 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.
According to the Fair Credit Reporting Act, the Creditor must investigate the items you question within 30-45 days — unless they consider your dispute frivolous. If the investigation reveals that the disputed information is inaccurate, the creditor has to notify the credit bureaus so they can correct it in your file and notify you within 5 days of the results.
If an item is changed or deleted, the creditor cannot put the disputed information back in your file unless the information provider verifies that it’s accurate and complete.
If an investigation doesn’t resolve your dispute with the creditor, you can ask that a statement of the dispute be included in your file and in future reports.
Reporting Accurate Negative Information
Most negative account information, such as late payments and charge offs, remain on the report for 7 years and bankruptcy information for 10 years from the original delinquency date. Learn more about this in Fix My Credit: DIY Credit Repair Kit.
Where to Get Legitimate Help
Just because you have a poor credit history doesn’t mean you can’t get credit. Creditors set their own standards, and not all look at your credit history the same way. Some may look only at recent years to evaluate you for credit, and they may give you credit if your bill-paying history has improved. It may be worthwhile to contact creditors informally to discuss their credit standards.
If you’re not disciplined enough to create a budget and stick to it, to work out a repayment plan with your creditors, or to keep track of your mounting bills, or fix your own credit you might consider contacting us about our all inclusive financial membership. We can work with you to solve your financial problems. Our protection plan is designed to support your financial opportunities by implementing positive habits to create and maintain a strong financial future.
If you’re thinking about filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling within six months before you file for bankruptcy relief.
Check out our budget to bucks eCourse to help you manage your money and debt, We will help you develop a budget, and offer free educational materials and workshops.
Join our wait list and Pre-Order today!! Fix My Credit:DIY Credit Repair Kit, a step by step guide on how to fix your credit on your own with dispute letters.
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