Regardless of your credit score and what is showing on your report, there are a number of quick and easy steps that you can take that can help repair your credit. It is never too late. It can end up costing you nothing, but the results can be huge!
To start, you will need to get a copy of your credit reports from all three of the main credit reporting agencies and you will need to study them and go through them thoroughly.
The law entitles consumers to one free copy of their own credit report one time per year from each of the three agencies: TransUnion, Equifax, and Experian.
The FTC, or Federal Trade Commission has a website set up for this at www.annualcreditreport.com. This is the “official” site for the free reports. Many of the other sites that are offering this are using it as a bait and switch and they will try to get you to purchase additional things that may not be necessary.
When you get your reports study them line by line.
The reports will include a “dispute” form that you can use to dispute erroneous information or they will also provide you with a web address.
Make a note of every inaccurate, outdated or incorrect entry so that you can dispute those items. Fill out a dispute form with the corrected information, or the reason why it is inaccurate, such as a debt that has already been paid but is still being listed.
By Federal law, after receiving a dispute, the credit bureaus have up to 30 days to verify the accuracy of the information. If they fail to do so or fail to do it within the 30 day time period, they must remove those entries completely from your credit report.
With this one simple step, some of the negative information can be removed from your credit report. Since that information is no longer contributing to a low credit score your score may go up immediately, sometimes by hundreds of points!
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