Fixing a credit report starts with reading it carefully. You can go online and get a free credit report; just search for “free credit report” to get started. You can get a free copy of your report once a year, as well as when you are denied for credit – you can request a free copy of your credit report from the credit agency which supplied the report to the prospective creditor who turned you down.
One look at your credit report should give you the answers you need on why you were turned down for credit. However, how can you set things right again? What if there is something inaccurate on your report or something which while not inaccurate, is unfair?
You can dispute any item on your credit report by writing to the credit agency. They are required to look into any disputes within 30 days. You should send your dispute via certified mail and include any supporting documentation (for example, canceled checks and the like).
The credit reporting agency then has to contact the source of the disputed item. If the credit bureau does not receive a satisfactory answer within 14 days, they then remove the item from their records and send you a new copy with this item removed. You can request that they send this updated report to any creditors who have seen your previous report in the last six months. Remember though, you have to ask for this since the agency will not do this otherwise.
Many creditors will not bother to respond to the credit agency if the disputed item is over a year old or if it represents a debt of under $500. Repairing your credit report can be done, even if the items contained are accurate. Even when you don’t manage to have a dispute resolved to your satisfaction on the first attempt, you are permitted to submit another dispute after 30 days.
If it is impossible to remove an item that you have disputed, you are permitted to add a brief explanation, which will be visible to anyone who pulls your credit report. If you had a dispute over a charge, you can briefly lay out the details here.
If there is a long history of late payments and defaults, repairing your credit score can be a long term project. Even if this is the case, you can clear up some items and give an explanation of others. This kind of effort will go along way in helping to fixing your credit report .
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