How to Repair Your Credit
One peek at your credit history tells a lot of information about you. It tells your name, your current address, last known addresses, current phone number, social security number, employers- present and past- when you started working for who, what companies you have credit accounts with, what type of accounts they are, how much your spending limits are, if you make your payments on time, and much, much more. There isn’t much that the three major credit bureaus- Equifax, Experian, and TransUnion- don’t know about you.
There are two ways you can repair your credit. You can either do it yourself or you can hire a company to clean it up for you. That’s right. You can clean up your credit report and get the inaccurate information erased. What you can’t do- and neither can any so-called “credit repair company”, is make any legitimate negative information that might be on your report go away.
If you choose to repair your credit yourself, it will take some time. However, the time will be well worth the effort. First, you’ll save money by not paying a company to check, and possibly correct, your credit report. And second, you’ll find out exactly what is on your credit report. Making sure it’s correct can save you time and hassle and rejected credit applications.
So what’s the first step? Well, you are entitled to receive one free credit report per year from each of the reporting companies, Equifax, Experian, and TransUnion. You’re also entitled to receive a free report if any company denies you credit; denies your application for insurance; or, denies you employment because of a negative mark on your credit report. All you have to do is request your credit history within sixty (60) days of the action.
Therefore, the first thing you need to do is to request your free credit report from these three (3) agencies:
1. Call Equifax at 1-800-685-1111; visit their web site at www.equifax.com, or write to them at:
Equifax Information Services, LLC
Disclosure Department
P.O. Box 740241
Atlanta, GA 30374
2. Visit Experian’s web site at www.experian.com, or write to them at :
Annual Credit Report Request Service
PO Box 105283
Atlanta, GA 30348-5283
3. TransUnion
Log onto their website at http://annualcreditreport.transunion.com/tu/disclosure/disclosure.jsp?loc=1470 to find out how to receive your free credit report.
Once you have received your three (3) reports, you’ll need to inspect each one from beginning to end. Look for inaccuracies such as overdue accounts, account numbers, et cetera. You can have erroneous information removed from your records, without any cost to you, if you can prove it is inaccurate.
Make a list of any and all information on your credit history that you believe is inaccurate. Remember, you’re going to need canceled checks, account statements, money order receipts- anything you can offer for proof that an account was paid, or was paid on time, et cetera.
The next step is to notify each reporting agency of the discrepancies you found on the report they issued you. You should do this in writing and save a copy of your letter for your files. Along with the letter, include copies of any proof you have that will support your claim. Tell each agency why you dispute their report and ask them to remove or correct the error. When you mail your letter, make sure to get a “return receipt”.
By law, each reporting agency is required to investigate your complaint. After they have finished, each company must report back to in writing with the results of their investigation. If they agree with you, and your credit report is corrected, they must also provide you with a free copy of your revised credit report.
