Credit Report Repair

If you have an error on your credit report or you have bad marks on your credit report there are ways to repair it. Every consumer should periodically request a copy of his or her credit report. The reason you should request and review a copy of your credit report periodically is to monitor it for errors and to be aware of exactly where you stand as a credit risk. There may be items on your consumer credit report that you are not aware of. One source reported that 43% of consumers have an error their consumer credit reports they are not even aware of. As well, you may have fulfilled a debt and it was never removed from your consumer credit. This could result in a bad credit score. The reasons for periodically requesting a copy of your credit report are many and they are important reasons.

It is easy to acquire a copy of your consumer credit report. You can obtain a free copy on the Internet. As well you can contact one of three credit reporting agencies. Three companies exist that report credit to banks, credit card companies and other lenders. The reports that are given to lenders by these agencies are whet creditors use to base their decision on whether to extend you credit or not. The way agencies report credit information is by scoring you. If an error exists or you have bad credit it will result in a bad credit report. This is why it is important to not only request a copy periodically but to repair any errors or bad debts on the report.

There are three agencies that do credit reporting. The agencies are Trans Union, Equifax and Experian. You can obtain copy of your credit report by writing one the three agencies directly as well. Remember you have rights as a consumer. It is your credit report therefore you have a right to see it and know what is on it.

In the event you discover an error on your consumer credit you can repair it. Under the Fair Credit Act you have rights as a consumer.

It is also important that you acquire a copy of your consumer credit report from each one of the three credit agencies. The reason you would want a copy from each agency if that many lenders and creditors report to one credit agency only. The credit reports given to creditors when you are being considered for credit may vary. A particular company may only deal with Trans Union and if an error were reported to them it would not show up on Equifax or Experian yet it would still exist and hinder your chances for securing credit.

Repairing your bad credit report seems like a complicated matter. It can be complicated and confusing indeed, but if you educate yourself and are aware of your rights and what to do it is a much simpler matter. Getting frustrated will not repair your credit report so you need to learn the steps and understand how the process works in order to successfully repair your credit. According to the Fair Credit Reporting Act you have rights as a consumer. One of those rights is to have a bad credit mark on your consumer credit report investigated in a given amount of time. You can call the credit agency and request a matter be investigated. As well you can write a letter. It is highly advised you write a letter as opposed to telephoning the credit reporting agency. The reason is that it is hard to prove a telephone call was replaced. If you write a letter you have a recorded and dated document proving when you contacted the agency. As well having a copy of the letter also proves what you requested as well as when you requested it.

These letters are called letters of dispute. After you send a letter of dispute to the credit reporting agency you have taken an important step in repairing your bad credit report. According to the Fair Credit Reporting Act the credit agency has a specified, by law, amount of time to respond to you, the consumer, and investigate the dispute. If the credit reporting agency does not respond to you or investigate the credit matter within this allotted time you will have to send another letter. In this letter you should enclose a copy of the original letter you wrote disputing a matter on your consumer credit report. In this letter you must state that the credit agency has not responded within the allotted time nor investigated the matter they must remove it. According to the Fair Credit Reporting Act they must remove it.

We are consumers and not attorneys so how do we know what to say in these letters? There are many resources available to the consumer telling you exactly what information you must include in the letter of dispute. Additionally they provide sample letters already written that contain specifically what the law requires you say to the credit reporting agency.

The Fair Credit Reporting act has time restrictions to protect the consumer. If you are attempting to repair your credit it can be a lengthy process but certainly not as lengthy as it would be if this Fair Credit Reporting Act did not exist. It is important for you as a consumer to be aware you have rights as a consumer and you have the opportunity to repair your bad credit report.

One of the most important steps in repairing a bad credit report is to look at your current consumer credit report and know what is on it. By beginning the necessary steps to repair credit you are already on your way. If you have a bad credit report it is essential that you take the necessary steps to repair it. It may seem lie a complicated matter but once you educate yourself on all of your options it seems a much simpler situation. Repairing your bad credit report is necessary and can only benefit you now and in the future.