The Process Of Fixing A Credit Report

May 26, 2008 |

by Chris Channing

Professional help is often needed when trying to fix a credit report problem, but for educated consumers, the process can be more simple and cost effective by doing it by themselves. After all, dealing with a creditor directly and cutting out the middle man can save a large bundle of money.

One can’t fix a report unless they know what’s wrong with it- so consumers must find a way to access their credit report. Many online resources offer free ways to access a credit report, although there are other several paid options that may offer more service to consumers. Either way, this is the first step in fixing a credit report, and can clue consumers in on clerical errors or other serious matters such as identity theft.

As problems are found and solutions are created to remedy the problem, one will need to amass a certain amount of evidence to prove to credit companies there is indeed need to change one’s credit rating. Without proper evidence, credit companies will simply throw any requests out the window- so be sure to be as thorough as possible in obtaining such evidence. This will increase the likelihood of an efficient and quick solution to damaged credit reports.

One common problem that many consumers forget about is the fact that copies of evidence need to be created. After all, sending a credit company the only copy of evidence can prove to be a huge mistake, as mail may not always be delivered correctly or documents may be lost. In that case, consumers should only send credit companies duplicates of the documents they are sending as evidence.

Within the document, a formal letter should be written stating your request and include every possible detail that can be thought of. Once important details are all written down, the document package should be sent via registered mail. At this point, the consumer is done and will need to wait for a reply, in which should take up to 30 days to receive.

Making follow up calls and keeping updated on the status of one’s report is important in ensuring that the credit agency doesn’t brush the request off as something not of importance. The process may take multiple tries, so never be discouraged during the process. While a perfect try may only take a month, many consumers will find that they are waiting a few months just to close a case in regards to their marred credit standing.

Final Thoughts

Consulting a creditor can be a tough process to go through, but it is well worth the financial freedom that will result from a good credit score. It can save hundreds or thousands of dollars in the long run due to lowered interest rates and better deals on financial matters. The effort required to be in constant contact with a creditor for a month’s period will seem rather menial when a consumer can enjoy freedom from debt.

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