Let’s get a Big Picture View on the Credit Repair Process.
Credit Repair is made possible AND LEGAL by the Fair Credit Reporting Act (FCRA).
In fact, the FCRA gives every consumer (that’s YOU) the right to dispute anything on your credit report, and to demand that any information that you believe to be misleading, inaccurate, incomplete, unverifiable, or untimely to be removed or modified from your credit report.
Simply Put:
if an item that appears on your credit report cannot be proven to be accurate, then it MUST BE REMOVED OR MODIFIED.
This is great news for every consumer who is currently experiencing a bad credit report and has a desire to do something to improve their credit score, because now you know that you have the right, under federal law, to dispute inaccurate information on your credit report.
Now the Fair Credit Reporting Act, or FCRA, may seem intimidating and complicated to the average person, but I can tell you that it is not.
I can also tell you that the FCRA will become more clear to you after you experience, learn, and understand what is happening as the credit repair process moves along.
However, to be fair, you must know that Credit Repair is not a process that can be completed in just a few days.
In fact, Credit Repair is a process that may take a few weeks and may even take up to a few months, so it is important for you to have PATIENCE for you to achieve success with the credit repair process.
You also need to be PERSISTENT because the credit repair process will involve the CREDIT BUREAUS.
Now, the credit bureaus are not only BIG BUSINESS, but they are also BIG WAREHOUSES OF INFORMATION, and an organization that BIG is prone to plenty of potential mistakes and potential errors, and these ‘mistakes and errors’ are what YOU are looking for on your credit reports.
Just so you may have a better understanding as to why being PATIENT, CONSISTENT, and PERSISTENT, are vital to your success, let me give you a brief HI-VIEW breakdown of what you should expect as you go through the credit repair process:
FIRST you will be requesting your credit reports from all three major credit bureaus: Equifax, Experian, and TransUnion.
SECOND once you have received your credit reports, you will take the time to review and identify any and all information which is misleading, inaccurate, incomplete, unverifiable, or untimely.
THIRD you will then write letters to each major credit bureau disputing the item(s) which you judge (or believe) to be inaccurate and submit a written request to make a correction to your credit report.
FOURTH send your dispute letters by Certified Mail… (DO NOT SUBMIT YOUR DISPUTES ONLINE) and set a reminder of 30 days on your calendar to follow-up.
THEN… you sit back and wait…
Yes… you wait for the credit bureaus to respond to your dispute letters.
Your next step(s) will be determined by how the credit bureaus respond (or NOT respond) to your dispute letters.
FIFTH review the response(s) from the credit bureaus.
If you receive a positive result from the credit bureau (meaning a removal or modification in your favor) then you are done with that particular item (creditor).
However, if you receive a negative response from the credit bureau (meaning a challenge to your dispute letter) then follow up with another response letter that challenges the credit bureau response letter.
Credit Repair is a process that requires your PATIENCE and you must be PERSISTENT and CONSISTENT as these attributes will be a BIG determining factor on the types of results you may achieve.
Well, that’s a HI-VIEW from one hundred feet.
Now let’s get down on the ground and get this done.
