How to Survive the Credit Repair Process

surviving credit repair

There comes a time in your life when everything just piles up one on top of the other. Money for emergency car repairs, groceries, utility bills, clothing and home maintenance bills. You earn so much debt that it feels almost impossible to get out of the hole you have dug up for yourself. Then you see the ads in the paper, online and on television regarding credit repair services and funny thing is that they all make the same exact claims. Is credit repair really that easy? So much so that companies left and right are claiming they can help you out of your rut in no time? Some of the headlines you’ll see are:

“100% Guaranteed your Debt Gone”

“Credit problems? – No Problem”

Save yourself the trouble and save a lot of money too. Chances are they are a scam. The truth of the matter is there is no “quick fix” to attaining creditworthiness. Those that provide such claims without backing it up with a viable plan are totally bogus. Credit repair by Consumer Credit of MN can help you get back on your feet again but it is going to take time, a real conscious effort on your part and commitment to a debt repayment plan.

Know Your Rights

Call your credit card company to survive credit repairThere is nobody that can legally remove accurate and timely negative information from your credit report. You do have a right to request for an investigation, free of charge to information in your file that you dispute as not accurate or erroneous. Here is what you should know according to the Federal Trade Commission:

  • You have the right to a free credit report if a company takes adverse action against you. Actions like denial of a claim for insurance, application for credit, or employment. You need to request for your report within 60 days of receiving notice of action. The notice should include the name, address and phone number of the consumer reporting company. You also have the right to one free report per year if you are out of the job and plan to look for a job within the next 60 days. If you happen to be on welfare, or if the report is inaccurate due to fraud or if you are a victim of identity theft.
  • All of the countrywide credit reporting companies which include: Equifax, Experian and TransUnion are required to offer you a free copy of your credit report once every twelve months. All you need to do is request for it or visit the website annualcreditreport.com. You can request reports from each of the major credit reporting companies at the same time or if you prefer you can stagger your requests throughout the year.
  • There is no cost to questioning mistakes or outdated items on your credit report. The credit reporting company and the information provider are the ones responsible for correcting inaccurate or incomplete information.

Inaccurate Information on Credit Report

Check credit card statement to survive credit repairIf you notice inaccurate or outdated information you can hire a credit repair company to help fix it for you or DIY it by telling the credit reporting company in writing regarding the inaccurate information. Include copies of any supporting document to refute the report and support your position. Make sure you provide your complete name and address and identify each item in the report and then state the facts and reasons for your dispute and request that it be corrected or removed. Be sure to also enclose a copy of your credit report and also circle the items in question. Send your letter via certified mail with return receipt requested. Get this so you have proof that the credit reporting provider got it.

As a rule, credit reporting companies must investigate disputed items within thirty days with the exception that the dispute in nature is frivolous. They also need to forward all the pertinent data you provide regarding the inaccuracy to the organization that offered the information. Once the information provider gets notice of a dispute from a credit reporting company, it is then required to investigate and review all relevant information and then report the results back to the credit reporting company.

Once the investigation is over, the credit reporting company must provide you with results in writing as well along with a free copy of your report if the dispute results in a change for you. If there is any item that is changed or deleted, the credit reporting company can no longer place the disputed information back in your report unless it has been verified as accurate and complete.

Save yourself the trouble of having to go through a complicated process. Call a reputable consumer credit repair provider today.