It is in fact true that many persons face the very time consuming task of repairing their own credit. Some people have made terrible decisions and have suffered consequences such as income loss, or found themselves overextending. Some consumers have become the victims of unemployment as well. With the current economic situation, it has made it quite hard for these otherwise good citizens to jump back on track.
Some may have late payments. Some people are facing charge offs because they cannot make their regular monthly payments. The credit restoration process is not as hard as some persons may imagine it is. It does take some time and it takes making payments on time for several months consecutively.
First, you need to obtain a copy of your credit report from all three of the major credit reporting agencies. The “big three” are Experian, Equifax, and TransUnion. Its suggested to pull a credit report from all three because information may be different with each bureau which could be disputed for erroneous reporting and possibly eliminated just by submitting a simple dispute letter! Creditors are not required to report to any of the agencies, and often they will report to just one.
Having each of the three bureaus on hand will greatly aid and make repairing your credit that much easier. The F.A.C.T. Act passed allows any consumer a free copy of their report every year and can be retrieved at annualcreditreport.com. They do not ask for any kind of credit card information or any payment info. It is all confidential and give you the official FICO score.
Once you have the credit reports in hand, go over them with a fine tooth comb. Check for any errors such as paid off accounts reporting as delinquent or accounts that you have never opened or used. This is also a good way to check if you’ve recently been a victim of identity theft. Also check for accounts in which the reporting period (7 years) has expired. If you find errors in your report it is essential that you contact the credit bureau to have your file corrected or updated. All bureaus provide the convenience of disputing items online and you can do so while reviewing your credit report.
