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Tuesday, February 24, 2009

Fixing A Credit Report: What You Can Do

By iFixCreditReport

Fixing a credit report begins with looking closely at this document. You can get a copy of your credit report for free online; just search for free credit report. You can get a free copy of your credit report once a year; also, if you are denied credit on the basis of your credit report, you may then request a free credit report from that credit reporting bureau (this must be done in writing within 30 days of the denial of credit).

Reading your credit report should answer the question of why you were turned down. Now that you know this, how can you go about fixing a credit report? What if there is something inaccurate on your report or something which while not inaccurate, is unfair?

You can dispute any item on your credit report by writing to the credit agency. They will have to investigate within 30 days. Send your request by certified mail along with copies of canceled checks or any other documents which support your dispute.

In the course of their investigation, the credit agency has to contact the business which reported the inaccurate item. If the credit bureau does not receive a satisfactory answer within 14 days, they then remove the item from their records and send you a new copy with this item removed. You can request that they send this updated report to any creditors who have seen your previous report in the last six months. You need to ask specifically for this, since it is not done automatically.

If the item is over a year old or amounts to less than $500, many creditors will see it as not worth their time and will not respond to the credit reporting bureau. Fixing a credit report can be done, even if the items contained are accurate. If you dont manage to have the item removed the first time, you can submit another dispute in 30 days.

If it is impossible to remove an item that you have disputed, you are permitted to add a brief explanation, which will be visible to anyone who pulls your credit report. This explanation can be up to 100 words in length.

If there is a long history of late payments and defaults, fixing a credit report can be a long term project. However, you can correct some of the problems on your report and provide an explanation for others. This will provide some improvement on your report even as you make the effort to get your credit back into good shape.

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