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The Official Guide For Repairing Your CreditWhen Credit Repair is NeededPeople tend to forget about their FICO score until it’s too late. It’s not until they are applying for a new credit card or attempting to secure a mortgage or car loan that they realize something is amiss. Your unfortunately low score can result in one of two situations:You’ll pay absurdly high-interest rates. You’ll flat out be denied the loan or line of credit. Let’s use simple numbers here for the sake of the example. Receiving a 9% interest rate instead of a 6% rate over the 30-year lifetime of a fixed mortgage can cost you as much as $800 extra per month depending on the size of the loan. Multiply that out and you’d have paid $288,000 more in interest than you would have otherwise.This is why you need to repair your credit now, especially if you anticipate any larger purchases in the near future.1: Receive All Three Free Credit ReportsAs mentioned above, you are within your rights as established by the Fair and Accurate Credit Transactions Act (FACTA) to receive your credit report free of charge once per year from each of the three main credit bureaus. Use the resources below to obtain copies of each.Request your reports onlinePrint and mail the request formPhone: 1-877-322-8228 – Request your report by phoneView your reports via Credit Karma or Budget Tracker & Planner2: Review All Details and ItemsNow that you have all three reports, plan out a solid portion of your day to cross-reference and audit each of them. You have two main goals during this step.First, make sure all of your information is correct with the reporting agency and the company providing the information.Second, meticulously go through every item to find any mistakes, miscalculations, or absence of information. Remember, each report will list out potential problems apart from other items. You will want to resolve these but don’t assume that these are the only issues.Finally, double-check everything to find what the bureaus did not.You will find information regarding your identity, including your:Past addressesEmployment historyNames and aliasesSocial Security numberAll types of accounts you have with various companies (including any bank accounts or loans)Any account ever sent to a collection agencyThe number of times you’ve requested a new line of credit or loanEvery time you or a company or another organization requested to see your reportAs you navigate through these items, your goal is to analyze certain areas to find incorrect or missing data. Foremost, look at the potentially negative items listed in their own section, which are typically missed payments. If any appear that shouldn’t make note of these as they are the most damaging to your score. Look at all of your open accounts and ensure the ages of the accounts and the standings are accurate. Older accounts in good standing are very beneficial to your score, so in the future don’t be eager to close any old accounts, or you’ll be deleting the proof that you’re capable of responsibly managing your credit lines. Make sure all of your accounts appear on the report because having a variety of account and associated payment structures will boost your score as well. Finally, ensure all of your credit limits are reported accurately.Credit Marvel Tip:If you find evidence of fraudulent use of your credit, immediately contact the credit bureaus to set up a fraud alert. This forces lenders to contact you to confirm your identity before allowing you to open a credit account with them. And, if someone has stolen your identity, this could hinder the continuing problem. You can also freeze your credit reports until you’ve managed the credit restoration process and repaired your report to full correctness.Experian’s Sample Credit Report3: File Your DisputesAt no cost to you, you can file your disputes with each agency. In turn, they must investigate each item within 30 days.Take advantage of how the law functions by not contacting each agency about each problem or reaching out to each information provider. The agency’s investigation will include the information provider, and if a correction is to be made, the information provider must contact each agency themselves to provide the correct data.Use the sample letter in the resources below as a template for your dispute. Please remember to never include the original copies of any documents that contain your proof of inaccuracies. Keep these for your records and supply only copies of these documents.You can also send a copy of your credit report with each problematic area highlighted and numbered in accordance with your dispute letter. Also, consider sending your letter by certified mail with a return receipt requested. This will provide proof that the dispute letter and accompanying documents were delivered.More Resources:Sample letter for disputing credit report errorsFile a dispute with ExperianFile a dispute with EquifaxFile a dispute with TransUnionStep 4: Wait for a ResponseThe credit bureaus and lenders must investigate and respond within 30 days. This means you should wait at least 45 days for any mail documents to arrive. A response will contain one of two replies for each disputed item: the inaccuracies were removed or they disagree with your claim. If they disagree, do not give up. Attempt to find more documentation supporting your position and contact the reporting agency again.For any items that are successfully removed, you will be provided another copy of your updated credit report. Legally, any items changed or removed cannot be restored to the original version without proof from the information provider. The provider must also contact you first about this proof. You may also request that the credit bureaus send notices of these corrections to any potential lender that requested your report in the last six months.Another Credit Marvel Tip:If the dispute is denied because the lender believes the information they provided is accurate, you can place a statement of dispute on your credit report. This won’t change your score, but it will give you the opportunity to let future lenders know that inaccuracies exist and to consider these when determining whether to offer you credit. These statements of dispute remain on your credit report for two years.That’s it!Follow all of the steps above with patience and diligence and you’ll have done all that can be done in the credit repair side of increasing your FICO score. It’s a lot of work and takes quite a large amount of time. If you don’t want to be bothered with it, we’ve provided a list of trusted credit repair professionals below that you can consult. They can manage the entire credit repair process for you, so you don’t have to get lost in this mess of paperwork and potential headaches.Consult a Credit Repair ExpertWhile a guide such as this one can make the process of credit repair easier, there’s no such thing as easy or quick credit restoration. The ordeal requires patience and focus to do well. Many people decide they don’t have it in them or would rather just not spend the time. However, if you have problem fixing your credit i advice you seek the help of a professional credit repair personnel to assist you in getting your credit fixed in real time, There are obviously many steps to apply when fixing credit on your own. I would recommend you reach out to George Gibbs here on quora and contact him via email in his bio, He is so effective and professional. I got my credit fixed very fast with his help and he has been helping so many people too and I would recommend you reach out to him .

Let me start by introducing you to Fair Credit Reporting Act. The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and compels them to insure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history.The FCRA is chiefly concerned with the way credit reporting agencies use the information they receive regarding your credit history. The law is intended to protect consumers from misinformation being used against them. It offers very specific guidelines on the methods credit reporting agencies use to collect and verify information and outlines reasons that information can be released.The law was passed in 1970 and amended twice. It is primarily aimed at the three major credit reporting agencies — Experian, Equifax and TransUnion — because of the widespread use of the information those bureaus collect and sell. The law also applies to banks, credit unions and agencies that sell medical records and check writing or rental history records, as well as any businesses that use information on credit reports for hiring purposes.The FCRA has come up often in media reports because advocacy groups question the accuracy of the information credit reporting agencies gather and consumers’ ability to dispute that information and have it removed from their credit report.What Are Credit Reporting Agencies?Credit reporting agencies (CRA) are responsible for gathering, processing and archiving credit information on consumers. The CRAs have information on more than 200 million Americans. They sell that information to help businesses make decisions about granting loans or credit.The agencies collect information on every consumer’s use of credit and their bill-paying habits. The data comes from “information suppliers,” or any business that extends credit to customers. Information also is taken from public records like court judgments and bankruptcy filings. Information suppliers transmit consumer credit information electronically to the credit reporting agencies on a continuous basis, thus credit reports could change almost daily, depending on the level of a consumer’s activity.The CRAs feed the data they receive into their own set of algorithms to come up with a score that predicts a consumer’s creditworthiness.CRAs do not make decisions on whether consumers get a loan. That decision is made by banks, credit unions, mortgage companies or card companies that extend credit. The information from the CRA is used to set the interest rate and conditions for a loan.Basic RightsThe FCRA provides a list of consumer rights regarding individuals’ credit history information.Under the Fair Credit Reporting Act, you have a right to:Access to Your Credit Report – The act requires credit reporting agencies to provide you with any information in your credit file upon request once a year. You must have proper identification. You have a right to a free copy of your credit report within 15 days of your request.2. Protected Access – The act limits access to your file to those with a valid need. That would usually be banks, insurance companies, employers, landlords or others doing business that involves offering credit. You also have the right to know who has requested your credit report in the last year or, for employment-related requests, two years.3. Accurate Reporting – If inaccurate information is discovered in your file, the consumer reporting agency must examine the disputed information, usually within 30 days. If the inaccurate information cannot be verified, the consumer reporting agency has a responsibility to remove it. If you are not able to clear up the matter, you are allowed to add a statement to your credit file explaining the situation.4. Have Outdated Information Removed – Negative information must be removed from your file after seven years. Bankruptcy, however, may remain on record for 10 years, and criminal record information can remain indefinitely.5. Maintain Medical Information Privacy – You are protected from having medical information in a consumer report, as creditors are prohibited from obtaining or using medical information when making a credit decision.6. Limit Unsolicited Credit Offers – The law allows you to request to have your name and address removed from unsolicited prescreened offer lists for credit and insurance. To opt out of such correspondence, call (888) 5-OPTOUT (888-567-8688).7. Protect Your Personal Account Numbers – Businesses are notpermitted to publish full credit card numbers on receipts. The law also allows you to protect your Social Security number by having it truncated on your credit report.8. Receive Notification of Possible Negative Information – You have the right to be notified if any financial institution submits, or plans to submit, negative information to a credit reporting agency. This information may be included in a billing statement or a notice of default.9. Seek Damages – You have the right to sue and seek damages in a state or federal court from anyone, such as a consumer reporting agency or a user of consumer reports, who violates the Fair Credit Reporting Act.10. Know When Your Credit Report Is Used Against You – If you are denied credit, insurance or employment because of your credit report, you can ask for the specific reason for the denial.11. Know Your Credit Scores – You have a unique credit score with each credit bureau, which you can request. In some cases, you may be required to pay for this information.In summary, it is fair and legal (backed by law) for credit bureaus to gather your financial information and make it available when needed with a token.If you need more clarification or issues with your credit and in need of professional assistance, do not hesitate to contact me through the email in my bio.

By regulation, all three major credit bureaus are required to provide an annual free credit report, so you can make request online at TransUnion, Equifax and Experian websites.