Whenever a consumer misses required monthly payments or defaults on a loan, a negative entry detailing this information will appear on his credit report. The process of removing negative entries such as these is called "credit repair."
There are many significant ways in which these negative entries can affect you. These negative entries will make it harder to be approved for any credit products, such as home loans and credit cards. You can be assured that the financial products for which you are approved will include a high annual percentage rate (APR) and associated monthly and annual fees and charges.
If this is the dilemma in which you find yourself, don't despair! There are a multitude of online companies which, for a fee, will work to rebuild your credit. However, if you don't want to pay the fee associated with these companies, you can venture into credit repair yourself.
Obtaining a copy of your credit report is the first step toward credit repair. This is easily accomplished by contacting the three major credit reporting agencies - Equifax, Experian, and TransUnion - and requesting a copy. Each of these credit reporting bureaus is required by law to provide you with a free copy of your credit report every twelve months. If you would prefer, you can call (877) 322-8228 and request a copy of your credit history. As a final alternative, you can contact one of the many online companies which provide this service.
Review your credit history for any false or inaccurate information when you finally receive it. Be sure to review your credit report in its totality. This means that you should be sure that all information is accurate, such as prior addresses and current and past employment, in addition to the financial information. Your full legal name should be shown as well as your date of birth.
If you find any inaccurate or false information contained on your credit report, you should write a dispute letter to the credit bureau explaining your reason for writing. You should provide all documentation which substantiates your claim. Be sure to keep copies of all correspondence to and from the credit bureau.
The credit bureau has 30 days to verify the credit report entry which is in dispute. If the credit bureau cannot obtain verification within 30 days, it must remove the entry from your credit history. The credit bureau will respond back to you with any actions it has taken with regard to your credit report entries. If the credit reporting agency decides not to revise or remove an item you feel needs to be revised or removed, you should contact the credit reporting agency and request that they let you know how and why they arrived at this decision. This is called requesting a "method of verification."
Though this process can be time-consuming, it is beneficial in order to remove all negative entries from your credit report. This will help to increase your credit score which will help to increase your chances of qualifying for better financial products. - 31377
There are many significant ways in which these negative entries can affect you. These negative entries will make it harder to be approved for any credit products, such as home loans and credit cards. You can be assured that the financial products for which you are approved will include a high annual percentage rate (APR) and associated monthly and annual fees and charges.
If this is the dilemma in which you find yourself, don't despair! There are a multitude of online companies which, for a fee, will work to rebuild your credit. However, if you don't want to pay the fee associated with these companies, you can venture into credit repair yourself.
Obtaining a copy of your credit report is the first step toward credit repair. This is easily accomplished by contacting the three major credit reporting agencies - Equifax, Experian, and TransUnion - and requesting a copy. Each of these credit reporting bureaus is required by law to provide you with a free copy of your credit report every twelve months. If you would prefer, you can call (877) 322-8228 and request a copy of your credit history. As a final alternative, you can contact one of the many online companies which provide this service.
Review your credit history for any false or inaccurate information when you finally receive it. Be sure to review your credit report in its totality. This means that you should be sure that all information is accurate, such as prior addresses and current and past employment, in addition to the financial information. Your full legal name should be shown as well as your date of birth.
If you find any inaccurate or false information contained on your credit report, you should write a dispute letter to the credit bureau explaining your reason for writing. You should provide all documentation which substantiates your claim. Be sure to keep copies of all correspondence to and from the credit bureau.
The credit bureau has 30 days to verify the credit report entry which is in dispute. If the credit bureau cannot obtain verification within 30 days, it must remove the entry from your credit history. The credit bureau will respond back to you with any actions it has taken with regard to your credit report entries. If the credit reporting agency decides not to revise or remove an item you feel needs to be revised or removed, you should contact the credit reporting agency and request that they let you know how and why they arrived at this decision. This is called requesting a "method of verification."
Though this process can be time-consuming, it is beneficial in order to remove all negative entries from your credit report. This will help to increase your credit score which will help to increase your chances of qualifying for better financial products. - 31377
