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Credit Repair Drill

Credit Repair Drill

Putting your credit pieces back together

Dealing with Credit Bureau

What is a credit report?

Now that you know the value of good credit, you can begin making changes to your current financial planning. The best things you can do are simple.

It is essential to understand that Credit Bureau are nothing more than record keepers.

Simply put, they keep a record of who has given you credit, when they gave you credit, how much credit you are given and whether or not you paid it back on time. When you want to obtain credit cards, loans, financing for a car or home, leases, apartments and sometimes even employment, the lender or bank will check your credit to see your financial history.

Credit Bureau are paid by the people who request your credit file. Credit Bureau have no legal power over you so don't be intimidated by them. Due to the tremendous amounts of information on their computers, their method of storing information is very basic and ridden with many errors. Since the bureaus have made so many errors in the past, all Federal Laws regarding credit information are very much in your favor.

Crucial Strategies

The only thing you legally need to supply the Credit Bureau for a copy of your report is your name, your social security number and a legal mailing address (P.O. Box is a legal address). If you don't want to chance harassment by creditors at any time, it may benefit you to acquire a P.O. Box.

NEVER give Credit Bureau more information than they need!

The bureaus also have a right to request a copy of your social security card, but only give a copy of the front. They also may request a copy of something showing your address if it is different than what is showing on the report. Send them a billing statement that has your address. Do not send them a copy of your driver’s license as they request.

Remember these bureaus are information-gathering companies who sell your information, not only for credit, but also for promotional reasons.

Before going any further, you should have copies of your current credit reports. If you don't, request one from the 3 major bureaus.

The Credit Bureau must send you copies of your credit file, free of charge if you were recently denied credit. They will also provide you with one free copy each year.

When contacting the Credit Bureau, follow these guidelines

Do not use letterheads

Do not photocopy a fill in the blanks form letter

State the item you are disputing, but do not use dispute forms or file numbers provided by the bureau. This will cause fewer delays by the credit bureau asking for clarification.

You can dispute mistakes or outdated items for free. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.

Patience

Disputing items on your credit report is not an easy task, you will need a great deal of patience and you will also need to be persistent and not give up. Don’t take “No” for an answer! If you want the negative items off your credit report, don’t just take your first answer and give up. In fact in most cases when it comes to fast credit repair, persistence is what triumphs. Just keep disputing and eventually you will win. Remember the credit reporting agencies are required by law to investigate your disputes, so don’t let them bully you into thinking that it is not possible to have things removed from you credit report.

Note: You can add an explanation to your report. If there is a good reason why you weren’t able to pay bills on time (job loss, sudden illness, etc.) or you refused to pay for something because of a legitimate dispute, give the credit bureau a short statement to include in your file.

Understanding Credit
DIY Credit Repair
Negative Items

Related Content

How to order a free credit report Dealing with Credit Bureaus
How to repair bad credit yourself Profile of a Perfect Credit
How to Improve your credit score Credit & Marriage
How to dispute negative credit Know your legal rights

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Released Jan 14, 2014

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Last Updated May 16, 2019

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Tip of the day!

NEVER give credit bureaus more information than they need