The Credit Repair Process in Texas
1. Order your credit report– There are many different places where a report can be ordered. The only truly free website is www.annualcreditreport.com however this is not necessarily the best site to get it. www.c360services.com is a resource site which includes a link to a very good and inexpensive credit monitoring site that includes a free 30 day trial and a credit simulator which will allow you to measure different variables in regards to your credit.
2. Analyze and look for errors– Studies have been done and have concluded that as many as 79% of credit files contain some sort of noteworthy errors on them. We see this problem on a daily basis. One of the main issues being “date fraud” or “reaging” as it is also known. This is the process in which a creditor ILLEGALLY changes the date of last activity on a report so that the item will show recent dates and in turn have a higher likelihood of getting paid. Again we can stress this enough- this is a very much illegal practice and is a direct violation of the FCRA. This is only one type of common credit reporting error which can affect as many as 50% of consumers credit files.
3. Begin crafting your letter– Once you have identified and highlighted the items on your credit report that you feel are questionable it is now time to begin crafting a dispute letter. The key thing to remember is that simplicity is your best friend. Although there are many different types of dispute letters and certain circumstances call for tougher verbiage, most first phase letters should not be overly complex. Identify your issue- state your claim and Cleary request that the item be corrected or deleted according to the guidelines of the Fair Credit Reporting Act.
4. Wait for the responses– After you mail the letters to the 3 major credit bureaus- legally they are allowed 30 days to investigate the dispute letters that you have sent them. During this time frame you simply must wait for the responses for all 3 bureaus to come back to your home in the mail. Once you receive these responses you should review them and determine which items have been deleted or corrected and which ones have not. Any items that were returned as “verified” should be disputed again for further accuracy and validity.
5. Stay organized– Keep a folder with the name of each credit bureau on it and as the letters are returned to you- add them to that corresponding folder. This will assist you in keeping track of the information that is being received from them and will allow you to respond appropriately.
If you are interested in having a FICO Certified Professional assist you in the credit repair process please feel free to request a free consultation from Credit 360 Consulting. We have helped thousands of people restore their good name in regards to their credit and have allowed them to move on with their lives in getting approved for a new home, car or job. Let the professionals at Credit 360 Consulting get your life back on track.