Fixing A Credit Report: How Long Does It Take?
Fixing a credit report starts with reading it carefully. 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).
Once you see your report, you’ll know why you were denied credit. However, how can you set things right again? What do you do if you see inaccurate items on your report or ones which you feel to be unfair, even if they are accurate?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. They are required to look into any disputes 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.
Many creditors will not bother to respond to the credit agency if the disputed item is over a year old or if it represents a debt of under $500. Fixing a credit report can be done, even if the items contained are accurate. Even if you can’t have an item removed the first time you try, you are allowed to dispute it again after 30 days have passed.
If you cannot have an item removed, you will be allowed to provide a short explanation of the item (this can be up to 100 words long). This explanation can be up to 100 words in length.
If there is a long history of late payments and defaults, repairing your credit score can be a long term project. However, you can correct some of the problems and provide an explanation for others. This kind of effort will go along way in helping to fixing your credit report .
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