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Intro: |
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| Stay away from credit repair companies that claim they can "fix" negative information on your credit report for a fee. Anything that can be fixed, you can do for free. Keep careful records when you contact creditors and credit agencies. Save copies of letters, the names and numbers (including extensions) of people you speak with, and all other documentation. You may find that each person you speak with gives different information, and it will help your case tremendously if you have a record of everything. |
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In the U.S., most items stay on your credit report for 7 years (10 in the case of a filed bankruptcy). This extended history makes it imperative to check regularly for mistakes. A quarter of all credit reports contain at least one, including mistaken identity, old or duplicate information, or a host of other incorrect facts. If you find a mistake on your report, fill out a request for investigation form, which should have been included with your report. If you didn't get a form, send the agency a one-page letter instead; include your name, address, social security or citizen identification number, a detailed explanation of the error, and your signature. Also include copies of any supporting documents, such as statements, receipts, checks, and the like. If you don't have documentation, call the appropriate lender and request it. Ask a creditor to remove an item. A creditor can also file a request with a reporting agency to have an item removed from your credit report. However, you'll have to call or write the creditor and request this action be taken. You'll likely have to show the creditor that you've earned this action by having an exemplary track record since the negative item was originally listed on your report. Add an explanation. You have the right to add a 100-word statement to your credit report, which can be useful if your claim is rejected and you still believe a mistake was made. It's also useful if there are circumstances that may explain why, for a period of time, you had financial issues. Be aware, though, that credit agencies have the right to edit your statement, and will do so if it's more than 100 words. Also be aware that your written statement is not automatically removed from your report after 7 or 10 years, like other information. This could work against you, as creditors might not even know of an outdated credit problem if it weren't for your statement. You do have the right, though, to have the statement removed any time you wish by completing a form available from the reporting agencies. Once you submit a request for investigation form, the reporting agency has 30 days to verify it. If you haven't heard anything after that time, send a follow-up letter, along with a copy of the original request for investigation form, to the credit agency, and to your local office of the Federal Trade Commission. (Find the FTC's address by looking in the government section of your local telephone book, by asking a credit and debt counseling service, or by typing "Federal Trade Commission" into an Internet search engine.) If another month passes without a response to your request, or if you disagree with the credit reporting agency's verdict, you have the right--especially if nothing else works--to contact the attorney general's office, or a lawyer, and ask for advice.
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Fix blemishes
