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8 Needed Steps to Fix Your Credit Report Fast

Updated on September 30, 2011


There are many people now after this huge financial meltdown in very precarious situations when it comes to their credit reports from the credit reporting bureaus. Since the people in these situations are trying to rebuild themselves back up some of them are finding that they have mistakes on their reports that are preventing them from qualifying for even the simplest of loans. Not surprising is the fact that more than fifty percent of all credit reports have errors on them.

With the decline of your credit score it is essential that you pull your reports at least once a year to look over them. Every time before you make a major purchase so that you know exactly what the lender will see. But to correct those mistakes in the shortest time frame possible here are eight smart tactics to handle your report and correct those mistakes quickly.

1. If you are not very good at keeping records and getting organized this would be a perfect time to refine those skills. Keeping updated daily contact notes from your creditors or credit bureaus about letters sent phone call made is very essential. Always get the name of the person their extension and if possible there badge number or if not the contact details of their manager. These notes and contact information will help you in your endeavors to a higher credit score.

2. When contacting the credit bureaus directly the first thing that you need to do is identify the mistakes in your credit report. Once you have identified them the next step is to fully write out your explanation as to why you think this particular item on your report is in accurate. Each letter that you send for this should be by certified mail because it documents time received and sent and the consumer protection laws are better on your side if the dispute is not settled within a specified time frame.

3. Once you have disputed your action item or items with the credit bureaus there is no direct need at the moment to be in contact with your creditor the laws are on your side where the ball is now in the court of the credit bureaus to prove if it is accurate or not. If you feel that you should contact your creditor then always make sure you inform them in writing some of them will not respond to request unless it is in writing. And make sure you document times and dates sent/received in your note book.

4. If you speak to a call center representative from either your credit companies, mortgage brokers, loan officers, or the credit bureaus. Make sure you write down the name of the individual as well as their badge or phone number. If they either refuse to give it to or are hesitant then ask to speak to a supervisor or manager and remember to get there contact information as well.


5. If you find yourself encountering resistance or not able to get the answers you need from your creditor or credit bureaus you can find out who the main contacts are at their headquarters and write a letter explaining why you are not happy with the current resolution or if you feel there could be more to do on their end to resolve the dispute. Some times when writing a letter of dispute and sending the executives at the bureaus a letter too it speeds up those resolutions so please keep that in mind as well.

6. If you are still not satisfied with the resolutions process and you have all the supporting documentation you can also send all the information over to the Federal Trade commission. You will be quite surprised on how fast the resolution is after they have received your information.

7. Once the dispute is resolved or the credit bureaus have agreed to your request of correcting the mistake that you are reporting. Make sure you also let the people who have pulled your credit report in the last six months including perspective employers who have also seen it.

8. Sometimes dealing with all these entities trying to get a resolution is very time consuming and drains your energy. But, remember never threaten or belittle anyone that you are trying to get to help you if that needs to take place hire someone to argue on your behalf like a reputable lawyer if there needs to be harsher words exchange let them do it.

You need to keep your credit report accurate and up to date with any new or current information for you to have the best possible scores. This will help you greatly when trying to purchase a house or car or even qualify for a new credit card with a great interest rate. This also helps you save thousands of dollars in higher interest rates on loans and a better chance of landing a decent job because you have increased your worthiness as an individual. So if you need to fix those errors please take these smart actions in the correct direction.

 

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