The 5 Biggest Mistakes People Make in Repairing Their Credit
June 6th, 2008 · 12 Comments · Credit Repair
by Kristy Welsh
Credit Repair is not difficult, but you can shoot yourself in the foot if you don¶t pay attention to a few little things. Here are common mistakes people make which can be easily avoided:1.
Failing to disputing with the credit bureaus FIRST.
n credit repair, always dispute your negatives with the credit bureaus
before doing anything else
. 10-20% of all itemsdisputed in an initial round of disputes fall off. Why not pick off the low hanging fruit in the beginning so you can concentrate on the tough stuff?
n addition, you cannot take legal actionas an individual against companies who are acting illegally by reporting you if you don¶tdispute first.2.
Failing to document your efforts
. You should ideally be keeping notes and dates of all your efforts. Make a note of anyone you speak to, when you send letter, and when you receiveletters. You should all make sure you send your disputes certified mail, return receiptrequested. How to organize is up to you. Putting everything in a notebook is ideal, but a plainµole file folder will do if you just store bits of paper. You don¶t have to get too fancy.Documentation is especially important when you are disputing items with the credit bureaus.Under the Fair Credit Reporting Act (FCRA), credit bureaus have 30 days to get back to you with the results of an investigation on your dispute.
f you do not hear from them, within 30days,
they must remove the item
isputing items online.
Never do this! You will not have any written records of yourdispute (the return receipt), plus, you are making it easy for them by disputing online. Yourdispute will become a two letter code and will be sent (using eOscar) to an offshore computerfor analysis. You will also not be able to dispute specific information
the listing, forinstance, wrong high balance, wrong date account was opened, etc. You will not be able tosend documentation.
n addition, if your name, SSN or address is incorrect, you have to send your request in writing any way.4.
f your credit report is in bad shape, there isn¶t a quick fix. The processtakes time, usually from 6 months to a year.
n addition, some items are extremely difficult, if