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The Process Of Fixing A Credit Report

May 27, 2008
There comes a time when fixing a credit report is a very real possibility for many consumers. Fixing a credit report is often a lengthy and arduous process, but doing so on one's own can help save money and give consumers more flexibility in fixing their financial score.

One can't fix a report unless they know what's wrong with it- so consumers must find a way to access their credit report. Many online resources offer free ways to access a credit report, although there are other several paid options that may offer more service to consumers. Either way, this is the first step in fixing a credit report, and can clue consumers in on clerical errors or other serious matters such as identity theft.

The next step in improving one's credit score is to obtain evidence to send to the credit companies. Without proper evidence, nothing will be changed. Thus, as much as possible will need to be included in the document being sent. If one claims a clerical error, proof of the error must be obtained by the lender. If it as serious as an identity theft case, a police report or court case will likely be sufficient in proving error.

One common problem that many consumers forget about is the fact that copies of evidence need to be created. After all, sending a credit company the only copy of evidence can prove to be a huge mistake, as mail may not always be delivered correctly or documents may be lost. In that case, consumers should only send credit companies duplicates of the documents they are sending as evidence.

Within the document, a formal letter should be written stating your request and include every possible detail that can be thought of. Once important details are all written down, the document package should be sent via registered mail. At this point, the consumer is done and will need to wait for a reply, in which should take up to 30 days to receive.

Making follow up calls and keeping updated on the status of one's report is important in ensuring that the credit agency doesn't brush the request off as something not of importance. The process may take multiple tries, so never be discouraged during the process. While a perfect try may only take a month, many consumers will find that they are waiting a few months just to close a case in regards to their marred credit standing.

Final Thoughts

Consulting a creditor can be a tough process to go through, but it is well worth the financial freedom that will result from a good credit score. It can save hundreds or thousands of dollars in the long run due to lowered interest rates and better deals on financial matters. The effort required to be in constant contact with a creditor for a month's period will seem rather menial when a consumer can enjoy freedom from debt.
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