We all have credit blemishes on our reports. Some of us worse than others. You as a consumer fall into one of only a few categories with regard to the current state of your credit. Its either fantastic with just a blemish or two, it’s in a state of disarray and need help, or its absolutely horrid and needs a complete re-haul.
It doesn’t matter where you fall in the list or how you got there, the bottom line is having the ability to remove these bad marks, your or not, is truly an asset. Even if your Mr./Mrs. Perfect you will someday be faced with at least an error on your report and knowing the steps to remove such an error is quite necessary.
As far as getting items removed or updated, there are no guarantees. With a little understanding of the process you will be shocked at what you can accomplish. Remember that an improvement on your credit reports can save you a lot of money. Better interest rates over your lifetime could add up to millions of dollars in savings.
Ok so in order to start the process the first thing you need is a current copy of all 3 of your credit reports. Fixing one report isn’t enough. Order your reports from Experian, Trans-union, and Equifax. When you receive these reports you will need to look at each item and identify the ones that hurt. Now we simply challenge the accuracy of these bad marks.
Again simple common sense tells us that if its a large unpaid recent debt, then someone will likely respond and they are likely to call you as well. This call should be welcome, it’s a chance to negotiate the debt pay it, and then re-challenge the accuracy of the information. (Follow me here.)
Motivation on the part of the creditor is what it’s all about. Some will respond to anything but most will respond only when there’s an underlying benefit, like getting paid. If the bad mark is a settled debt, or very old then the creditor / collector may not be inclined to stop what they are doing to reply to the bureaus.
At the point that the bad mark becomes settled then there is no real benefit for the creditor to respond to your challenge. I’ve seen a 70% success rate at this point. Beyond that it’s a matter of thoroughly challenging the mark.
*You can use a separate document noting the account, and account numbers or simply write directly on the report. Ask the bureau to remove the incorrect information as it’s inaccurate and to please verify the inaccuracy and update you as to the results.
The steps to clean credit are a lot of fun. Experiment with your credit reports and you will see some amazing results. You should even consider offering the service to your community, you can make some good money helping others fix their bad credit.
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