Originally posted on my website,
Do you know what is in your 3 credit bureau files? Chances are, no.
The first step in credit repair is to obtain all three credit reports. It is best if you obtain them individually, rather than a so called 3-in-1 report.
This is because individually they have more detail such as dates which are important in the credit repair process. A 3-in-1 report is too abbreviated for the repair process.
The three credit bureaus are: Equifax, Experian, and Transunion.
Each of them offer by Colorado Law a free report per year, all you have to do is request this report. Read the fine print, as their sites trick you into a trial subscription instead of the free report you are entitled by law.
The basics of credit repair are simple and is best divided into tasks:
- Get rid or minimize the score impact of negative entries
- Ensure all positive accounts are reporting accurately on all reports
- Improving your credit limit to credit balance ratio
- Establishing new credit (ONLY when needed)
-Get rid or minimize the score impact of negative entries:
This is mainly accomplished by means of accuracy disputes with the credit bureaus or credit reporting agencies (CRA) and also contacting original creditors (OC) and collection agencies (CA) as well. We introduce the acronymns here because there are used extensively on other sites as well.
With your three reports on hand, you want to identify all the negative (derrogatory) entries in each. Some times a trade line (T/L) will only be present in one report, two or if it was reported correctly, all three.
For each of these negative accounts, you need to ask yourself a couple of questions:
Is this really an account or collection that belongs to me?
Is the date listed accurate? (more on dates later..)
Is the status correct? (Paid, Unpaid)
Is the amount correct?
In other words, go over each item carefully and note any problems and any discrepancies between all 3 reporting agency reports. For example Experian might be reporting the account Unpaid, but Equifax reports it correctly as Paid. In that example you would only need to dispute that account with Experian.
I will soon be hosting a credit repair seminar in July, check my website, close-quick.com for dates!