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Credit Repair Report, What Is It?

With a credit repair report, you can now begin your own credit cleanup. Find cool information on how to use this report and the credit bureau addresses to get a free credit report.

Have you ever been driving somewhere, knew where you were going, but ended up somewhere entirely different from where you were headed? (Men, of course, have been accused of this over the centuries. However, I take exception...well, I digress!)

This is often how things are with a credit repair report. You think things are going well and are denied your request for a credit card!

Or, things aren't going too well but not so badly that it will affect you financially, or so you think! Then, BAM, your application for a first time home buyers mortgage is rejected! (Guess I should have used that dust-laden road map!)

Credit Repair Report

The point here is that you should arm yourself with knowledge about your credit standing and the ways to dispute any "inaccurate" credit reporting entries.

If you want a professional to do this for you, that's understandable. But, if you want to try this yourself, let's review our road map...I mean, arm ourselves with some knowledge!

Obtain Your Credit Repair Report

There are three major credit reporting agencies which provide credit reports. These agencies are TransUnion, Equifax and Experian.

As a consumer, you are entitled to one free credit report from each of these three reporting agencies each year, for a total of three free credit reports per year. You might ask why this is important. This is advantageous because it allows you to keep an eye on what is happening with your credit standing.

Use These Credit Bureau Addresses To Obtain a Free Credit Report From Each:

TransUnionPO Box 1000Chester, PA 19016-1000

EquifaxPO Box 105069Atlanta, GA 30348

ExperianPO Box 2104Allen, TX 75013-2104

Review Your Credit Repair Report Closely

Once you receive your report, you should review it for any reporting inaccuracies. You have the right under Federal law to repair credit report inaccuracies.

How to do Your Own Credit Cleanup

To do so, you should contact the reporting agency and provide an explanatory letter and documentation which substantiate your request that the information is inaccurate.

Once the reporting agency receives your request for investigation of the inaccuracy, it has a "reasonable period of time", usually considered to be 30 days, to investigate and record the current status of the disputed entry. The credit reporting agency will contact the creditor who reported the negative information and request that they review their file.

If the credit reporting agency has not heard back from the creditor within their "reasonable period of time", the credit reporting agency must delete the negative information. Likewise, if the disputed entry cannot be verified, the credit reporting agency must delete the negative information.

Additionally, if the investigation does not resolve your dispute, you have the right under the Fair Credit Reporting Act to file a statement of explanation containing 100 words or less to explain your reasoning. This statement must be included with your credit report each time the credit reporting agency provides your credit report to a third party.

It is also good to remember that all "true" information may not be erased from your credit file. Any entry which is "true" may remain on your credit report for seven years. In the case of a bankruptcy, the entry may remain on your credit report for ten years. Only time will erase "true" information from your credit file.

What Information is Reported Indefinitely on a Credit Report?

The credit reporting agency may report negative information indefinitely if the request for evaluation is for:

  • a life insurance policy with a face amount of $50,000 or more;
  • the review of an application for employment where the job pays $20,000 or more; and,
  • the evaluation of a credit application where the requested amount is $50,000 or more.

Evaluating your credit repair report on a regular basis is important for first time home buyers. A credit repair report is your road map to successful credit management and targeting that first home loan!

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