Do It Yourself Credit Repair

October 24, 2009

As you peruse this blog, you’ll find multiple strategies for repairing your credit and I will share all of them that I know.

The oldest and most common method that you will read about is probably the “Dispute Process”.

You see, according to the FCRA (the Fair Credit Reporting Act), you have the legal right to dispute negative entries on your credit report and fix your own credit — and the big 3 credit bureaus are OBLIGATED to investigate your disputes.

Not only that, but they are required by the FCRA to complete their investigation within 30 days and report back to you on their findings, letting you know what the results are.

Basically what you’ll be doing here (after you have attained your Free Credit Score with reports) is researching your 3 credit reports and doing a side by side comparison to see what negative entries you have in all 3 reports.

You should list these negative entries down for yourself — or even use a spreadsheet with a column for each of the big 3 credit bureaus, such as this one so that it is easy to keep track of which negative entries each bureau has on you.

You might be surprised to find that one bureau reports no negative entries whereas the other 2 DO report them.  Trust me when I tell you that these companies are by no means perfect!

Using a spreadsheet will help you keep track of those entries, and you can even add a couple columns to track when you do your disputes(this will be important later).

So, once you have all your negatives entries listed out it’s time to begin disputing those entries.

Some pointers here…

1) Disputing entire accounts could weaken your credit score so if you have an account with one 30 day late, rather than dispute the entire account (or tradeline) just dispute the 30 day late entry

2) Don’t dispute using the online dispute process at any of the bureaus — use a physical letter so you can send it certified mail for tracking purposed and make sure you get your reply back from the bureaus within the required 30 days.

3) You CAN dispute ANY negative entry on your credit report to fix your credit.

4) Don’t dispute all of your negative entries at one time.  To do that might be considered frivolous by the credit bureaus and will likely result in a standard ‘frivolous’ letter back from the bureaus with no actions taken.

5) Provide a reason for your dispute of each negative entry but don’t be very specific.  If you have a collection account with a specific amount showing as owed and you paid it off, don’t say, “I only owed X dollars and I paid this.”  Instead, try something along the lines of “This entry is not accurate.”

This should help get you started with the standard Dispute Process.  If you don’t have a dispute letter you can send them, try using this text below:

Today’s Date

Name of Bureau
Address
City, State, Zip Code

To Whom It May Concern:

I recently obtained a copy of my credit report, which contains inaccurate or outdated information reported by your company.

I request that you investigate the following items and respond to me within 30 days of your receipt of this letter, in accordance with the Fair Credit Reporting Act, 15 USC section 1681i. For your reference, I am enclosing a copy of my recently obtained report and other documentation that supports my request.

*Fill in the appropriate information indicated in parentheses below*

The following account does not belong on my credit report:
(creditor name, account#, reason why the account should be removed)

The following account is described erroneously and needs to be corrected:
(creditor name, account#, description of what is wrong and how it should be corrected)

When your company has corrected the inaccurate information described above, please send a corrected report to me and to anyone else who has requested a copy of my credit file within the last six months.

In the event that your company does not respond to my request within 30 days, I will assume that you are unable to verify the information, which means you must immediately remove or correct the items in question.

Sincerely,

Sign Here

Your Printed Name

And yes… if the bureau cannot verify the negative information within 30 days they MUST delete it.  So, make sure you’re keeping track of when you send those letters:)

I’ll share more tips for improving your credit soon — but this should be a great start for you.

To your good credit!

Amanda Layne

Category: Credit Repair Techniques

25 thoughts on “Do It Yourself Credit Repair

  1. Great information about credit repair. I’m in the process in repairing my credit after some stupid times in my twenties. In this economy, having good credit is more important than ever. Thanks for providing some good info.

  2. Very nice site on Credit Repair. My credit card was extremely overdrawn and I didn’t know what to do. Your site helped a lot. I turned to a credit repair service who is now getting me debt free. I cut up my credit cards and now I am starting to get loan approval and my debt is going down. Thank you.

  3. neil williams on said:
  4. It doesn’t make it any easier that the rating system for your credit report has changed recently. Unfortunately it has changed in a negative way and now what was consider good credit is not considered to be average and even below average. Great tip on what to to say, you do want to make it broad in order to get it removed from your credit report. Our credit repair services have been helping people get their life back and restore their credit for several years now.

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  6. Great information shared here. good material to the credit repairing. Determining what is considered a good credit score is quite difficult but let’s try to narrow down the confusion. Mostly, the score ranges from 300 to 850. According to myfico.com, median score is 723. This means 723 is the point where the bottom half and top half is divided. So, if your FICO score is above 723, it lies in the top half, that means it can be termed as ‘a good score.’

  7. Hello,

    My name is Jason. I am a professional blogger who loves to write on financial topics. I’m writing to you because I am currently trying to take my author identity to the next level by supplying informative articles to personal finance bloggers. I don’t believe in writing promotional articles, instead I feel informative stuff are something users are most interested in reading.

    I would hereby like to request an opportunity to write a guest post on your site, ofcourse free of charge. You can send me your preferred topic, if any, and I would be happy to write an article on it. I can show you some of my past work that have attracted good number of visitors.

    Anyways, you are doing a great job on with your blog and I’d like to talk to you in person, so I’d be happy if you could answer either way!

    Sincerely,
    Jason Holmes

  8. Great information about credit repair. I’m in the process in repairing my credit after some stupid times in my twenties. In this economy, having good credit is more important than ever. Thanks for providing some good info.

  9. It doesn’t make it any easier that the rating system for your credit report has changed recently. Unfortunately it has changed in a negative way and now what was consider good credit is not considered to be average and even below average. Great tip on what to to say, you do want to make it broad in order to get it removed from your credit report. Our credit repair services have been helping people get their life back and restore their credit for several years now.

  10. Very nice site on Credit Repair. My credit card was extremely overdrawn and I didn’t know what to do. Your site helped a lot. I turned to a credit repair service who is now getting me debt free. I cut up my credit cards and now I am starting to get loan approval and my debt is going down. Thank you.

  11. Kim Haskew on said:

    Make sure you write to everyone letting them know that 180 Credit Solutions promised a money back guarantee but just scammed me out of $395. They couldn’t do anything with my credit and said they would negotiate on my behalf if they couldn’t fix it. They didn’t even try and now they are trying to say I am in violation of my contract for stuff they are making up. They are not keeping to their money back guarantee. Please let this be know, they took my money and actually laughed at me on the phone when I tried to talk to them about my refund.

  12. Neil Williams on said:

    Hello Blog Admin,

    I am Neil Williams. I am a webmaster and a writer. I have seen your blog today. This is really a good and informative one. You have very good and useful posts on credit topics. Great blog I must say.

    I write articles on all financial topics. I just wonder if you would allow me to contribute an article to your blog? The article, to be written by me, will be on a credit topic such as credit, credit repair, credit score, bad credit, credit card consolidation and the like, keeping the core subject of your blog in mind. The article will assuredly be a unique one.

    The article, I believe, will for sure help you make your blog more diversified, adding more content to your existing ones. I hope you will agree to this. In return, you too can do the same or else take a back-link(s) from my blog and sites (I have many sites and blogs on finance, namely on debt, credit, mortgage, insurance, real estate, loan, and so on).

    Please get back to me at my email id: [email protected] or at [email protected]

    I will wait for a positive response from your end.

    Regards,

    Neil

  13. Some time ago, I really needed to buy a building for my corporation but I did not have enough money and couldn’t buy anything. Thank goodness my comrade adviced to take the credit loans at trustworthy bank. So, I acted that and used to be happy with my short term loan.

  14. I write articles on all financial topics. I just wonder if you would allow me to contribute an article to your blog? The article, to be written by me, will be on a credit topic such as credit, credit repair, credit score, bad credit, credit card consolidation and charge off The article will assuredly be a unique one., keeping the core subject of your blog in mind. The article will assuredly be a unique one.

  15. Good tips. You mentioned not to dispute all of your negative entries at one time. But wouldn’t doing them one at a time drag out the entire process?

  16. Just shows there are no black arts involved in credt repair: just need your report, the address of the bureaus and a couple of letters. There is nothing the credit repair companies do that the ordinary Joe can’t do for him/herself.

  17. I didn’t know that disputing an entire account could weaken your credit score. I always thought it would bring up your score.

    Thanks for the info.

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