Now that you know what your creditors are saying about you, it’s time to start working on changing that image. You’ve already marked your report with the blatant mistakes that are bringing your score down and now is the time to do something about them.

Errors in Personal Information

You might not think that something as simple as a wrong address is a problem, but it can be one of the biggest threats to your credit score there is. It could be an indication that someone is using your credit and having things sent to a totally different address. It could also put you on notice that the creditor or the credit bureau has mixed up your file with someone else’s, perhaps someone with a similar name to yours.

Any mistakes on your report, no matter how minor they seem, need to be addressed. Those inaccuracies can present a problem later on. For example, when you make a request for your report, the credit bureau will ask you to verify your identity. They will ask you questions based on what’s in your report, so if the information you give does not match with what they have on file, you may be blocked from gaining access to it in the future.

So, what can you do about these errors when you catch them? That depends on where in the report you find it. If the mistake is in the header, you need to file a dispute with the credit bureau. How you file the dispute will depend on which credit bureau report you have.

There are three major credit bureaus, Equifax, Experian, and TransUnion. Each one will have a different system for disputing errors. The best way to find out how to handle them is by visiting their website, or you can visit The Consumer Financial Protection Bureau for instructions on how to submit your dispute.

Credit card accounts and loans: When analyzing the details of credit card accounts and loans, make sure that you check the creditor name on the account. Sometimes the names can be different from the actual creditor you have your account with. This can happen if the business you have established credit with is owned by another company or if it has a parent company it is associated with. Still, you want to make sure that the name is of a legitimate creditor, which might mean you’ll have to contact them to determine what is the actual case 먹튀검증.

Sometimes you can verify what company it is by the date the account was opened or other clues. At any rate, you want to be absolutely sure that the creditors listed are those that you have legitimate accounts with.

Duplicate Accounts: Occasionally, some accounts may be listed on your report twice. This is something you will have to correct as soon as possible. Duplicate accounts can make you appear to be overextended in debt. There are times, however, when duplicate accounts are actually legitimate as in the case of refinancing a loan or when you re-open a card after it has been stolen. Before you contact the company, make sure you have checked all possible options beforehand.

If you discover that there is no legitimate reason for the duplication, you should file a dispute with the credit bureau requesting the debt to be investigated.

Errors in the Collection of Public Records Section of the Report: It goes without saying, anything in the collection section of your report can have a major impact on your credit score. These are accounts that are so far past due that they’ve found their way to a debt collector, which will automatically have serious repercussions.

These accounts are often difficult to understand because they may end up being bought and sold by several different collection agencies. You may have no idea which agency has your debt at any particular time, but it is important for you to do some detective work and find out. Mistakes often happen when accounts are transferred from one agency to another. Enough discrepancies associated with one account may be enough to convince the credit bureau to delete the whole thing altogether.

Any type of overdue bill can appear in this section. They could range from medical bills for services you thought were covered by insurance, subscriptions you thought were canceled or bills you just forgot about. This is a common occurrence for those who may have moved a lot over the years.

If you don’t know what the bill is for, contact the debt collector and find out who the original creditor was. Ask for a phone number if one is not listed on the report. Call the creditor and request them to send you a “validation notice.” This is a written proof that the debt is yours.

If the error is in your public records, verify that the judgment is correct. If you have paid any amount on the judgment, then it should be reflected in the report, or if the amount of the judgment is not correct, then you must file a dispute.

Inquiries: Pay extra special attention to inquiries because if they are not legitimate applications for credit applied for by you, they would be a clear indication that someone is trying to get credit in your name. If there are any inquiries on your report that you didn’t ask for, notify the credit bureau immediately and request a freeze. This will automatically go into effect and stop any identity thieves from opening new accounts in your name.

You should also notify the creditor to let them know that you did not apply for credit and that someone is trying to use your identity to get credit. If done quickly enough, it should stop the thief from any more attempts to use your credit.

What Are Your Options

When you find errors on your report, you have several options. One of the first things you want to do is to file a dispute with the credit bureau. Since the information contained in their reports is used to measure your credit score, you want to notify them first so that they can take whatever steps are necessary to verify the information and correct it. Once corrected, this will automatically boost your score.

Your next option is to address the issue with the creditor directly. When you make the dispute in writing, the creditor is required by law to investigate it and make corrections. They must not only notify you and the credit bureau where an error is found, but they must also notify the other credit bureaus of the error so that your report can be corrected.

What to do About Legitimate Negative Marks

After you have dealt with the mistakes on your credit report, your next step is to address the legitimate negative marks. One of the first things you should do is start to pay off these debts as soon as possible. This may mean entering into negotiations with the creditors to remove the items listed in your report.

You could simply just offer to pay the delinquent amount and be done with it, but since this type of item can stay on your report for years, paying it off will not improve your score very much. In that case, there are several different things you can do.

Pay for Delete: A pay for delete request is an offer to pay off the debt in full, in return, the creditor agrees to remove the negative mark from your credit report. This is a win-win situation where the creditor gets his money, and you get to clear their negative mark. While all creditors will not accept this type of offer, it is worth a first try.

A Goodwill Request: If the bill has already been paid, then there is no incentive for the creditor to remove the mark from your report. In that case, you could draft a letter to the creditor, explaining why you fell behind in your payments and how you’ve corrected your circumstances and respectfully request them to change their report to reflect your change. Again, no creditor is required to do this, but it is an option that some will be willing to accept.

Wait it Out: When those two options fail, your next best thing is to wait it out. The law only allows for negative information to remain on your report for seven years (ten years in the case of bankruptcy). The advantage of this is that the older information weighs less on your overall credit score than more recent information. So, if you have a negative mark that is six years old, it is not likely to carry much weight on your report than something that is reported in the last six months.

But waiting and doing nothing is not always the best way to go. There are plenty of other things you could do while waiting. Use that time to add some more positive things to your credit report. By making regular payments, on time, you can start pulling your score up, and you’ll gradually begin to see improvement.

Don’t be Fooled

Many credit repair companies will try to convince you that bankruptcy is an easier way to boost your score, but they would be decidedly wrong. While bankruptcy is probably the fastest way to get out of debt, it won’t remove any of the negative marks on your credit report.

What bankruptcy will do for you is to discharge your debt. The balances will all be listed as $0, but the accounts to which you owed money to will remain as a negative mark on your report. And those accounts that were included in the bankruptcy judgment will be reported accordingly.

Others might also convince you that all you have to do is close an account and the negative reports will just disappear. This can also be misleading. Anytime you close an account with a balance remaining, the creditor will still report your bill is delinquent until you bring it current or you pay it off in full. Closing an account does absolutely nothing to boost your credit score; it will only prevent you from using it.

Even paying off a past due balance will not remove any negative marks on your report. When you pay the balance due, it will change the status from ‘past due’ to ‘current.’ As long as there is no charge-off or collection related to the account, it will not be recorded as delinquent. However, if there is a charge off or a collection, it will remain on your report even if you completely clear the debt.

Whether the information on your credit report is a result of error or it’s a legitimate mark on your credit history, some things can be done to remove it. Regardless of where the negative mark comes from, the good news is that the law is firmly on the side of the consumer. Credit bureaus are required to provide accurate information and must have a dispute process in place so you can repair any damage to your credit score without hassle.

If you find the need to dispute an item and the credit bureau is unable to verify its accuracy, the item must be removed from your report within 30 days after the dispute has been received. This means that no matter what is in your report today, the worse case scenario is that it will disappear within just a few years.

Writing the Dispute Letter

Writing a dispute letter can be difficult and unnerving. You’re worried that you’re going to get a negative response, or you just won’t be able to word it professionally to warrant the attention you seek. However, you do have options when it comes to getting that letter done.

Some people, not trusting their own writing abilities, may opt to hire a credit repair company to write the letter for them. For this, however, they will charge a fee, and if you’re already dealing with credit problems, it could put you back even more financially.

If you do choose to use a credit repair company, be careful about which one you choose. Many of them are frauds and will offer you more than they can possibly deliver. You should expect the company representative to be very specific in outlining exactly what they can and cannot do for you.

It is beneficial to know that no credit repair company can promise you a specified increase in points on your credit report. If any do so, run in the opposite direction as fast as you can. This is illegal and will bring you more trouble in the end. They can never ask for payment up front for their services, so you should be wary of any service that does this. You should only be expected to make payment after their services have been provided.

Credit repair companies are not always necessary to write your dispute letter. In fact, there is nothing they can offer you that you can’t do yourself. However, if you have a credit report with a lot of errors or you’re dealing with issues related to identity theft, you might be able to benefit from their expertise. Those who choose them generally are those who just don’t have a lot of time to go through the dispute process on their own. They recognize that credit repair companies can get the letters written, and other issues addressed much more quickly and for them, it is worth paying the extra fee.

If you decide to write the letter yourself, some simple guidelines can help you to write an effective dispute letter.

• Get to the point. Your letter should be clear and concise, identifying exactly what you found wrong. Include the date of the error, the account, and the lender.
• Don’t refer to the law. They already know the laws relating to dispute so just pointing out the error should be sufficient.
• Include a reliable return address so they can respond to you in a timely manner.

Your dispute letter does not have to be a long explanation of what you think is wrong. As long as you stipulate exactly where the error lies and why you feel that way it should be adequate enough to warrant at least an investigation.

It should be worded and addressed like any other business letter and sent to the correct address listed on the credit bureau’s account. Follow the guidelines listed on their website, and your letter should get the proper attention it deserves.