Repair Bad Credit Now

The time to repair bad credit is when the economy is slow

During recessionary times, it's always a good idea to regroup and to consider the next economic move before jumping ahead. Especially now, it isn't a good idea to leap into the next best thing.
This is especially true if you want to learn how to repair bad credit. Too many of those old school residential mortgage brokers have nothing else to do these days and several are hawking the latest credit repair scams. Don't fall for this as a means of credit report repair.

If you really want to increase credit score, follow the tried and the true methods to fix credit.
The start of any project to clean up your credit report is to get copies of your credit file. This is crucial because credit is dynamic and it changes daily. Today's 800 credit report score might be 782 tomorrow. This is because you are paying your bills and charging and credit is expanding and contracting all the time. Added to this is the fact that time has a certain factor on credit scores. Old credit is not as important as new credit.
Along with your credit reports from each of the three credit reporting companies, get the scores. You will not get these for free and as a matter of fact, you may not get your credit reports for free either. Federal law provides that consumers are entitled to a free credit report every 12 months, but if you have used this free entitlement, you must now pay for reports. Either way, make sure you get the scores because these credit report scores are what will be the critical end result.
Once you receive your files, go through them carefully. Keep in mind that the credit reporting agencies have thirty days to complete an investigation if you begin to dispute incorrect items in your credit file. This is important for several reasons and I'll touch upon many of them.

• If the agency has thirty days to complete an investigation, then the result will be that they either verify the account is correct or they are required to delete the account in question. it is in your best interests to make their job both easy and hard. Easy because you want them to satisfy the legal requirements, but hard because you would really like anything that is a negative on your credit report stricken. How do you comply yet stay within the law?

• Send all your disputes in one letter and file the letter once. The reason for this is because you do not want the 30 days to get interrupted for any reason. Once they start you don't want to give them any more time than necessary. If you piece meal information to them, they have the option of halting the investigation until all the corresponding information is in the file.

• Send your disputes Certified Mail Return receipt. Basically make them sign for the mail and keep evidence of the date they received the dispute letter. This is the day they have to begin and it also marks the beginning of the 30 day obligation.

• Include with your dispute a copy of identification. Drivers license, social security card and a utility bill with your name and address will suffice. They have to have some proof of who you are because if anybody asked for an investigation into your credit file without you knowing, then your credit report will be floating around the country. Agency officials have a responsibility to make sure you are who you claim to be. If you do not send this, they will ask for it and also postpone the investigation.

• Send any proof, letters, notes, names, of corresponding proof with your claim. If Citi Card told you to only pay $500 instead of what you owed and they are now claiming you are delinquent, send this copy of the letter with your dispute letter. Again, do not send this stuff in segments. Bundle it all up and fire it off in one organized package

• Dispute everything that appears to be incorrect. Name spelling, address, work place and certainly account information. Also dispute inquiries asking that you receive proof in writing that you authorized a credit inquiry. If you have an existing account with a lender than that particular lender can do an inquiry anytime they want. It's a waste of time to dispute inquiries by current lenders.

• Do not respond to them by email or telephone. Make them do their job and email is easy for them and faster than receiving their results by mail. In fact, do not provide them with any online contact information. They don't need it to comply with the law and you are not required to provide it.

You are going to be sending several dispute letters, but they can't be redundant. You can't keep disputing the same thing over and over. You have to come up with more evidence, another reason, a different interpretation of the law. Keep good records and don't give up. You will hear from the agencies that they are finished with their investigation. Period. that is not the end and it doesn't mean you are finished. Stay the course until yogurt the results you want.