Millions of Americans have unfair credit scores because their borrowing histories are inaccurate. Unfortunately, the consequences are not limited to rejected loan applications or high interest rates. These indicators affect the decisions made by landlords, insurers, and recruiters. If your score is wrong, you can fix it through repair.
This complex process has two dimensions — professional and DIY. Many consumers delegate the task to professionals who analyze their data, find the mistakes and prove them. By law, you may open a dispute with any credit bureau, but the process is quite cumbersome. Do not expect overnight results.
How Soon Can I Raise My Score?
It depends on the number and nature of errors you will dispute. The best-rated credit repair agencies at offer free initial consultations, so you can understand what is realistic. The first results may appear after one month of work.
The process is long because every dispute claim is investigated within 30 days. Those who on their own must be meticulous in their preparations. If the bureau does not accept the changes and requests more evidence, the process will last much longer. In the most extreme cases, repair takes up to 12 months.
Stages of Correction
Credit repair includes four stages. Whether you fix the score by yourself or hire a team of experts, the underlying logic is the same. You need to get the data, find the errors, and persuade the bureaus to delete them.
Gathering Your Records
The fastest way to access the reports is by downloading them online. This free service is provided on . Until April 20, 2022, it is available weekly. It is crucial to analyze information from all three sources — TransUnion, Experian, and Equifax. Every lender may share their information with one or more bureaus.
Obtaining the data online is the fastest way. Alternatively, you may call the organization or mail them a written request. In this case, the result is provided within 15 days. Why wait so long? If you hire a repair company, it will collect the information on your behalf.
Report Analysis
With the official documents on hand, you or your experts should analyze it carefully. Professionals can easily identify the most damaging entries. Removing these mistakes will give the strongest boost. For example, correcting a misspelled address may get you nowhere. On the other hand, a false bankruptcy may affect your score for up to a decade!
Preparing Evidence
To request the removal of any official information, you need solid proof. Credit repair professionals will contact your lenders to find supporting evidence. They will send debt validation letters asking them to prove that you owe the reported amounts. Bank statements and other documents are sent to the bureaus together with the dispute letters.
Initiating Disputes
Depending on the number of mistakes, you may need to open disputes with one, two, or all three reporting agencies. Professional repair services make this process hassle-free, as everything is managed on your behalf. Depending on the service level, you can open 15 or more disputes per billing cycle. Usually, the letters are sent by certified mail, and return receipts serve as hard evidence of communication.
After receiving a claim, any bureau has 30 days to investigate it. Afterward, the changes are either accepted or rejected. If the agency requires additional supporting data, the repair is delayed. Considering the length of the investigation, you can see that providing conclusive evidence is essential if you want the quickest results.
The Bottom Line
Although reporting errors are not your fault, correcting them is tedious. The length of repair depends on how many flaws are detected and how many points you want to gain. Repair professionals will prioritize false derogatories based on their impact. This way, they can tackle the most influential items first, so you will achieve the necessary score faster.
Fixing records on your own is feasible but challenging. You need to navigate consumer credit laws, liaise with lenders and communicate with the bureaus in writing. Unsurprisingly, many Americans prefer to hire repair firms. Trusted companies can achieve the first results soon after the first billing cycle. On average, the duration varies between three and six months, so be patient.