Credit Repair

Credit Repair: How to Do it Right the First Time

We normally hear the word credit repair and immediately think about banks and credit card companies checking our credit when we apply for new loans or credit cards. In this sense, when we think about credit repair, we automatically relate it to credit scores. To understand what credit repair is, and how to do it properly, we should properly define and distinguish the term from others that may be related to it.

Credit repair is the process of correcting the credit history of an entity to fix, restore or increase their credit standing. A person’s credit history appears on his credit report, given by three major credit reporting agencies. You can have a free copy of each credit report every year. However, if you want another copy or an updated one, you will have to purchase it from the reporting agencies.

Each of these three agencies is handling more than 200 million active accounts. With more than 600 million accounts in total, it’s not surprising that a percentage of it has one or more incorrect entries, entries which can potentially harm that person’s credit score and chances of getting new credit. This is where credit repair comes in.

The first step to properly repair your credit is to get an updated copy of your credit report. If you haven’t had one request for the year, you are entitled to a free copy. Since repairing your credit involves correcting inaccurate entries in your history, you will have to run a fine-tooth comb through each of the three reports, sifting through every entry to spot the incorrect data. These include incorrect accounts, incorrect dates and other details on accounts, unauthorized accounts created and unauthorized hard inquiries for new credit.

Trying to get at these incorrect entries is not only to repair your credit. It is also about protecting your identity. Unauthorized hard inquiries mean there are attempts to steal your identity, while unauthorized accounts mean that the attempts have been successful. Securing your identity is one of the more important functions of credit repair and one which is quite underrated.

After spotting those incorrect data and protecting yourself from identity thieves, the next step is to file a dispute so the records could be changed. It is recommended that any corrections should be made since most of them could potentially harm your credit standing and your score. However, you should not try and take down an entry that, although negative, is accurate. First, this is illegal. Second, it does not help your credit standing at all. 

Disputes should be sent through the mail. Depending on the circumstances, results could be available within 30 days.

Credit repair could increase your credit score, although this is not a guarantee. The guarantee is that your credit history will be accurate, although an accurate credit history can be beneficial especially if there were a lot of negative items that were changed due to your dispute. This is how credit repair companies can help you. Top-ranked companies like Blue Water Credit have trained analysts with years of experience in the business that can help you repair your credit. Visit our site at (916) 315-9190 or call us at https://bluewatercredit.com to speak to our credit experts and schedule your consultation.