There is no easy answer. Each credit repair case is different and it depends on the number of errors and negative reports. One young man was able to have a 30-day late payment on his report removed by simply phoning the creditor and calling attention to his history of on-time payments. When the man told the creditor that the negative report was the only thing preventing him from obtaining a home loan, the creditor agreed to withdraw the negative report. It was removed the very next day.
On the other hand, an Oregon woman made the news in 2013 when she received a large jury award against Equifax who refused to fix her credit report. She contacted them eight times between 2009 and 2011 and they refused her requests to repair clearly erroneous information, including her birth date. There were also incorrect collection accounts that she could prove did not even belong to her. Based on the reports, she was denied credit which she desperately needed. Finally, she filed a lawsuit. Equifax still refused to settle and the case went to trial where she finally won.
Depending on the number of errors you eventually find, or number of correct items you want to have removed, it is generally a time-consuming and exhausting process when you try to do it on your own. There are steps you must take in order to eventually be successful.
On the other hand, an Oregon woman made the news in 2013 when she received a large jury award against Equifax who refused to fix her credit report. She contacted them eight times between 2009 and 2011 and they refused her requests to repair clearly erroneous information, including her birth date. There were also incorrect collection accounts that she could prove did not even belong to her. Based on the reports, she was denied credit which she desperately needed. Finally, she filed a lawsuit. Equifax still refused to settle and the case went to trial where she finally won.
Get copies of your credit reports. The first step is to obtain a copy of your credit report from all three credit reporting companies: Equifax, Experian and TransUnion. You are entitled to one free credit report every year. You are also entitled to a free report within 60 days of any “adverse action” taken against you based on your credit report. Adverse action includes things like being denied credit, a loan, or a job. The company or business who took the adverse action is required to inform you that it was based on your credit report and also inform you of your right to request a free report.
Review the report with the proverbial "fine tooth comb." Identify all errors. In early 2013, the Federal Trade Commission surveyed 1001 consumers who reviewed their credit reports from all three reporting agencies for a total of 2,968 credit reports. They found 21% of the reports contained errors and 5% were errors significant enough that would result in the consumer being denied credit. There is no limit to the type of errors that can be found. Wrong birth dates, late payments to creditors from which you never made a purchase, incorrect social security numbers and the list could go on.
Find out-of-date items that should have been removed. For example, negative information, such as late payments, or charge-offs that are more than seven years old should no longer be on your credit report. A Chapter 7 Bankruptcy should be removed from your report after 10 years. The time starts running from the time the event takes place. For example, the time for removing late payments from your report begins to run on the date the payment was late. Not on the date it was reported to the credit reporting companies.
Note all creditors who have given negative reports and determine if they are accurate.
If negative reports are accurate, decide if there is still a way to have them removed and if any negotiation methods are available to you.
Write to the credit reporting company asking them to remove the inaccurate or old information. Tell them, in writing, exactly why each piece of information should be removed. Provide as much documentation as you can. Ask that the information either be corrected or removed. Do not do this by email, but send by certified mail, return receipt requested, so you can prove later the companies received your documentation. After they receive your letter, they are obligated by law to:
Open an investigation within 30 days unless they deem your dispute totally frivolous.
Forward your documents disputing the claim to the companies that provided them the negative information.
That company is required to investigate and report back to the credit reporting company.
The credit reporting company must provide you, in writing, the results of the investigation.
If the credit reporting company changes or deletes information, upon your request, they must send the corrected report to anyone who received the erroneous report within the previous six months.
If the credit reporting company refuses to make any changes, you can request that your statement about the dispute be included in your file and be sent to any future company or business that requests your credit report.
Write to companies who have given you a negative report and try to negotiate a resolution. This may be the most difficult thing for you to do on your own and one good reason to have an attorney work on your credit repair process.
An attorney will know your rights under the Fair Credit and Reporting Act (FCRA) as well as other legal requirements that credit reporting companies must follow in order to be in compliance with the law. An attorney who reviews your credit report may identify erroneous items that you do not even realize are errors.
An attorney will know what documentation you need to support your claim that the information is incorrect. Also, an attorney will be experienced in negotiation and know how to work to convince a company to withdraw a negative report. For example, one 30-day delinquency on your report may reduce your score by 100 points. An attorney may be able to negotiate with the company that reported that to have it removed.
If you have creditors to whom you still owe money, an attorney may be able to negotiate a settlement where you pay a certain amount of money, less than what you owe, in exchange for the item being removed from your credit report.
We do not advertise "how to repair credit quickly" like some credit repair companies. Unfortunately, credit repair does not mean a quick credit fix. Some refer to it as like going on a diet. It takes a while to lose weight, and it takes a while to get your bad credit repaired.
1. Review your credit reports with you to find errors.
2. Assist you in identifying documentation necessary to prove the errors should be removed.
3. Negotiate with the proper entity, either the credit reporting companies or the company who made the negative report, to have the negative items removed.
4. Negotiate a settlement with creditors to whom you do owe money in exchange for having the negative item removed from your report.
5. Our experienced credit repair attorneys have learned the type of phone calls and letters credit reporting companies respond to. They are knowledgeable concerning the consumer rights you have and will fight to preserve them. We have a track record of success, so you can turn your problem over to us and have less frustration and, hopefully, more success that you might have if you undertake doing this yourself.
The attorneys at Paolucci Law have been able to fix credit for clients throughout Akron and Northeast Ohio. Contact us today for a free consultation!
Contact us and tell us your financial situation, our credit repair services can probably help you.
Get started on the road to financial recovery today!
