It is a reality that many people are faced with the time consuming task of credit restoration. Some may have made bad decisions or suffered income loss and found themselves overextended. A lot of consumers have fallen victim to unemployment in the past year and with the economy in its current state, its been quite difficult for a lot of good citizens to get back on track.

Some may have late payments. Some people are facing charge offs because they cannot make their regular monthly payments. The restoration process isn’t as difficult as many people may think though. It takes time and consecutive monthly payments, but it can be done.

First, you need to obtain a copy of your credit report from all three of the major credit reporting agencies. The “big three” are Experian, Equifax, and TransUnion. Its suggested to pull a credit report from all three because information may be different with each bureau which could be disputed for erroneous reporting and possibly eliminated just by submitting a simple dispute letter! Creditors are not required to report to any of the agencies, and often they will report to just one.

Having all three credit reports on hand will help make restoring your credit easier and more thorough. The FACT Act passed by Congress allows consumers one free copy of their credit report per year. To get your copy, go to annualcreditreport.com. They do not ask for a credit card to authorize or any sort of payment unless you want your official numeric FICO score which is not necessary to evaluate what’s on your credit and how its affecting you.

Once you have the credit reports in hand, go over them with a fine tooth comb. Check for any errors such as paid off accounts reporting as delinquent or accounts that you have never opened or used. This is also a good way to check if you’ve recently been a victim of identity theft. Also check for accounts in which the reporting period (7 years) has expired. If you find errors in your report it is essential that you contact the credit bureau to have your file corrected or updated. All bureaus provide the convenience of disputing items online and you can do so while reviewing your credit report.

SBFC Law Group SBFC Law Group