Credit Repair Services by Life In A Box LLC
The best way to have credit repair success is to know what to expect from the process before you get started. If you go into it with an inflated sense of what you’ll acc
omplish, you’ll obviously be disappointed in the end. Realistic expectations can go a long way in credit repair (and finance in general).
So, it comes down to knowing which items on your credit report actually meet the qualifications for a successful dispute.
Since the process is designed to ensure your reports are accurate, the types of items that can typically be removed through credit repair are those that are, well, inaccurate in some way. This includes items that are erroneous, fraudulent, outdated, or unsubstantiated.
- Erroneous Items: The easiest type of item to dispute is one that is just flat-out erroneous. This covers basic errors, like spelling mistakes or misreported amounts, that can cause confusion or credit problems. For example, if that decimal point is in the wrong place, it may look like you have far more debt than you should. In many cases, simple mistakes take little effort for the credit bureau to investigate and can be fixed in a fairly short amount of time.
- Outdated Items: Another type of disputable item that’s generally easy to fix are items that are outdated. Most negative items can only remain on your credit report for a set amount of time before they need to be removed. Hard credit inquiries, for instance, last up to two years, while delinquent payments can last up to seven. Once these items hit their max age, however, they should be removed from your report automatically or you can file a dispute to have them removed.
- Fraudulent Items: If you’ve ever been the victim of identity theft, you could wind up with fraudulent accounts on your credit reports. While these accounts may seem legitimate at first, further investigation can often unveil their sinister origins. In addition to filing disputes to have fraudulent accounts removed from your reports, be sure to report any cases of identity theft right away.
- Unsubstantiated Items: The last of the frequently disputed items are those accounts on your reports that cannot be substantiated by the information providers. If they are unable to show that the debt or derogatory mark really belongs to you, the credit bureaus will remove the item.
When considering credit repair, be sure to check all three of your credit reports. Credit bureaus rely on third parties to report your financial behavior, so not every item is reported to all three consumer credit bureaus (Equifax, Experian, and TransUnion).
As a result, one or two of your credit reports could house disputable items that don’t show up on the other reports. Since you can’t predict which credit report(s) a creditor will use to determine your credit risk, all three of your reports should be in good condition to prevent missing out on credit in the future.