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How Long Does it Take to Repair Credit?

Look, credit repair isn’t an overnight process. Yet you don’t just have to live with bad credit for seven long, expensive, and embarrassing years.

For the vast majority of folks they’ll be able to repair credit in typically six to twelve months. Obviously your specific case needs will determine exactly how long it’ll take to fix your credit.

Your credit score is a lot like your Grade Point Average (GPA). If you’re acing all your courses but failing underwater basket weaving, your GPA is going be dragged down to the pits. The negative listings on your credit report such as late payments, medical debt, charged off accounts, debt collections, judgements, etc. this is often the cause of a bad credit score.

The Two Paths To Repair Credit

There’s two paths for repairing credit, do it yourself or hire a professional credit repair company. It’s important to build good credit by using your current accounts responsibly. And it’s mission critical to clear bad credit listings from your credit report, to ever earn a good credit score.

Did you know it’s your right as a consumer to dispute and challenge any item on your credit report, so long as you believe the item is inaccurate, questionable, or made in error. This right is given to you by the Fair Credit Reporting Act (FCRA).

And with good measure because according to recent studies over 40 million American’s have an error on their credit report. Can you imagine if 4 million students were dealing with a mistake on their report cards? Because that’s the current state of affairs with our credit system.

Get a FREE credit consultation with certified FICO professional by calling toll-free 1-877-418-7596.

Do It Yourself Credit Repair

Now if you’re do it yourselfer, after you finish changing the oil on your car, you’re now going to need to first get all three current copies of your credit reports. Next you’ll need to review the listings, which in the credit world are called trade lines. This is the listing for each of your accounts.

We need to identify the questionable listings, and the negative items, because this is what we’re going to challenge and potentially remove. Keep in mind each of your three credit reports with Equifax, Experian, and TransUnion, will often contain slightly different information.

Once you’ve identified the questionable items, you’ll next need to dispute each of the three credit bureaus. For instance if you’ve identified medical bills on credit report files with all three of your credit reports, you’ll need to file three separate disputes.

As in you’ll need to dispute Equifax directly, along with Experian, and TransUnion. All three of the credit bureaus are separate entities and have no affiliation with our government, they’re are private businesses just like your local grocery store.

There’s three ways to file your credit bureau dispute: online, over the phone, and by mail. Once the credit bureaus receive your dispute and find it valid, then they’ll investigate the item by contacting the lender or creditor and asking for verification on your account.

According to the FCRA if the item isn’t verified then it must be removed from your credit report. However if the item is verified or updated with accurate information, then it’ll remain on your credit report.

On a sidebar, most credit report items can only legally remain on your credit report for a maximum of seven years. However some types of bankruptcy, tax liens, and student loans are exempt and legally allowed to remain for a maximum of ten years.

Did you know there’s no minimum amount of time any item must remain on your credit report? As in you can frequently remove bad credit items and must faster than sitting on your laurels and just waiting.

The Problem

The big problem and where most people become frustrated, ultimately giving up on trying to repair bad credit is with the dispute process. You see the credit bureaus are private businesses that must generate profits, just like your grocery store.

For some unexplainable reason, other than typical politics, our so called elected representatives have decided to give the credit bureaus the authority to decide if consumer disputes are valid or invalid. Only on valid disputes will the credit bureaus investigate.

This is a problem because the credit bureaus must spend money, that’s otherwise profit to investigate items. This is a conflict of interest because there’s a clear financial motive for the credit bureaus to find consumer disputes invalid.

This has created a system where consumer disputes are virtually guaranteed to be invalid. The credit bureaus goal is to frustrate individuals with the hope they’ll just give up on fixing credit report dings. The credit report reporting industry creates roughly $4 billion, and receives an estimated 8 million consumer disputes, annually.

According to politicians today this is in direct violation of federal law, but it sure ain’t the first violation. In fact the Federal Trade Commission (FTC) has fined the credit bureaus over and over again for violating consumer rights, and even blatantly ignoring consumer disputes.

One of the most shocking examples is when the credit bureaus were required to create toll-free phone numbers to handle consumer disputes. Yet they neglected to hire staff to actually answer these phones, and there’s consumer reports claiming to have waited over 30 hours on hold.

According to a recent 60 Minutes story with Steve Kroft, it hasn’t gotten any better. And during the dispute process Steve says it’s “extremely unlikely that anyone with the authority to resolve your dispute will ever actually see it.”

Ohio’s Attorney General says the credit bureaus have an obligation, along with federal laws and regulations, requiring them to investigate consumer disputes. He goes on to say “they’re not doing an investigation at all” about the credit bureaus. By the way they call it a re-investigation, as if there was an initial investigation.

This has given rise to professional and legitimate credit repair companies, because if you call the credit bureau’s toll-free dispute number, you’ll likely talk with “Kevin” living in India. He’ll instruct you to file your dispute online at the website. Moreover your dispute will be investigated by people living in the Philippines, South America, or India.

Get a FREE credit consultation with certified FICO professional by calling toll-free 1-877-418-7596.

How Does Credit Repair Work

The credit bureaus bureaucracies, policies, and procedures for handling consumer disputes has birthed the credit repair industry. One of the most frequent questions we get is how exactly does credit repair work?

Legitimate credit repair companies are going to work on your behalf to remove questionable items from your credit report, because a bad credit history is the most common cause of a low credit score. They’ll do this legally by using your consumer rights granted by the FCRA.

Top credit repair companies will also deploy your rights under the Fair Debt Collection Practices Act (FDCPA) to deal with any current aggressive, abusive, and smarmy debt collectors. On rare occasion you’ll need to utilize additional rights, but you have an abundant supply.

The big picture is every alphabet soup law is passed to protect you, the consumer. It’s often simply a decision to use your rights, even if you feel as if you’re living the ancient biblical tale of David going up against Goliath. Get your dang um slingshot ready, and hire some help.

Please, avoid the forsaken path of believing you actually need legal representation. One of the costly consumer mistakes is to hire an attorney, paying an hourly rate. Chances are very high your case, simply needs someone to do the legwork. Instead, look to pay a monthly fee of around $100, along with a first work fee of under $200.

In total you’re investing a few hundred bucks, over a few months to fix your life’s financial report card. It’s not rocket science and you can repair bad credit yourself. Just like you can give yourself a haircut, change the oil on your car, grow all your own food, and so much more.

But, if you’re like me, hallelujah and praise Jesus we can pay for services, and buy toilet paper! Get a FREE credit consultation with certified FICO professional by calling toll-free 1-877-418-7596.