In fact, you do not need to:
- Hire a credit repair company
- Pay thousands in useless fees
- Spend hours and hours writing letters to the credit bureaus
- Beg and plead with your credit card company to delete the items
- Deal with debt collection companies
Here's what you do:
- Get a copy of your 3 credit report for free here
- Reports Needed: Trans Uninon. Experian. Equifax.
- Dispute any and all negative marks against you that you are not 100% certain are reporting accurately, are verifiable, and are up-to-date. This is your legal right under the Fair Credit Reporting Act. This can all be done online. Do NOT write letters. Only use the dispute forms each agency provides.
- Wait for the results in the mail. Check to see what has been deleted or updated. In some cases, even your updated accounts will have had the negative remarks removed, while the account itself stays on. Many of your negative and old accounts will no longer be showing on your reports, and thus, your FICO score will have gone up.
- If you have problems with debt collection companies not wanting to remove negative items reporting against you, check to see that they are:
- Licensed and bonded in their state to even collect debts
- Send them a Debt Validation letter to ensure the debt is even yours and if it is, ensure it is the correct amount, since they will probably have additional attorney fees, interest, etc., added to it and you do not know if what they've added has been calculated correctly.
- Inform them of your rights under the Fair Debt Collection Practices Act.
Russell & Diana de la Peña