Many factors affect your credit report score. Low credit score leads to higher interest rates on loans or even denial of loan altogether. Inaccuracies or error on credit report also lowers your credit score. Repairing credit score is time-consuming and complex.
Also, the time needed to repair your credit score will depend on the factors that affected it. For instance, if your credit score dropped due to errors or identity theft, the process could take 2-3 months. But if your financial difficulties lead to late or missed payments, the process could take much longer.
Error on credit report
Review your credit report to avoid the financial downsides caused due to errors in it. You must check for accounts you never opened. They could signal that the bureau or lender has confused you with someone of the same or similar name or you are a victim of identity theft.
Do you know that negative information related to late payments, foreclosures, and collection notices must be removed after 7 years from your credit report? The period for removal of bankruptcies is 10 years. You should check if it is not listed past the relevant period.
Make sure that resolved billing issues are noted in your credit report. Even silly mistakes like a misspelling of your name could affect your ability to get a loan. They should be timely fixed. You could file a dispute with the credit bureau as well as your creditor for errors.
The credit bureau takes 30 days to investigate your dispute. The deadline could be extended by 15 days after notifying you if required. They notify you of the results after completing the investigation. The credit bureau immediately corrects the negative information if it is found to be inaccurate.
If your dispute is rejected because the identity thief had too much of your personal information, you need to provide supporting documentation and repeat the dispute process. You could also pursue further legal action. It is best to consult a credit repair lawyer as things are not as simple as they look.
How to rebuild credit?
It is advisable to find the best credit repair attorney in your area to get answers to the most asked question, how to rebuild credit? You could yourself choose to do the things which an expert credit repair lawyer could do for you. But repairing credit score on your own could be difficult and time-consuming.
A credit repair lawyer:
- Reviews your credit report to evaluate errors
- Devices ways to improve your credit score
- Negotiates with credit reporting agencies to remove negative items like late payments, charge-offs, and foreclosures from your credit report
- Negotiates settlement amounts with your creditors
- Represents you in court
An experienced credit repair lawyer has expertise in dealing with credit bureaus. The lawyer has a great understanding of consumer rights and can provide better results.
Repairing credit score with professional help
You must know your rights under state and federal law, which require creditors to treat you fairly. The creditors have to report your credit information accurately. You are entitled to have creditors correct your credit report and even sue them for damages if they violate your rights.