To repair credit the first step should be to write to the reporting company and detail what, in your opinion, is inaccurate information.
You should include with the letter, copies of documents that support your claim. Never attach originals. The letter should have your full name, address, details of disputed items on your report, and contain facts and reasons for disputing the information and a request that the information be corrected or removed.
It is a good idea to include a copy of the report with disputed items circled or marked clearly. The letter should be sent “return receipt requested,” by certified mail so that you will have evidence of the company having received the documents. Remember to keep copies of the report and all enclosures.
Reporting companies usually take 30 days to investigate the points in dispute. They will not do so if they deem the items frivolous. They must provide copies of the information you have given them to the company that had provided the information about you. The provider of the information should then investigate the dispute. It then reviews and reports back its investigation results to the reporting company.
If the disputed items were inaccurate, then all nationwide credit-reporting companies are notified so that the necessary corrections are made and the file corrected.
Once complete investigations are conducted, the reporting company provides you with the outcome in writing. A copy of the new report is given free if changes were made. If any change or deletion is made, the disputed item cannot be put in one’s file until it is verified as accurate. The reporting company must also provide you with a notice that gives the phone number, name and address of its information provider.
Upon request, the reporting firm must send written notices of the corrections made to all persons who had received the report at least 6 months before the corrections were made. For employment reasons, a copy of the new report can be sent to such persons who may have gotten a copy in the previous two years.
If the investigation does not resolve the disputed items then you can request that a statement detailing the dispute be incorporated in the file and future reports.
Another option you could take to repair credit is to inform the information provider or creditor in writing about a disputed item. The procedure for enclosures, as with the reporting company, should be followed. If they find the information on the report inaccurate, then it will not be reported again.
Generally, accurate negative information contained in reports is only removed with time. Reporting companies report negative information up to seven years and ten for bankruptcy information. Time limits for reporting certain events do not exist, however. These events include criminal convictions, applications for jobs paying annual incomes of more than $75,000 and applications of credit/life insurance greater than $150,000.