Repairing Your Credit Is Easy By Arming Yourself With The Right Information.

The task of repairing your credit is far easier with the advent of technology and the implementation of the Fair and Accurate Transaction Act (FACTA). FACTA is an updated version of the Fair Credit Reporting Act (FCRA). Today all you need are reports from the three main credit reporting bureaus, along with your current FICO score available from myFICO.com.

Once you have the necessary documentation in hand you are poised to clean up the information that's there – removing outdated or inaccurate data, adding positive information, and in some cases even increasing your FICO score.

Since you are taking on the task of credit repair yourself, don't be surprised as you study your report just how many accounts you will find. Because your credit report includes negative information for the past seven years and positive information for much longer, you are likely to see accounts long forgotten and some you didn't realize you still had. Some creditors never close accounts, even if left unused for years. Retailers are notorious for this. Your task is to sift through all this information, past and present, and identify errors.

In particular you need to look for the following:

• Is your name and Social Security Number correct?
• Are all your accounts listed?
• Account showing the activity they should.
• Accounts from a bank or store you are certain you've never done business with.
• Single out accounts showing negative activity.
• Are there multiple entries for the same account?
• Do the reports have your correct address?

Now that you've gone over your credit report and collected all your data you are ready to get down to the nitty-gritty and prepare your disputes. Before you start this crusade it's a good time to remind you to that attempting to remove accurate information-regardless if it's good or bad is useless.

The process for disputing and correcting inaccurate information has been made as easy as possible by the bureaus themselves. Your responsibility is to review your credit report annually for accuracy, and if you find wrong or unfamiliar information to file a dispute.

You may initiate your dispute via phone, mail, or online. By phone is the quickest and easiest route but for it's suggested you put everything in writing to create a paper trail. That way you can point to this if things go wrong or paperwork gets lost.

If you choose the mail option write a letter stating which items or items you're disputing. A good suggestion about the dispute letter is to keep it friendly yet factual. The bureau employees on the other end get hundreds of ugly letters daily, so your letter might just get a little more action if couched in a pleasant tone. Include any facts that support and explain your case, and include copies of supporting documentation. Enclose a copy of your credit report with the items in question high-lighted. Provide your name, address, and what action your desire.

Send your correspondence by certified mail. Ask for a return receipt so you can document the fact your letter was received. Keep copies of everything.

Here's what happens to your dispute information once received by the bureau. The bureaus contact the source that provided the data in question. That source now has 30 days to respond. If the source cannot verify the data within the 30 days, it must be removed from your report. If the source is able to verify the information it stays on your report. In either case you'll be notified in writing of any actions that occurred as a result of your dispute. You'll also be sent an updated credit report if the dispute resulted in a change of information.

What do you do now once your persistence has paid off and the information has been removed? It's time to work at adding positive information to your credit report. The best way is simply to make full payments on time for a year or more. Another way is to add information you feel should be included on your credit report. If you know there is an account you are paying that shows a good payment history, you can request the bureaus verify the account (for a fee of course), and add it to your report.

Lastly I need to mention the 100-word statement you are allowed to use for certain items on your credit report. This statement won't lower or increase your score by using it, but it will allow you to answer any questions a lender may have when considering you for a loan. Use this statement to explain why there were a period of late payments, collections, or charge-off due to illness, job loss, or any other life situation beyond your control. You may dispute any information you feel is incorrect, but wasn't removed by the credit bureaus.

Credit repair is easy, yet few people take advantage of the tools and resources available to them. Ask yourself just how important your credit is and if saving, or losing, thousands of dollars is enough to motivate you to take responsibility and take action to repair your credit.

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