My Story: Credit Reports
contributed by Jennifer
In a previous article I was in awe about how much in common this person's situation was to mine and my husband's. We were trying for a mortgage about eight months back and found that there was well over $30,000 worth of adverse information on our combined reports that was either not ours or incorrect in another form!
I spent six months writing back and forth between the three major credit bureaus forwarding documentation to show that the information was incorrect. After the first correspondence that we received back from them, somewhere between four to six weeks later, we were able to do much of the rest online.
Because of the little effort that it did take, our credit score has gone up over 200 points in six months and we've been approved for a 100% mortgage (with a low rate even!). The most time-consuming part was initially going through our reports from the three different agencies, compiling a list of the incorrect information, gathering any and all data to reflect the misinformation, and then writing the letters with the account numbers, names of the creditors, and the reason why the information was incorrect. Then, we spent five minutes to take all this information to the post office and sent the letters certified mail with return receipts to the three separate companies. We spent about $15 for all postage.
It's amazing that we were going to spend almost $800 for someone else to do the credit repair for us and it cost us only $15! Talk about a savings!
Please note that the three major agencies do not always have identical information. When looking them over, please be sure that you're sending the correct account numbers to the correct agency. Sometimes one agency has something that the other two do not, and vice versa.
Also, when you are in the midst of credit repair, it is advisable to not have any credit inquiries done until after you are sure that your credit repair is completed. This way, possible creditors do not receive misinformation. And remember, too, sometimes you may have to send the same information more than once, but it'll be worth it once the incorrect information has been corrected!.
"My Story" is a regular feature of The Dollar Stretcher. If you have a story that could help save time or money please send it by mailto:MyStory@stretcher.com
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