Do you suspect that your FICO score is unfair? Sometimes, credit reports contain errors that pull this indicator down. As a result, new loans become inaccessible or expensive. Repair services are offered by many companies in the US, but how long does this process take?
First, you need to decide whether to fix the score on your own or to hire professionals. Consumers who do everything themselves need to navigate the subtleties of credit legislation and written correspondence. Reviews of top credit repair services by creditrepairpartner.com will help you choose a trusted provider in your area. These companies are popular because they accelerate the process.
Whether you take up the challenge or delegate the job to a credit repair business, the key stages are the same. First, it is necessary to collect your reports from three major agencies in the United States. This is crucial, as any lender may only share data with one bureau.
Next, the documents must be scrutinized to find inconsistencies that could be debated. The next step is the collection of evidence to support your claims. Finally, dispute letters must be sent to bureaus to request the removal of the derogatories.
How Long Does It Take?
The duration depends on the severity of your case (i.e., how many false entries you find), and the competence of the person managing it. For example, if a bureau considers your evidence insufficient, it will request an additional proof, which prolongs the process. On average, consumers who handle everything by themselves need between six months and a year.
Professional services speed up repair by default, as they are rendered by experts. Of course, not every firm may be trusted, but the best ones offer good value for money. They also have a money-back guarantee. For example, if no changes are made to your report within 90 days, you are entitled to a refund. Some providers have unconditional guarantees, which is unbeatable.
1. Getting Your Reports
Every citizen of the US may get a free copy of their records from each of the three major agencies. Now, during the pandemic, it is possible every week. Collecting the reports takes a few minutes. Just go to www.annualcreditreport.com and submit your request. If you ask for a report by phone or send a letter, the organization will respond in 15 days.
2. Analyzing The Records
Next, each report must be analyzed line by line. Start with your personal information like name, address, and social security number. Then, examine your borrowing history. Mistakes range from duplicates to completely false information. For example, you may notice a bankruptcy, eviction, or judgment that has never happened. Any such items drag down your score, causing far-reaching consequences.
Professionals know what to look for. They identify disputable entries faster. The team will also tell you which derogatories are the most damaging, so they should be prioritized.
3. Collecting Evidence
To have an item removed, you need to prove it is inaccurate. Possible evidence includes bank statements and other documents. Professionals also send debt validation letters to your creditors. Basically, the institution needs to prove that you owe a particular amount of money. At this stage, the company may also send goodwill letters — these ask lenders to stop reporting specific entries, although they are not obliged to.
4. Opening Disputes
Every cycle (often 30-45 days), the repair company will dispute a particular number of entries (e.g., 5 or 10 per bureau). This depends on your plan. Most companies include unlimited disputes in their premium packages.
Communication is based on formal dispute letters. If you plan to reach out to bureaus yourself, you may find templates on the website of the Consumer Financial Protection Bureau. The more mistakes there are to delete — the longer it takes. Agencies may demand additional proof, so be ready for some back and forth.
It Takes Months
You cannot fix your FICO score overnight. As soon as the derogatories vanish, the total improves immediately, but preparation is complex and demanding. Repair firms achieve the goal faster.
Yet, even the simplest cases take several months. If you do not have the necessary expertise, delegate the tasks to professionals. They will communicate with lenders, bureaus, and collectors on your behalf, while you monitor the progress online.
Repair vs. Rebuilding
Correction takes months, but rebuilding may last for years. When derogatories on your report are true, all you can do is change your financial behavior and make payments on time. You may also adjust your credit utilization ratio and use different types of loans. A repair company will educate you on the process. It may even offer a special credit line to help you start rebuilding your history. Negative effects of irresponsible borrowing linger for years.