Advice on How to Restore Credit Score - The Bills.com Blog

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Advice on How to Restore Credit Score

Question: My husband passed away 1 year ago. The estate went to probate and the hospital was sent notice to file the creditors claim through the estate and they did not. Instead my credit was hit which caused my FICO score to go down 50 points. The bill was paid and account closed on the credit bureau, but my score has not been restored. Any steps I can take toget my credit score back up?

Answer: Thank you for visiting Bills.com. The credit bureaus update their records as soon as they receive the information from the creditor, but there can be a time lag in getting the information from the creditor. Sometimes there is a 60-day lag in reporting updates. If you have already confirmed the payment of this account on the credit report, then you will have to wait a few months for your score to go back up. Meanwhile, you will need to keep making regular payments on your other accounts.

According to the Fair Credit Reporting Act, the reporting agencies must update and keep accurate data in their credit files. If you believe that that a particular debt was incorrectly reported on your profile, then you will need to notify each one of the 3 credit bureaus (typically through a certified

letter) and then wait one reporting cycle (90 days) for the errors to be removed. The credit bureau must investigate your claim within 30 days (unless it is frivolous). If the charge is incorrect or cannot be verified in that time, the credit bureau must delete it or change it as you requested. If they make changes to your report, the credit bureau must send you a new copy. You can also request that a new copy be sent to anyone who has gotten your credit report in the past 12 months. The credit bureau cannot re-insert the item without giving you written notice.

There are three major credit bureaus that offer credit reports: Equifax (1-800-685-1111, www.equifax.com), Experian (1-888-397-3742, www.experian.com), Trans Union (1-800-916-8800,

www.transunion.com).

You can get a free copy of your report from each of the 3 bureaus by visiting www.annualcreditreport.com. Each bureau interprets your credit information differently, so you might want to get a report from all three. As time passes, the negative hit on your credit report caused by this debt should start to decrease and your score should return to your earlier levels.

If you would like more information or would like to hire the services of a credit repair professional, please visit our credit resource page .

We hope that this helped you to Find, Learn, & Save!

Best Regards,
Bill
www.bills.com/blog

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