Fast Credit Report Repair

Question: My daughter and son -in- law are trying to buy a home and just sold a home in July. All three credit bureaus are reporting a discrepancy. One is showing they paid on time in April and June but 60 days late in May. The other is showing paid on time in May and July but 60 days late in June. They have letters from their mortgage company stating they have paid on time. They have electronically told the credit bureaus this is a mistake and the credit bureaus have informed my daughter they have 60 days to remove this. My daughter has a closing date of Oct. 20th. How can they get these credit bureaus to expedite this so they can get their new mortgage? My daughter is frustrated and says she really sympathizes with people who have had their identity stolen. Tell me about fast credit report repair.

Answer:
First of all, creditors send updated information to the 3 main credit bureaus routinely, but that does not guarantee that you’re most recent payment will show on your current credit report. 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. They are correct, some times there is a 60 day lag in reporting updates.

According to the Fair Credit Reporting Act,

all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them (typically through a dispute letter sent via certified mail). 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.

If you require a "rapid rescore" you may have to work with your mortgage company to petition a smaller credit reporting agency. Alternatively, you can contact directly the big three agencies.

There are three major credit bureaus that offer credit reports:

Equifax
1-800-685-1111
http://www.equifax.com
Experian
1-888-397-3742
http://www.experian.com
Trans Union
1-800-916-8800
http://www.transunion.com

To get a hold of your credit report, contact one of these three bureaus. Each bureau interprets your credit information differently, so you might want to get a report from all three.

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

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed.

Bills.com Site Map > Credit Index Pages > Credit Testimonials