We all resort to loans for meeting urgent as well as long-term requirements.
But unforeseen circumstances affect our finances and we unwillingly or unknowingly default on the repayment plan.
The result? You lose credibility before your lenders and they would never again dream of giving you another credit.
Sometimes wrong entries may mar your report, necessitating you to initiate a credit repair action.
This scenario is enacted regularly all over the world.
You may sometimes need professional help to repair your credit and become respectable again.
There are some simple steps that may help you in the short term, but gaining creditworthiness takes a planned effort on your part to stick to the repayments plans again.
Credit reports are the best tools to understand your current credit position.
Sometimes, the report may flaunt inaccurate or untimely entries, which can harm your prospects later.
You can ask for a detailed report from the authorities concerned, or can entail the services of some professionals in the field.
As per the law, you have every right to request for an investigation if any inaccurate negative entries come to notice.
Consumer reporting companies would investigate the matter and arrive at a logical conclusion within a stipulated period.
I would explain bad credit repair process in two steps.
The first step, involves appraising the consumer reporting company about the inaccurate information.
You have to provide all the correct details, including your name, address etc and list out all the entries you feel wrong.
Describe why you think they are inaccurate and enclose a copy of the credit report along with your letter.
The next step is to inform your lender in writing that you have a dispute with some entries.
All documentary evidences regarding your claim should be invariably provided.
If you are right, your next credit report would not contain that entry.
The entire process is free of cost too.