Basic Step by Step Beginner's Guide to Credit Repair

[Trish]

Most of this information is already here.......but it can be scattered around in several different posts. So, I thought I would sort of sum it up in one post......in hopes that it will make it easier to follow for anyone first starting out.
*If you are new to the credit repair lingo.......check this out first.

This is just a very simple break down of the steps you need to take in the beginning.

1. Order reports directly from ALL 3 CRAs
If you cannot afford to purchase them you can get your free annual report.
*Please keep in mind that disputing with a free annual report gives the CRA more time (45 days). It is not wise to dispute with these because it will lessen your chance for a deletion.

2. Opt out

3. Update/Delete any personal info with the CRAs
Have as much as possible removed. It would be ideal to only have your current address. No variations of name, addresses or socials. No need for employment information or phone numbers. It is not necessary.

4. Wait until 2 & 3 take effect (give opting out about a week) and READ in the meantime.
Read up on your state laws, the FCRA, FDCPA and the FCBA - links to these laws are here.

5. Triage your reports.
You can go here find out the SOL for your state. Figure out which accts are out of SOL and start with those. You determine if the acct is out of SOL by the DOFD (date of first delinquency).
Please be aware that disputing any accts that are still within SOL could possibly wake up a sleeping giant and you can be sued. So proceed with caution and make sure you understand what you are doing first.

6. Dispute with CRAs/1 2 punch if applicable
You can do a blanket dispute (dispute everything). Some have luck with this OR just dispute 3-4 at a time (which is what I would advise). Whatever you decide, you must wait until the investigation is over before disputing any more (30+5 days for regular report disputes/45+5 days for disputing with the free reports)

7. Wait, be patient..........and READ.
Reading is one of the most important things. Again...get to know your state laws, the FDCPA and the FCBA. It will give you knowledge and empower you with the tools you need to fight if you have to.
And of course........stick around here and read posts in the forum because more than likely, you will find that someone has had similar issues.

8. Contacting companies directly
You may need to do this if your disputes come back verified. Depending on the situation and what type of account it is......you may need to send a debt verification letter to an OC or a debt validation letter to a CA.

For any late payments that you want to remove on an otherwise good standing account, you will want to send out a Goodwill letter. This is just basically a letter in which you explain your situation as to why you were late (hopefully a GOOD reason) and beg forgiveness.........promising that you are back on your feet and will not let it happen again. These can and do work. Some people have even had to send more than one to finally find a sympathetic ear. Some have even had to send the letter to an upper management person (CEO, Pres, etc).


So.......that is a start. I'm hoping it helps to bring it all together. Starting out can be overwhelming.....and maybe this can help alleviate some of the confusion.

Also don't hesitate to start a thread and ask questions. We are all here to help each other succeed.