Repairing Bad Credit - And Conquering the Confusion
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In this article, I would like to explain the concept of credit repair, while also eliminating some confusion on the subject.
Did you know this is one of the most popular topics within the realm of consumer finance? It's true. I frequently review Internet search data to see what topics people are researching online and the phrase "bad credit report repair" comes up a lot.
This tells me two things. First, as I've already mentioned, it means this is a popular topic for American consumers. Secondly, it suggests to me that a lot of people are confused about the terminology associated with repairing credit, and how that terminology relates to them. So let's start with some clarification of the terminology being used here.
Repairing a Score Versus Correcting a Report
The first thing I'd like to clarify is the difference between fixing a bad credit score and correcting an erroneous credit report. It's important to keep these two things separate in your mind, because (while they are obviously related) they are two different things.
Consider the difference:
- If you request copies of your reports from all three credit-reporting agencies (Experian, Equifax and TransUnion), only to find an error on one or more of those reports, then you will need to "correct" the erroneous data.
- If you order your credit score through a web-based service like MyFICO, only to find out that your score is low, you will want to "repair" or improve your credit score.
I know these are nitpicky semantic details, but I feel it will eliminate a lot of confusion to keep these things straight. So let's talk about each of these things in more detail:
Correcting Your Reports
If you request copies of your reports from TransUnion, Experian and Equifax and find errors on those reports, you will need to correct those errors as soon as possible. It's important to request corrections as soon as possible because the process takes time, and you want to have it resolved before applying for any kind of loans.
To do this, you will want to submit a dispute with the company that produced the erroneous report. You can find some specific instructions on disputing errors on the websites of the three aforementioned companies.
Improving Your Score
In this scenario, let's say that you request your credit score and find that your score is pretty low (lower than the national average). You know that a good score will help you get a good interest rate on a mortgage -- among other things -- so you want to improve your bad credit.
This is different from correcting an erroneous report. Here, you are not simply fixing admin errors on paperwork, but adjusting your own financial habits to achieve a more favorable credit score. This would involve such things as paying down your debt, making all bill payments on time, etc.
I hope this article helps clear up some of the confusion about bad credit report repair and similar topics. Remember, your scores and reports are two different thing. You have three of each, as derived by the information collected from Experian, Equifax and TransUnion.
Brandon Cornett publishes a weekly blog column under the alias "Captain Credit." To learn more about credit score repair and similar topics (from a home buying angle), please visit the Captain at www.homebuyinginstitute.com/credit.php
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