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Credit Scores & Credit Reports
by Evan Hendricks - Free

The credit repair process - why and how it works.

The credit repair process begins with a complete analysis of the three prominent credit bureau reports, Equifax, Experian, and TransUnion. This preliminary analysis is extremely important to ensure the process is ultimately successful. A number of aspects in particular are the focus of this analysis. Because the majority of credit reports contain errors, the first step is to identify any obvious mistakes. Incorrect social security numbers, names, and addresses can be an indication of a "mixed file." Review with the client can uncover accounts that should not show on the reports. Many times, line items show up under the correct account number but display inaccurate dates, balances, account status, or payment history.

This initial analysis and consultation with the client leads to the development of the credit optimization plan. This plan provides the direction for communicating challenges to the credit bureaus about specific inaccuracies, resolving any outstanding debt issues that may be a problem, and building good credit onto the credit files.

On an ongoing basis, Veracity advises each client on the best ways to pay off debts, negotiate outstanding collections, inherit good credit history, and acquire financial behaviors that will prove beneficial for their credit reports and scores in the future. As particular line items are resolved with the creditor, or new accounts added, it is important that this information is properly updated at the credit bureau database level. Obtaining written documentation from original creditors is crucial to back up challenges with the credit bureaus and to have record in case future legal disputes with that creditor are necessary.

It is imperative to remain vigilant and persistent when monitoring the communications with the credit bureaus. Unfortunately, these bureaucracies do not have adequate systems in place for ensuring the accuracy of the information they report. The investigations these agencies undertake are not always straight forward and do not always produce the expected results, so they need to be held responsible for conducting the true investigations that are required of them under the Fair Credit Reporting Act. Constant follow-up is usually necessary.

As each line item is corrected at the credit bureau level, the credit reports begin to look better and yield higher credit scores. While correcting individual accounts can often times produce great increases in credit scores, full optimization is a continuous process, requiring constant attention. The underlying information changes frequently and must be watched at all times to be confident in optimized credit.

The process, on average, takes about 7 months for mortgage clients. Of course every situation is different, and the range can be from 30 days or shorter for the necessary corrections, to 18 months or longer for the most severe credit damage. A growing percentage of Veracity's client base are real estate investors and small business owners that remain on the program indefinitely to maintain optimized credit and have access to our resources whenever problems come up, which they inevitably do.

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