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Credit Repair In Less Than 7 Days... Fact Or Fiction?
It doesn't take a rocket scientist to figure out that credit, the abundance of credit, or lack of... are hot topics. Just watch your local newspaper. Every day, we all read about foreclosures, subprime loans, mortgages, predatory lending & more.
But, we rarely hear much about credit scoring or credit repair.
Well, today, we're going to tackle this subject... because this seemed to be on the minds of all my past customers.
In a nutshell... yes, you can repair your credit report in 7 days or less. But, you cannot do this directly with TransUnion, Equifax & Experian.
Are you confused yet?
You see... when you apply for credit... 99% of the time... the car dealership, broker, finance company, bank, etc. usually receives your credit history from a credit report reseller (which there are hundreds of across the country). The more popular resellers are Kroll Factual Data, Credco, LandSafe (just to name a few & not guaranteed to be the 3 largest either).
Each of these "resellers" receive the electronic credit report request from the place you're trying to do business with; then make an electronic request for your credit information from what I call the BIG 3 (Equifax, Experian & TransUnion) credit reporting agencies (aka CRAs); then receive your credit history from the BIG 3; then compile the 3 different credit reports into one (1) easy to read format called a bi-merge credit report (if only 2 credit reports are blended) or a tri-merge credit report (if all 3 credit reports are joined together); and then electronically transmits it back to the creditor that made the initial request for your credit information... ALL WITHIN 5-15 seconds!
Wow! And, I promise I tried to explain that as easily as possible without making your head explode.
What if some of the information isn't accurate?
Can you repair this inaccurate, incomplete or unverifiable information in less than 7 days... because you really don't want to wait 30-45 days for an answer from the CRAs... do you?
Well, instead of waiting 30-45 days (or more) to get the credit report corrected at the root of the problem (with the BIG 3)... why not dispute it with the reseller??? Sometimes, it can be a good thing to dispute the information provided by the reseller.
Many resellers offer a program (usually known as Rapid Rescore) that allows you to show proof why any errors should be corrected or deleted (usually within 5-7 business days).
However, be forewarned that this DOES NOT correct your credit reports permanently... as the information can & usually does revert back to the incorrect status when the BIG 3 update their credit reports again.
If you use the Rapid Rescore methods (for quick credit score improvements), be sure to follow up by mailing additional dispute letters directly to Equifax, Experian, and TransUnion.
Also, keep in mind that your Rapid Rescore credit report enhancements will usually only help you where you originally applied for credit & only within a short period of time.
What if you have your credit rescored by the reseller, and you reapply for another loan elsewhere the same day, next day or even
next week? Hopefully, you'll get lucky enough to find a creditor that utilizes the same "reseller". But, chances are... you won't. Facing reality, with hundreds of "resellers" in business, you only have a 1-2% chance of getting that lucky.
Plus, credit rescoring (aka rapid rescoring) can be very expensive & cumbersome. Rapid rescoring typically costs you $30 per item, per bureau, and per person. For example: 3 items being incorrectly reported by all of the BIG 3 bureaus will cost you $30 x 3 tradelines x 3 bureaus = $270.00 for a single person to dispute these 3 items. Imagine if you were married & needed to dispute these same 3 items with all 3 of the credit reporting agencies. It would've cost you as much as $540.00 for a Rapid Rescore.
Additionally, rapid rescoring requires you to provide proof (supporting documents) to make any changes by the reseller... to receive any quick score enhancements.
AND... rapid rescoring does not guarantee score improvements either. I've seen many customers spend $300 up to $1,200... only to receive lower scores or score improvements that still didn't help them get a better loan program or interest rate. Talk about frustrated!
Sometimes, Rapid Rescore methods are needed... but...
With a little prevention, The PERMANENT approach to credit repair can be performed for the small cost of envelopes, stamps, and well-written letters disputing the erroneous information... and you might not even need to find 8-year old supporting documents that were lost during your last 3 moves either.
So, yes you can repair your credit within 7 days, but not permanently. So, yes it's a fact that scores can be adjusted within seven (7) days or less. But it's also very misleading, because most people think the score adjustments or credit disputes were permanent. And, then get upset because the total money they paid to get the "rapid rescore" proved to only be a temporary "fix".
However, there solutions.
1. I'm not going to tell you to pay your bills on time, because that's obvious.
2. I'm also not going to tell you to pay off your old collections... which does help improve your scores, but only after lengthy periods of time have passed... and also require excellent credit to continue after old collections are paid off.
Your solution is to find a competent professional that offers FREE credit repair assistance, because professionals will do alot more to help you than a non-profit agency (which could care less about your long-term credit history or understand how scoring really works). Also, do not rely on your local auto dealer, banker or family friend to understand credit scoring either.
If you can't find a professional who offers FREE credit repair assistance, I'd also recommend the use of a new software tool... Credit ResQ.
Credit ResQ is used by thousands of professionals... to assist their clients with permanent credit repair. I found it very easy to use, well laid out, and many clients see vast score improvements... along with a better understanding of the credit repair laws. Credit ResQ was obviously developed with your best interests in mind.
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