Credit Repair In Less Than 7 days

 

Fact or fiction???

You can repair your credit report in 7 days or less, but not directly with TransUnion, Equifax & Experian. Are you confused yet?

When you apply for credit: the car dealership, mortgage broker, finance company, bank, etc. usually receives your credit history from a credit report reseller. There are hundreds if not thousands of credit report resellers or clearinghouses scattered across the United States and throughout the world.

The more popular resellers are Kroll Factual Data, Credco, LandSafe; just to name a few. Each of these credit resellers or credit clearinghouses receive the credit report request; ask for your credit information from what I call the three (3) major credit reporting agencies (Equifax, Experian and TransUnion); receive your credit history; compile the three (3) different credit reports into one (1) easy to read format called a bi-merge (if only 2 credit reports) or a tri-merge (if all 3 credit reports are joined together); and then transmit it back to the creditor that made the initial request for your credit information… all within 5-15 seconds! Wow!

Now that I’ve covered all of that, what if some of your credit report information isn’t accurate? Instead of waiting 30-45 days (or more) to get the credit report corrected at the root of the problem, why not dispute it with the reseller?

Many credit report resellers offer a program that allows consumers to show proof of why their credit report information is reporting incorrectly, requesting to have the information corrected or deleted… usually within 5-7 business days.

However, be forewarned that this does not correct your credit reports permanently, as the information will revert back to the incorrect status when the BIG 3 update their credit reports again. It only updates the credit report that the reseller sold to the original creditor. The original creditor can then transmit the new credit report to lenders via fax, email or Internet… asking that they utilize the credit reseller’s updated credit report.

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 got lucky enough to find a creditor that utilizes the same “reseller”. But, chances are… you won’t.

With hundreds of credit report clearinghouses in business, you have a 1%-2% chance of getting that lucky.

Plus, credit rescoring (aka rapid rescoring) can be very expensive. Rapid rescoring typically costs you $30 per item disputes per bureau reporting the misinformation. So, 3 items being incorrectly reported by all of the BIG 3 bureaus will cost you $30 x 3 tradelines x 3 bureaus = $270.00. Whereas, the long-term & PERMANENT approach to credit repair can be performed for the cost of envelopes, stamps, documentation, and well-written letters disputing the erroneous information.

So, yes you can repair your credit within 7 days, but not permanently.

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