What should you do when you first receive your credit report? Susie Orman will tell you to look at your score and look at your life and see where you can improve upon both. Remember, the goal is always to minimize your debt consolidation problems by getting the best possible debt consolidation rate.
The first thing you should do is write down everything you see that is wrong or false. If you find information that you think is questionable, write it down. You’re developing a list of things you’re going to dispute. Anything borderline that can improve your credit rating if removed; you wan to dispute it if there is any aspect that is not true.
Credit reports are sometimes hard to read. You should find information on how to read your credit report on the back of the report. Read this information carefully to make sure you understand all the symbols and letter references. A lot of people get confused and frustrated (sometimes you might think they make them confusing on purpose).
Just be patient and read the instructions carefully so you know what you’re looking at. If you just can’t make sense of something, don’t be shy. Call the credit agency directly and ask! You need good consolidation debt information if your consolidation project is going to go well.
Once you’re 100% confident you know what you’re looking at, follow these seven steps (and these are things a Susie Orman credit report wont tell you):
- As we said before, make your list of those things that are not true or questionable
- Call the credit agency where you got the report and let them know that you want to dispute an entry on your credit report
- They may try to talk you out of it. Don’t let them. To avoid a prolonged back and forth, don’t tell them what you want to dispute at this stage. Just that you want to dispute something.
- Ask the person your talking to where you should send y our “Dispute Form”.
- Complete the “dispute form” carefully and send it back to the credit agency certified mail. It’ll cost a bit more than regular mail but worth the expense.
- When your credit agency (i.e., the credit agency you go the report from) receives the dispute form they will be required to review the disputed items with the company or institute who is responsible for the bad information to begin with.
- You can expect to wait 30 to 45 days before you get a final decision. This is normal (and I know is a long time to wait).
This works for two reasons. Most of the companies or institutions who provide you with credit or are responsible for the bad information entries on your credit report don’t keep long-term files. They won’t be able to easily review your dispute.
The other reason is that they don’t care. It is easier for them to remove the complaint than it is to dig up evidence for their original claim.
This is why credit repair clinics who were set up to help people with their consolidation for debt objectives did so well. They understood the system and knew that those who put the bad information into credit reports didn’t have the time or inclination to fight disputes.
And a company who has put a bad entry on your credit report has only 30 days to respond to your dispute. These companies are in the business of doing things that make them money. Defending old items on some stranger’s credit report doesn’t make them money. Hence, you end up with a more favorable debt consolidation rate and thus a lower costing consolidation for debt position.
(Please note that this information is provided for entertainment purposes only and should not be treated as professional advice. As any Suzie Orman credit report or any financial guru will tell you, it is always smart to consult with a financial or legal professional before making any financial decisions.)
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