How can I fix my credit for free?
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There are plenty of approaches consumers can take when it comes to repairing their credit reports. Free credit repair is probably the best option because it's free. In this article, we’ll explore how consumers can repair their own credit and look at some options for credit repair services as well.
Credit report errors are among the top complaints to the Consumer Financial Protection Bureau (CFPB), ranking only behind debt collection and mortgage complaints.
If such errors aren’t fixed, they can lower a credit score and cause consumers to pay more for credit cards, mortgages, and other types of loans, and sometimes get declined when applying for a credit card or loan, especially when applying for a mortgage. The responsibility of spotting errors falls on the consumer, who must then report them to the major credit bureaus that compile credit reports so the errors are corrected and their score can be improved.
The good news is that fixing credit report errors is free—if you do it yourself. Filing a dispute is fairly straightforward, though it will take some time. You can also use free credit repair software available online or pay a credit repair organization to do the work for you.
1) File a separate dispute with each credit bureau.
There are three national consumer credit reporting agencies (Credit Bureaus):
Equifax, Experian, and TransUnion. If you find an inaccuracy with one agency, you should get your credit report from the other two to see if each credit report contains the same incorrect information.
A federal law gives you the right to get a free copy of your credit report every 12 months. You can obtain a copy of all three credit reports for free at annualcreditreport.com to access it online. or by calling in to the toll free number at 877-322-8228 to get it mailed to you. It’s the only source for free credit reports that is authorized by federal law.
What common errors should you look for in your reports?
Identity errors: These include any personally identifiable information, such as the wrong name, phone number, address, or Social Security number. Such errors are the top complaint to the CFPB about credit reports.
Account status: Closed accounts could be reported as open, others could be incorrectly reported as late or delinquent, or the same debt may be listed more than once, possibly with different names.
Balance errors: An account could have an incorrect balance or credit limit listed, negatively affecting your credit utilization rate.
You can’t dispute a credit score, only the information used to determine it. You should check the credit history information in your report for accuracy, including the number of inquiries, outstanding balances, number of accounts, and age of accounts.
Inquiry errors: This can happen if a financial institution has requested a copy of your credit report. It can make your credit score drop. If you find an inquiry that you don’t recognize, it is probably a fraud. You should contact the bank or financial institution that pulled your credit report immediately and let them know that you didn't authorize it. You should also put a freeze on your credit report.
For any errors you find, contact the credit bureau that generated the report, which we’ll detail next. You’ll also need to contact the creditor or company that provided the information, also known as the furnisher of information.
In most cases, you can dispute items on your credit report online with the three major credit bureaus.
Equifax
The Equifax website for filing disputes is straightforward and easy to use. It has sections on how the process works, what to look for, what you need to start, and what to expect during the dispute process. It also has short videos explaining the process.
Equifax recommends first checking your credit report and then filing a free dispute if you spot any information that may be inaccurate or incomplete.
If you’re submitting a dispute online, Equifax says it will contact you by email within 30 days with the results of its investigation into your dispute.
You can also check the status of an existing Equifax dispute online. If the reporting agency finds the information on your credit report needs to be updated, Equifax will take care of it.
You can submit documents to support your dispute online by uploading them along with the dispute form. These can include a bank statement, a driver’s license, or a court order. Only send copies if you are submitting documents by mail.
A dispute can also be submitted by mail or over the phone to Equifax at:
Equifax
P.O. Box 740256
Atlanta, GA 30374-0256
1-866-349-5191
Experian
The Experian website offers two ways to begin filing a credit report dispute online:
Start a new dispute online or dispute it by mail. You must register with Experian before filling out its dispute forms online or from a mobile device. This will give you access to the Experian Dispute Center, email notifications, a free Experian credit report (a report refreshed every 30 days on sign-in), Experian credit monitoring alerts, and a free dark web surveillance report.
Your identity will be verified with your Social Security number, which Experian said is transferred online through a private, secure connection. It will also ask for your date of birth.
Experian points out that a credit report number isn’t necessary to file a dispute online. However, if you have a paper copy of your report from Experian and you want to contact Experian to get assistance with your dispute, you can call the phone number on the report and reference the report number to get quicker access.
You can view your credit report online when submitting an online dispute with Experian. Look under the "Potentially Negative" section to find information that may be hurting your credit report. You can click on an item to see the details, and if you believe it’s inaccurate, you can click on the dispute button for that item.
Select a reason from the drop-down menu for each item you want to dispute. If a specific reason can’t be submitted online, Experian will give you instructions on how to deal with that dispute.
For accounts or public records disputes, you can submit the reasons for the dispute and add supporting documentation by selecting "Upload a document" on the confirmation page.
Experian will send you alerts by email to confirm when the dispute was opened, when there’s an update about your dispute, and when the results are available. You can also view updates in the "Alerts" section of the Dispute Center. Disputes are generally resolved within 30 days.
A dispute can also be submitted by phone or mail.
Experian
P.O. Box 4500
Allen, TX 75013
1-888-397-3742
TransUnion
Filing an online dispute with TransUnion requires creating an account if you don’t already have one. TransUnion’s online Disputes Support Center answers a lot of questions about the process.
The company lists three steps in the investigation process:
You may submit a dispute request if you believe any item in your TransUnion credit report is inaccurate or needs updating.
TransUnion contacts the creditor for verification. If the information doesn’t require verification, the information will be corrected.
The creditor returns the verification and TransUnion completes the process. It will revise or delete information in your credit report that is deemed inaccurate. If the creditor verifies the accuracy of the disputed information, no change will be made.
You can review the investigation results, usually within 30 days. If you don’t agree with the results, TransUnion recommends contacting the creditor directly to provide any documentation you have to support your claim.
If the creditor denies your claim, it must still report to the credit agency that the information is disputed. If the creditor verifies your claim, it must direct the credit reporting agency to update or delete the item. If you still disagree with your dispute results, you can also:
File a complaint with the CFPB.
Contact your state’s attorney general.
Add a consumer statement to your credit report of 100 words or less detailing why you think the information is incorrect. Any creditor that pulls your credit report will be able to see your consumer statement.
File a repeat dispute with additional supporting documentation.
You can also file a dispute with TransUnion over the phone or by mail at:
TransUnion Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
1-800-916-8800
2) Get free credit-repair software.
If you need more assistance filing a dispute, you may want to look into credit repair software available online. Some credit repair software products cost money, and you should check them out thoroughly before paying for any services.
Credit repair software products often promise to increase your credit score by hundreds of points. That’s a gimmick because the software doesn’t increase a credit score but provides steps that consumers can take to improve their credit score.
Many credit repair software downloads provide tracking spreadsheets and letter templates for you to better manage the dispute process.
Credit repair software companies will often provide a spreadsheet to keep track of the information needed in a dispute and provide templates for dispute letters that you can modify to fit your circumstances. No software program can interact directly with your credit score or the credit reporting bureaus—the personal information is too sensitive for the bureaus to share. You’ll be doing all of the work with the software, which can make it easier to compile.
When searching for free credit repair software online, keep in mind that many products aren’t entirely free. Some may offer a free 30-day trial and then charge recurring fees, while others may charge a small upfront fee with a refund if your credit score doesn’t improve.
Here is a list of a few services we know that are either free or have a free trial.
3) Consultation with a Credit Repair Company for Free.
As with many services, you can pay someone else to do the work for you. There are many credit repair companies that will try to fix your credit score, but it will cost money.
But before you pay, check to see if the credit repair agency offers a free consultation. Many credit repair companies will provide free consultations so you can see where you’re at and how they can help.
The main advantage is that the company will do the legwork for you. It will pull your credit report from all three credit bureaus, review it for potential mistakes and errors, collect any documentation you may have to support a dispute, and send it to the credit bureaus to determine if the disputed items should be removed from your credit report.
Check whether the company you’re considering will review your credit reports from all three bureaus. All three should be pulled because each bureau has its own data furnishers and errors could be missed if all three reports aren’t reviewed.
Credit repair companies have a deep understanding of how credit scores are determined and can evaluate your credit reports efficiently and thoroughly. If you hire such a company, expect to pay a monthly fee for the service. Find a company that will let you cancel at any time and that offers a free consultation.
More Tips to Fix Your Credit Score
- Paying credit card balances strategically
- Ask for higher credit limits
- Become an authorized user
- Pay your bills on time.
- Dispute credit reporting errors
- Deal with collection accounts
- Use a secured credit card
- Get credit for rent and utility payments
- Include it in your credit mix.
To expedite your credit repair, you'll need to work by yourself and use a credit repair company.
First, what you need to do. I created a list for you with 9 things you can do to fix and bring up your credit score.
At the same time, you should also use a professional company to help you with things you can't do by yourself or they can give you ideas on how you can fix it by yourself. I have a recommendation for you: CreditFirm.net. I by myself had a great experience with them. They are nice people and understand exactly what I want. It's only $49.99 per month. Try it by yourself and let me know what your experience with them is.
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