An excellent credit score is your ticket to accessing loans and credit cards at a lower interest rate. A low score can lead to many roadblocks, including increased insurance premiums, difficulty renting an apartment, and potential rejection by mainstream lenders.
The good news is that you can repair your credit to help you achieve your goals. But the big question is: how long does it take to repair damaged credit? Well, this will depend on several factors, such as the scope of the damage, credit history, and what you want to accomplish when your credit is repaired.
Generally, the credit repair process involves verifying and disputing negative items or mistakes on your credit report that are misleading, unfair, or inaccurate. The process starts by downloading your three reports and reviewing them to identify potential errors or mistakes. It can take a few hours to evaluate all three reports.
After you identify the negative items, you will need to request information validation from the credit bureaus, debt collectors, and creditors. Then draft relevant dispute letters and gather necessary documentation before sending your disputes to the credit bureaus.
Companies claiming to offer credit repair services have flooded the market, and some promise to fix your credit fast. However, it should be noted that it's easy to predict the actual results of credit repair.
Technically, the time your credit repair takes depends on the inaccuracies in your report. Sometimes, credit repair may require financial and legal expertise.
According to the Fair Credit Reporting Act (FCRA), credit bureaus are required to take 30 to 45 days to validate your dispute. The FCRA is a federal law that guarantees your right to a fair and accurate credit report. The law requires credit bureaus to verify incorrect information before removing it from your credit report.
First, identify items on your credit that may be harming your score. Things like significant inaccuracies, bills in collections, loan defaults, or late payments can stay on your credit report for seven to 10 years. While these items can take a toll on your credit, you can take certain actions to boost your score as you work on rebuilding your credit.
These actions include paying your bills on time, increasing your credit limits, clearing the bills you have in collections, and lowering your credit utilization. You may also need to reduce your debts, report your alternative payments, and continue to check your credit reports.
If you need help cleaning up the inaccuracies on your credit, Mizrahi Kroub can help. Our New York credit lawyers are well-versed in the FCRA and New York credit laws and can help speed up your credit repair process. Don't hesitate to contact us at (212) 595-6200 to schedule a free consultation with our New York credit lawyers.
February 24, 2023
How to Fix Errors on Your Credit Report
January 5, 2023
Outdated Information on Your Credit Report: What To Do
December 5, 2022
What Damages Can Be Recovered After a Fair Credit Reporting Act Violation?