Credit bureaus operate independently of one another. Even though all three – Transunion, Equifax and Experian perform the same function of collating financial information about you, they are operated and managed by a different management body and thus, they have their own internal company rules that they use to decide what to use in calculating your score. This is why you need to focus on not one, but all three of your files when you’re starting a restoration program.
When you have obtained your three-in-one credit report, read through all to find out what mistakes have been made or expired negative accounts that haven’t been removed yet. You should also keep your eyes on the lookout for accounts that do not belong to you as it is possible for reporting agencies to make mistakes which may cause someone else’s bad account to slip into your own file.
Start patching things up by gathering all the necessary documents that you know you can use to challenge wrong entries in your file with the bureaus. Don’t worry if you don’t have any of such documents that you can use as a backup claim to show that wrong entries on your file do not actually belong to you. Simply writing a dispute letter to the bureaus is enough in most cases.
Reporting agencies are required to spend a period of only 30 days to conduct their investigation into a disputed account once they receive your letter, and it is best you send your dispute letters by standard mail so that you have evidence that they received it. Once the 30 day period has passed out, the bureau is required to delete the account if they can’t provide proof or claim for the entry to be placed on your file.
You can perform this dispute task yourself using the self-help approach or hire the expertise of a professional repair agency.