While it may be possible to obtain a free credit report instantly, you can't get good credit or
improve it instantly. But if you listen to the claims of credit repair companies, it seems that
improving your credit is as easy as erasing a typographical error. The reality is, that while
improving your credit is fairly simple, it won't happen overnight. However, once you obtain a
free credit report, you've taken the initial step to making your credit better.
The first thing you should do after you obtain a free credit report is to check it for errors
or omissions. If there are items you want to dispute or correct, you can use the dispute form
supplied by the credit bureau. Explain the reason for the dispute and ask that it be
investigated. The agency has 30 days to then verify the disputed information with the supplier
of the item.
If the investigation reveals the information is in error, you may obtain a free credit report
from the bureau that contains the correction. You may also request corrected copies to be sent
to anyone who had requested your report within the previous six months or two years if it was
an employer. If the investigation doesn't resolve your dispute, you have the right to have a 100
word statement included in your credit report explaining you position.
It's also a good idea to notify the creditor who supplied the erroneous information that
it's in dispute. Should the creditor supply the disputed information to another agency, it
will also have to say that it's being challenged.
The only other way to legally remove negative information that you find, when you obtain a
free credit report, is by waiting for the time to expire on the reporting limits. Most negative
items can be reported for 7 years with the exception of:
- bankruptcies which can be reported for 10 years;
- lawsuits and judgments can be reported past 7 years if the statute of limitations is greater;
- and there's no time limit for reporting negative information if the report is for for a job
with a salary of more than $75,000 or an application for more than $150,000 worth of credit
or insurance.
To obtain a free credit report and get your free 30 days of credit monitoring, please go to
free instant credit reports.
