The Real Estate Encyclopedia
How Do I Repair My Credit?
Category - Mortgage Questions - Mortgage Loans FAQ's

Credit Repair is a process and there typically is an initiation fee and often a monthly fee.  Typically, the consumer enrolls online or by completing an enrollment form and faxing or mailing it to the processing center of choice.  The processing center will need to have access to the consumerís address and SS#.  The credit restoration service then researches for inaccurate or out-dated information and negative entries on the individualís credit report.  The service works with the consumer to update and correct errors to improve their credit profile. 


Once the credit restoration process is started, the customer should receive their first dispute packet.  Typically the packet will contain such information as instructions to access their progress report, an explanation of the dispute process and dispute documents to be reviewed by the customer.  At this time, the consumer must review all information carefully and read any accompanying instructions.  If no changes are found, the customer signs the letters and forwards them to the appropriate agencies, following the instructions provided in the packet.  Should the customer have changes, they are sent to the processing center.  


The customer usually receives progress reports from the processing center and most processing centers allow the customer to view their progress report online.  Customers typically go through a number of dispute cycles.  Some processing centers promise improvements within the first 30 to 60 days with continuing results for the next 6 months or more.  Different services may offer discounts such as a discount for couples and a customer should be able to cancel the service at any time.  Consumers are advised to obtain as much information as possible before entering into a service agreement and may want to talk to their financial advisor or a trusted mortgage broker or lender for further information.


Check with your lender or mortgage broker for a referral for a reputable credit processing center.  In a slow market, mortgage brokers will often offer incentives such as full refund of credit restoration costs, if you apply for your home loan through their company, following the restoration process. 

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