Credit Correction Challenge: Part Two: Next Steps and Rising Scores
Wow, I never realized just how effective some minor steps with credit correction could be. The results are encouraging.
In Part One of Credit Correction Challenge (CCC), I discussed the starting steps including challenging all old addresses listed on your account.
Credit Scores at the beginning of CCC (March 8, 2007):
- Equifax:612
- Experian:659
- Transunion: 630
CCC Actions Taken:
- Step One: Obtained copy of all three credit reports.
- Step Two: Obtained all three credit scores.
- Step Three: Challenge all past addresses with Credit Reporting Agencies (CRA).
Since completing the last step, we met with a mortgage broker regarding our housing plans and discovered that I really needed to take more aggressive action in credit correction. Instead of waiting for the results of Step Three: Challenging Past Addresses I had to move on to the next steps.
Step Four: Blanket Disputes with CRAs. There were several accounts that needed disputing and the hope is that they’ll be removed. However, it isn’t exactly that simple. The CRAs must attempt to verify that the debt information with the reporting creditor. They have 30 days to complete this process (the clock is ticking) and must delete unverifiable information. I expect that several creditors will be unable to supply the proper verification, but that they will probably report back as accurate anyways.
Step Five: Request Validation from Creditors. Following the results of the blanket disputes with the CRAs, I will then send validation requests to each creditor that is reporting inaccurately. This is another 30-day window and has varying degrees of success based on the creditor. If information cannot be properly validated, it must be deleted.
Even though everything is still in process, there have been considerable improvement to my credit score. My median score has raised from 630 to 668 since beginning the Credit Correction Challenge.
Current credit scores are:
- Equifax: 678 (66 point increase)
- Experian: 673 (14 point increase)
- Transunion: 668 (38 point increase)
To be continued… this is an ongoing process with several interim time lines (30-day waiting periods). I’m currently waiting for the results from the blanket disputes and then will begin with step five. I’ll post my progress as I get updates.
Very Important Note: I’m following steps based on my extensive reading and research at creditboards.com/forums/. There is an amazing wealth of information there. Credit correction shouldn’t be attempted without first understanding the process and consequences possible. There is a lot of information relevant to my personal process that has been omitted to keep these posts a reasonable length. This is NOT advice, simply my personal experience.