When you start to take a serious step in repairing your credit, you want quick results. You start making responsible financial decisions and taking action to dispute negative items. But you don’t see any significant changes to your credit score. You might start thinking, how long does credit repair take?
The credit repair process is unique to each individual. This means that the length of time it takes to repair your credit will vary.
How Long Credit Repair Take: Factors to Reduce Time Taken
There is no definitive time frame for how long it can take. Whether credit repair is a short or long process will depend on many factors.
The factors may include how many mistakes you have to fix and what you want to do once your credit is fixed. People often repair their credit with a specific goal in mind. Goals like buying a house or negotiating an interest rate with a creditor.
It is important to know how long the process can take so you can plan in a proper way.
Starting with Disputes
Credit repair begins by reviewing your credit reports to identify errors and mistakes. You need to download the three credit reports and then view them: Experian, Equifax, and TransUnion. You can review what they talk about and make note of any errors.
You will need to draft and document the dispute letters before they are to be submitted to the credit bureaus. The time taken for this process varies. It depends on the nature of your disputes and how organized you’ve been in maintaining financial records.
If you’re repairing your credit on your own, then this can be a time-consuming task. You can also opt for credit repair services, which will help you in speeding up things as fast as possible.
After submitting your disputes to the credit bureaus, the official response starts. The credit bureau will have 30 days to contact the creditors to verify the information. It’s better to send your letter by registered mail, so you will have proof of the delivery date.
From the Response to the Resolution
After 30 days, the credit bureau must respond to your inquiry. In some cases, the bureaus need more documentation to verify, and as a result, there can be some back and forth before disputes are resolved.
You may have to file more than one dispute letter. If you have a large number of mistakes to identify and don’t want to submit more than a few disputed items at a time in each dispute letter. As a result, you may have to submit a few disputes at a time and resolve them in sets.
Credit repair takes about 3 to 6 months to resolve disputes that the average consumer needs to make. If you have only a few mistakes to correct or you repair your credit every year, it may not take as long. If you’ve never corrected your credit and have a large volume of things to dispute, it will likely be a time-consuming process.
Rebuilding While You Repair
It is important to remember that credit repair is the first one to choose when you want to get a better credit score. The credit repair process will take only 3-6 months, the time it takes to rebuild your credit can take longer. It can take up to a year or more to achieve a good credit score. It depends on how low you start your work.
To speed up the process, start taking steps to build credit while you are getting items removed through credit repair. So, stay on top of your payments to create a positive payment history. And take steps to reduce your credit card debt load so your credit utilization ratio is low.
The credit correction is how you go from a bad credit score to a better one. If you’re working on a major goal like buying a new home, then take some time. The credit repair takes at least six months to fix your credit. This will ensure you have time to get the credit you need before you apply.
Time Taken for Credit Repair
There are several factors that can influence how long a credit repair can take. Some of the most common factors are:
- Inaccurate vs. accurate items
- The severity of negative items
- Prior credit history
- Your credit goal
- Credit repair services
The process of disputing a negative item with a credit bureau is a difficult one. This means you’ll want to give your dispute the highest chance of being reviewed and approved.
Credit repair companies file hundreds of disputes a month and know how to approach the bureaus. If the process is moved through the credit repair company then there is a high chance of reviewing your dispute.
Accurate Negative Items Stay on a Credit Report
Negative payment information like late payments and bankruptcy will remain on your credit report for 7 to 10 years.
Negative information tends to affect your credit scoreless. But some delinquencies like charge-offs or collections are harder to recover from one or two missed payments.
But there are ways to improve your credit history as soon as possible.
You cannot remove accurate and substantiated negative items from your credit report. The lenders have the data to prove these actions.
You need to wait for the authentic negative items to fall off your account. You can work hard to establish a more positive credit history in the meantime.
The following items can stay on your credit report for an extended period:
- Hard inquiries: 2 years
- Late payments: 7 years
- Charge-offs/Collection accounts: 7 years
- Bankruptcies: 7 years
- Bankruptcies: 10 years
What Can You Do to Help Repair Your Credit?
It is difficult to know that a past mistake will be in your credit report for seven years or more. Taking positive steps to repair your credit can help you see an improvement in your report, and thus, an enhancement of your credit viability
Understand the Dispute Process
Consumers can, and should, dispute any inaccurate and unsubstantiated negative items on their reports. You can have incorrect negative items on your report that you may not even know about, including inaccurate details and incorrect data such as dates, amounts, or lender names.
A DIY credit repair is an option if you have the time to do the research and complete the necessary forms. But it could be beneficial to work with professionals for various reasons. You may not have the time or patience to comb through all your credit reports. A credit repair service, such as The Creditpros.com, can help check your reports and look for items that need to be addressed.
Credit repair companies file many disputes every day. They know how to get your dispute through the system. It is an understanding of what the credit bureaus want to see with a dispute, so they’re very efficient at this.
This is the major reason why many people choose to work with the credit repair service. You want to have the best chances of your dispute being accepted.