How Long Will it Take to Repair Bad Credit?

If you have bad credit, you know first-hand the devastating impact it can have on your life. A negative credit history will change the way you feel about yourself and the way you're perceived by others, and can hold you back from achieving the type of lifestyle you've worked hard for. Fixing your credit could be the start to getting back on track financially, but it doesn't happen overnight.

The Two Ways to Fix Bad Credit

There are basically two ways to repair your credit: you can let your credit repair itself, or you can take charge and repair your credit. The first option might sound more attractive, and it's arguably easier. But taking this approach means it will be years before negative items drop off your report.

You'll eventually have a clean slate, but the key word here is eventually. It could take as long as TEN YEARS before you have decent credit.

Most people don't want to wait that long. If you want to apply for credit in the near future, you need to take action to repair your credit now. This doesn't mean you'll have perfect credit tomorrow, but you could see a dramatic change in your credit score in a matter of months, not years.

Exactly how long will this process take? The first step is to have a copy of your credit report in hand, which you can obtain for free from each of the three national credit bureaus. You are entitled to one free report per bureau per year, and you can expect to receive copies within 2-3 weeks. Each bureau's file could contain very different information, and you need to know exactly what questionable items you're dealing with.

Under the Fair Credit Reporting Act, the consumer reporting company (the credit bureau) and the information provider (the creditor or company that reported the item) have to correct any inaccurate or incomplete information on your credit report. Consumer reporting companies are legally obligated to investigate and verify the questioned items within 30 days of your written request. You'll also need to inform the creditor or other information provider of the items you're disputing and, if the information is inaccurate, they may not report it again.

Debt Negotiations - Do You Have What it Takes?

You also might be able to negotiate with the creditor to have negative items removed in exchange for debt settlement; however, you'll be dealing with professionals who can quickly gain the upper hand if they sense a lack of confidence or any indication that you're desperate to settle.

Does this process sound complicated?

It can be.

Are you having second thoughts about credit repair and looking at option #1 again (the "wait and do nothing" plan)? Now you know the good news - that you CAN legally repair your credit. Well, even better news is that you don't have to do it alone.

Lexington Law provides affordable credit repair services with a nationwide team of legal professionals who will help you fight for your right to the accurate credit you deserve. 

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