How to Repair Your FICO Score

Your FICO score, or credit score, is very important when it comes to being approved for new loans and credit cards. Almost all lenders place a high priority on having a good credit score when determining if they should trust you with a loan or line of credit. If you have not handled your credit well in the past, there is no magic fix to give you a great credit score overnight. However, if you find your credit score has been damaged by incorrect information, you should take steps to correct the errors on your credit report to repair your credit score.

Instructions

1

Request a copy of your credit reports from each of the three major credit bureaus: Experian, TransUnion and Equifax. Under the Fair Credit Reporting Act, you are entitled to a free copy of your report from each bureau once every 12 months.

2

Check the credit reports for any mistakes pertaining to your financial history such as on-time payments reported as late, your credit limits on credit cards or other lines of credit being lower than your actual credit line and negative information over seven years old (10 years in the case of a chapter 7 bankruptcy).

3

Gather any evidence you have of your claim, such as receipts or bank statements.

4

Write a letter to the credit bureau, explaining what specifically you are challenging and why you believe the information to be inaccurate.

5

Write a letter to the creditor explaining what specifically you are challenging and why you believe the information to be inaccurate.

6

Enclose copies of your supporting documents in your letters to the credit bureau and the creditor, and send via certified mail so you can document what was mailed and when it was received. Credit bureaus must usually investigate your claim within a month of receiving your appeal. If the information is found to be incorrect, it will be removed from your report.