Making sure you have enough time to repair your credit.
The time it takes to repair your credit can vary widely, depending a number of factors – from how many mistakes you have to fix to what you want to accomplish once your credit is fixed. Since people often repair their credit with a specific goal in mind – like buying a house or negotiating an interest rate with a creditor – it’s important to know how long the process can take so you can plan ahead effectively.
With that in mind, we’ve put together the information below to help you understand the different timespans that can be involved with credit repair. If you want to get started or you need more information, call us or complete the form to the right to connect with a Debt.com-accredited service provider now.
Starting the clock on your first disputes
Credit repair starts by reviewing your credit reports to identify potential errors and mistakes. Once that is done, dispute letters have to be drafted and documentation needs to be gathered before you submit your disputes to the credit bureau(s).
This part of the process can take a few hours to a few days, depending on how much information is contained in your credit reports, how many mistakes are identified and how organized your records are to find documentation. If you’re repairing your credit on your own, you determine how fast this goes because you’re driving the process. With a service, your credit repair company will help you expedite so this gets done as quickly as possible.
Once your first disputes are submitted to the credit bureaus, the clock on the responses starts. The credit bureau has 30 days to contact the creditors to verify the information and respond. This is why it’s a good idea to send your letters by registered mail, so you have proof of the delivery date.
From response to resolution
After 30 days, the credit bureau must respond to your inquiry. In some cases, more documentation may be required if the bureau needs something else to verify or reject a dispute. As a result, there can be some back and forth before disputes are resolved.
Fact: Mistakes that appear all of your credit reports must be disputed with each credit bureau individually.
In addition, you may have to file more than one dispute letter. If you have a large number of mistakes that you identify, you usually 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.
In general, this back and forth takes about three to six months to resolve all of the disputes the average consumer needs to make. Of course, if you only have a few mistakes to correct, it may not take as long. On the other hand, if you’ve never corrected your credit and have a large volume of things to dispute, it may take longer.
If you’re doing the work on your own, it’s basically going to be that you have to keep working until it’s done. If you have retained representation, your credit repair company should be able to give you an idea of how long it should take in your situation.
Rebuilding while you repair
It’s important to remember that credit repair is usually one step (often the first one) you take when you want to build your way to a better credit score. So while the repair process may only take 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, depending on how low you start.
One thing you can do to expedite the process to better credit is to start taking steps to build credit while you’re getting items removed through credit repair. So you stay on top of your payments to build a positive payment history and take steps to reduce your credit card debt load so your credit utilization ratio is as low as possible.
This one-two punch of credit correction is how you go from a bad credit score to a good one. But you have to be patient. If you’re working towards a major goal like a new home, give yourself at least six months to a year to improve. This will ensure you have time to get the credit you need before you apply.