Fix your credit for free, but at what cost?

Your right to fix your credit is protected by law under the Fair Credit Reporting Act (FCRA), and other Federal legislation meant to ensure that consumers are treated fairly by creditors and credit bureaus. This is the good news: that it is possible to fix your credit legally – and do it for free. The question that remains, however, is what will be the actual cost of repairing your own credit? The answer might surprise you.

Cost #1: Time

Most people aren't particularly interested in learning the ins and outs of credit law, but the fact is you could spend hours trying to decipher the laws you'll need to cite when drafting dispute letters. Online templates are available, but how do you know that you've picked a letter that will be effective for your particular situation?

After you've drafted a letter you hope will work, next comes hours of letter writing as you dispute negative items line by line with each of the credit bureaus. Accurate record keeping is essential, so plan to dedicate a good amount of time to sorting, filing and keeping track of correspondence.

You also have to take into consideration the trips you'll have to make to the post office; communication with credit bureaus should be in writing, return receipt requested, which could mean additional hours standing in line waiting to mail your dispute letters. All of this time adds up, and you'd probably rather be doing something else.

Cost #2: Mistakes

If you didn't write an effective dispute letter, you may just find that those negative items on your credit report didn't budge. What do you do next when the letters haven't worked? You'll have to go back to the books and start your legal research and letter writing all over again.

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