While it takes years to build your credit history, negative items on your report can drop your score as soon as they are reported. While the impact to your score can happen immediately, nursing your credit back to an excellent score might not be as fast as you anticipate or want. There are misconceptions surrounding services offered by some businesses that claim to offer immediate solutions to fixing credit. However, it's important to distinguish fact from fiction, especially when it comes to how quickly you can repair your credit score.
Fiction: Companies Can Fix Your Credit Instantly
There are plenty of reasons why you would want to repair your credit as quick as you can. You might be jumping at the chance to apply for a home loan because interest rates are hovering near historic lows, but feel as though your credit might hold you back. In another scenario, you could be contemplating getting a car loan because your last vehicle broke down. Since you need a good credit score to obtain new lines of credit or be approved by lenders, you might be pressured to pay the next person or business claiming to offer some much needed help. However, in asking yourself whether it is true when companies claim they can fix your credit as soon as possible, you should be aware of why the credit repair process is longer than you might expect.
Fact: Comprehensive Credit Repair Takes Time
In case you believe your credit report has inaccurate or missing information, resulting in your credit score being hurt, you should contact one of the three crediting reporting bureaus for your credit report to get this fixed. After contacting creditors, they will investigate the claims you made. The company will perform an investigation within 30 days. During the investigation, they will collect information, review your claims and report the results. You might also wait to have the results sent to you by mail or electronically.
Since it takes time to fix your credit score, you should begin the process as quickly as you can by requesting your credit report from one of the three credit bureaus immediately after you think there is an error. You can then begin the process to correct your credit report and determine what you need to do to rebuild your score to meet your financial goals.