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Newbie Rebuilding


dee5351
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I am just beginning to rebuild my credit as well as my husband's.  At the present time we have no credit cards at all.  I've seen two of our credit reports online - Transunion and Experian.  For some reason, Equifax says I have to request them by mail.    I have also registered at Quizzle, Credit Karma and Credit Sesame to see information although I understand the scores they furnish are not the "official" ones.

 

I am assuming the first thing to do in rebuilding would be to correct any errors in our reports.  Unfortunately we have a foreclosure on our reports which comes off in two years.  This was a home equity line of credit which now has a 0 balance.  Transunion is reporting this correctly.  However, both Experian and Equifax are reporting a balance.  They both somehow picked up the interest amount which was written off by Chase at the time of the foreclosure and are reporting it as the balance.  I have both a letter from Chase showing the principle balance at the time of the foreclosure and bank statements from before and after which show the principle balance and then a balance of 0 afterward.

 

What is the best way to correct this with Experian and Equifax?  I am assuming I will need to send copies of the information to verify the 0 balance on the account.  Should I begin by requesting a correction online or should I just do it by snail mail since I will need to send other documents as well?

 

Once those corrections are made, I think our next step is to apply for a few credit cards and get some reporting started.  One step at a time though!

 

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@dee5351 - the best way to request the corrections is via mail.  Make copies of everything you send and send all your letters certified/return receipt.  This way you know when they received it as they have 30 days to investigate your claim.  They will respond back to you via mail.   Work to get off as many negatives first, then apply for some credit.  You will probably have to start with a secured credit card - so make sure you get one that reports to all three bureaus.

 

Here are a couple articles you should read.....

http://www.creditinfocenter.com/repair/Repair.shtml

http://www.creditinfocenter.com/cards/secure-credit-cards.shtml

http://www.creditinfocenter.com/repair/certified.shtml

 

Hope that helps!

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