You’ve done your part to get the ball rolling, and now the credit reporting companies have to do their part.
What happens during this phase is that the credit reporting agencies have 30 days to investigate.
I use the term loosely here because the methodology that they use is not very investigatory. They take the claims and whittle the dispute down to a 2 digit code that gets checked against a reporting database called eOscar for verification.
They are afforded 30 days to do this step, unless the person disputing has gotten their credit report from annualcreditreport.com which allows them to take 45 days to check out your dispute (remember back in an earlier step where this was discussed – this isn’t the site to get your credit from!.)
While you wait, remember that whatever your credit score was before you began this process, you should be doing things now to improve it.
What I mean by this is that while waiting for the history part of your credit report to be cleaned up, you work on the future of the credit report. Take action now to build a better situation.
First, keep your report clean from this moment forward. Don’t tarnish it beginning now. Do not have a single late payment – pay your bills on time.
I know, it’s easier said than done, but it will be important in your future that you did this today. Don’t have any new collection accounts or charge offs.
Don’t, REALLY don’t, get new inquiries on your credit report – this means don’t open any new credit cards, store charge cards. No applying for everything that sounds like a good idea.
Don’t close any open credit cards. Pay off the credit card – yes, but close out the account – no. Keep this length of history long on your report.
And, just wait. The 30 days for the credit bureau investigation will fly by. Once their 30 days is up, they have 5 additional days to provide you with their findings.
If anything in their investigation was not verifiable, that item is required to be removed from your credit report. They will also send you an updated credit report.
So, watch for their letter to you in your mailbox after you complete the WAITING step.
Thinking about buying a Home in FLorida? I can help and consult you buying your property by providing you the right tools to make an educated buying decision. Send me an e-mail at info@FloridaConnectsInc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call us in Fort Lauderdale at (954) 543-1794 or in Tallahassee at (850) 364-3946.
Thanks for reading this, Annett T. Block.
Annett is a Real Estate Agent/ Real Estate Broker at Florida Connects Incorporated.
Tallahassee Phone: (850) 364-3946.
Fort Lauderdale Phone: (954) 586-3930
View My homes for sale at www.FloridaConnectsInc.com
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.
This information on Fixing Credit To Buy A Florida Home Step 7: The Waiting Period is provided as a courtesy to our viewers to help them make informed decisions.