Home ยป How do I remove something from my credit report?

How do I remove something from my credit report?

Answer

It is best to take these steps in the following order: File a dispute directly with the credit reporting agency; negotiate what’s called “pay for delete” with the creditor, which means aggressively negotiating to have your debt reduced or eliminated in exchange for making it go away forever—delete all copies of records relating to your debt by having creditors and other related

The first step is to request your credit report from the three national credit reporting companies (Equifax, Experian and TransUnion) so you can verify the accuracy of the information. You are entitled to one free copy per year from each credit bureau by visiting www.annualcreditreport.com or calling 1-877-322-8228.

Once you’ve confirmed their contents, follow these steps for removal:

1. Write a dispute letter to the credit reporting agency in question stating that you are writing an “adverse action” dispute because you believe there is wrong or inaccurate information on your file. Request that they place this report on temporary (90 day) hold and refrain from listing it on any credit report until the dispute is resolved.

2. Send copies of any documentation that supports your dispute to the reporting agency and a copy of all correspondence between you and the creditor or collection agency that first reported this information about you. Be sure to send this by certified mail, return receipt requested so you have proof they received it. You can also include a copy of your valid Driver’s License, State issued non-driver identification card, passport or other government issued photo I.D., which includes your current address if different than what is on file with the credit bureau.

3. Keep copies of everything you send and receive from the credit bureau in question; including every letter, phone call , email response, etc. They may need this documentation to resolve your dispute.

4. Wait for the agency to notify you in writing that they have received your information and opened an investigation of the matter. This could take 30 days or more to complete, so don’t be surprised if it takes several months before any action is taken on your dispute.

5. If after investigating the matter the credit reporting agency agrees that wrong or inaccurate information has been added about you to their database, follow up in writing requesting a letter from them verifying what elements of data will remain on file AND which items have been removed from your report. Request this verification be sent via certified mail, return receipt requested along with copies of all correspondence between you and the creditor/collection agency that first reported this information about you.

6. If the agency refuses to remove this information, contact a local attorney who handles credit repair law and can file an adversarial action against the reporting agency on your behalf in small claims court where you may be able to recover up to $1000 per violation of federal law under Section 616(a) of The Fair Credit Reporting Act (15 USC 1681u). It is highly recommended that you also report any negative listing at the FTC online by clicking here or calling 1-877-FTC-HELP (1-877-382-4357); as well as filing a complaint with your state Attorney General’s office online; and contacting your State’s Attorney General directly for further assistance.

How long do I have to dispute something?

A: Under the Fair Credit Reporting Act, you are allowed at least 60 days from the date of your credit report to dispute any information you believe is wrong or inaccurate. Although it might vary slightly with each credit reporting agency, they usually require a letter by mail containing all of your specific concerns and documentary evidence supporting those concerns sent by certified mail, return receipt requested so they can verify that you received notification of it’s delivery. They then begin an investigation process to insure this data is correct or not before they take action on your dispute. You also must request that the agency place your disputed report on ‘temporary hold’ until it has been fully investigated and resolved (this varies but usually takes 30-45 days). At which point you will receive notification in writing that they have completed their investigation and the results of this process. Once a dispute has been initiated, it can be extended by sending written, ‘good cause’ statements about why you are requesting more time to resolve a dispute as long as your reasons are legitimate and appropriate (doctor’s reports, notices from court proceedings, etc.).

What is considered a good reason for extending the deadline?

A: Any information on your credit file that was not verified upon initial review of the disputed item; requires further research or investigation by the reporting agency before taking action on your dispute. If any information is found to be incorrect after further research takes place, then it must also be corrected or removed by these agencies. This is the only reason an agency can require you to wait longer than 60 days before acting on your dispute.

What are negative marks?

A: Negative marks include derogatory remarks listed such as bankruptcies, foreclosures, repossessions, judgments, liens and many others which could appear if you applied for a loan or credit card in the near future. These will stay indefinitely on your credit file with each one having a different lifespan of how long it remains there after their initial filing date (they usually expire between 7-10 years). Your payment history and overall account activity will be what drives most lenders to decide whether or not they want to offer you financing for a car, house or credit card; so it’s best to start using credit wisely and ensure you pay your bills on time each month. Failure to do so will only cause them to appear on your file for longer periods of time or even indefinitely depending upon the severity of the situation (frequent late payments, defaulting on a loan, bankruptcy discharge, etc.). You can find out how old any negative information is by looking it up online at Annual Credit Report.com or by contacting the creditor directly if you still have their name and contact information listed in your file.

Can I get all three credit reports at once?

A: Yes you can order all 3 reports from all 3 major credit reporting agencies once per year completely free of charge through AnnualCreditReport.com or you can contact them directly and they will mail you a copy.

Can a creditor or collection agency put anything on my credit report if I have never applied for any type of loan or credit card with them?

A: Yes, creditors and collection agencies can report negative information your file regardless whether you’ve applied for financing from them, but it’s usually inaccurate information that makes its way onto your file because they may not have had a direct relationship with you. If errors are found to be present when ordering your free annual credit reports, then dispute this as quickly as possible in writing directly to them (see sample letters below). Also remember that most debt collectors buy debts from the original original creditors who are no longer the ‘lender’ of record so you may have an incorrect account listed on your file (this is usually the case for medical and credit card debt). You can also dispute inaccuracies directly with them by requesting a letter be sent to their reporting agency stating that they are wrong about any negative information being associated with the account.

How do I read my free credit report?

A: Federal law mandates all consumers receive a free copy of their credit report from each major bureau once per year. These reports will include various details about your payment habits, inquiries, open accounts, public records, current lenders and more. It’s best to save these or print them out as PDF files once you’ve received them in order to use this information when you’re ready to make an application for your next loan, credit card or even a mobile phone. You can also use this as crucial documentation when disputing any inaccuracies found on your file during the dispute process.

What is a Credit Score?

A: This is a 3 digit number that lenders will look at when deciding what interest rate you qualify for and whether they want to lend money to you or not (i.e; prime borrowers are usually given loans with more favorable rates). Your score is based on several factors such as how much debt you currently hold, how many revolving accounts (credit cards) you have active, how long it has been since your last late payment event and the age of negative information still on your file. Your score will also be affected by inquires for new credit that you have applied for but was declined; however this usually only has a short term effect on your overall score and is considered a soft inquiry (see below).

What is the difference between a hard and soft inquiry?

A: Every time you apply for something such as a loan, credit card or even open an utility account, they may pull your file to check your credit worthiness. If those inquiries are approved or rejected, then certain accounts will be added and/or deleted from your file in order to maintain the accuracy of the data contained within it. The two types of inquiries include those generated when you’ve been evaluated by creditors such as an auto dealer or mortgage lender (hard inquiry) and when you’ve applied for something but was declined such as a credit card offer (soft inquiry). Hard inquiries will show up on your file under the “new accounts” section, while soft inquiries are recorded in the “inquiries” section. Most lenders want to see that you have at least some level of activity showing on your file as it shows that you’re employed and can make regular payments.

What is an adverse action?

A: Adverse actions occur once you’ve been approved for financing, but because of your current level of debt or low score they decline to lend money to you for a specific amount. The key difference between adverse and accepted is generally due to how much debt someone currently has which is usually a good indication of how many more loans and/or credit cards you can qualify for in the future.

What is your credit utilization ratio?

A: Your overall debt to limit ratio based on all revolving accounts that are currently active. This positive or negative number will be multiplied by 30% (the standard formula) to produce a quick snapshot of how much additional credit you should have available to purchase something with on top of your current debt load before applying for additional goods/services. For example, if you have $5,000 worth of open revolving credits and only owe $1,500 then your ratio would be 50%. This means that lenders see that there’s plenty of room within your level of financial responsibility

How do I remove something from my credit report?

It is best to take these steps in the following order: File a dispute directly with the credit reporting agency; negotiate what’s called “pay for delete” with the creditor, which means aggressively negotiating to have your debt reduced or eliminated in exchange for making it go away forever—delete all copies of records relating to your debt by having creditors and other related

Can you legally remove negative items from your credit report?

You could request the debt collector pay for deletion under the FCRA. They may argue that their contract with the agency prevents them from altering any information they reported to credit bureaus about you.

Is it true that after 7 years your credit is clear?

Blemishes on a credit report usually stay in place for 7 years. Bankruptcy stays on an Equifax credit report for at least ten years, and minor charges will remain indefinitely if they are paid off as agreed.

Scroll to Top