How to Remove Negative Items from your Credit Report

You have negative stuff you would love to get off your credit record? According to the Federal Trade Commission, you have the legal right to dispute anything on your credit report, you deem incorrect information. A study by the FDA has shown that almost 80% of credit reports contain inaccurate information.

Some credit reports, have common inconsistencies, such as the date the account was opened, the amount owed, status of the account and late payments. It you plan to hire someone to repair your credit, understand, that all negative items can not magically be removed. Negative items can only be removed, when details on your account are incorrect. If you choose to repair your credit yourself, here are some basic steps, that can help you restore financial credibility.

When disputing incorrect information on your credit report, examine all three credit reports carefully, as something from one credit agency, may not appear on other reports. Make a list of all negative accounts that are incorrect.

According to the Fair Credit Reporting Act, your creditor has one month to respond with proof of your debt, and if they cannot or do not respond within one month, the item/s must be removed.

When disputing credit reporting errors, it is important to keep accurate records of the names of people you have contacted, what was agreed to and dates. Send all mail certified, return receipt requested.

Creditor Tricks

Re-aging your debt is a common practice, when your original debt is sold to another collection agency. If your debt is 6 years old, it will then be posted on the date the original debt was purchased by the new creditor.

Credit-card companies keep records from 13 to 18 months. This means, after this period of time, they cannot prove delinquency and must remove any these items challenged.

This is why it is important to have the financial bureaus fight for you, before you attempt it yourself. They have the legal authority to act in your behalf!

If the creditor fails to comply with the credit dispute, they are in violation of the FCA regulation, and can be sued.

Your letter of dispute you read something like this:

Dear....

This is a formal notice, to inform you that you have not responded to my letter of dispute (put the date of the dispute) I have sent a letter to you registered mail and have a copy of the receipt.

"This will let them know that you have proof that you have sent them a letter, and you know they have received it, because the letter was signed for."

As you may know, the law requires that you respond to my dispute within 30 days. It has now been more than 30 days since you received my letter. I have been keeping completely detailed records of my communication with you.

I trust you will handle the matter as soon as possible. I am including a copy of my original letter of request, disputing the error of the item, you reported and placed on my record.

This following information needs to be verified and deleted immediately. Please respond as soon as possible.

Sincerely,

Repairing your own credit can be overwhelming, especially if you have a lot of negatives your credit report. Take your time and do one or two items at a time. Eventually, you will be able to remove a number of items and improve your score and rating. Furthermore, keep track of items that are about to be fall-off in a few years.