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USCF Sections

How to Repair Negative Information On Your Credit Report.

Article By : Patrick Mansfield | U.S. Consumer Finance
Credit Report Repair
Credit Report Repair
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The first step in attempting credit repair is to tell the credit agency why their information is inaccurate. Do this in writing. If you have documentation that supports your information, make sure to send along copies but keep the originals for your records.

Spell out exactly who you are including your full name and address, as well as what information you want correcting or removed from your credit report. Send the letter and accompanying documentation return receipt requested through the post office so that you can prove it was sent.

Credit agencies must take action and investigate credit report disputes within 30 days in most cases. This includes notifying the organization that reported the information of your request for credit repair. The information source is also required to investigate your claim and report back to the credit bureau on the results. Information that is found to be inaccurate must be shared with nationwide credit agencies so that it can be corrected on your report.

Once the credit agency and information providers have completed their internal reviews the credit agency must notify you of the results of credit report disputes in writing. If any change was made, they must also provide you with a free copy of your newly corrected report. Disputed information that was changed or deleted cannot be replaced on your report unless the credit bureau contacts the information provider and verifies it. You are entitled to certain information about the source such as their name, address and phone number. 

If your credit report was changed in any way by the investigation, you can request to have a corrected credit repair report sent to anyone who received a copy in the last six months. If they received the copy for employment purposes, you may request it be sent to anyone who received a copy in the last two years. If nothing winds up being changed after the investigation, you may request that a statement of the dispute be included in your file and with future reports. Including the statement in future reports is usually a service that you must pay for, however.

Accurate Negative Information

Unfortunately, nothing removes accurate negative information from your credit report except for time. Credit report disputes are only required to be investigated when you allege that the information included in the report is incorrect. 

Information remains on your credit report for various amounts of time. For instance, the time is:
  • 7 years for most information
  • 10 years for bankruptcies
  • 7 years or the statute of limitation for unpaid judgments (whichever is later)
  • Unlimited for criminal convictions
  • Unlimited for information reported because you applied for over $150,000 worth of life insurance or credit
  • Unlimited for information reported because you applied for a job that pays over $75,000
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