How To Remove Bad Marks On Your Credit Report

April 6, 2018

© Danielfela | Dreamstime

Nothing can stop the excitement of making a major purchase, like a house or car, faster than getting denied a line of credit.  Not to mention if could be a determining factor in getting insurance and even a job!  More than one in five consumers have a "potentially material error" in their credit file that makes them look riskier than they are. Lenders respond to this incorrect data by offering you higher interest rates, less favorable terms, or denying credit if the error makes you look too risky. But there are ways to remove negative marks, as inconvenient as they are. The most important thing is to pull your credit report from each of the three credit reporting bureaus.  You are entitled to one free report per agency every year.  Most negative information, such as late payments and judgments will stay on your credit report for seven years, except for bankruptcies which remain there for 10 years. After that, it should fall off your report.  If they still appear on your report past that window, most likely they have the wrong date for the debt, in which case you need to send them proof of when the debt occurred. Compare all three reports to make sure they are identical in their items reported (some reports may not include all your credit).  If you have errors you will need to clearly identify each mistake, such as an account number for any account you may be disputing, request that the information be removed or corrected and enclose a copy of the portion of your credit report that contains the disputed items and circle or highlight the disputed items. Make two copies, one for yourself and send the other to the creditor reporting the information. Note the date too as creditors and credit reporting agencies have 30 days to resolve any issues. If contacting the creditors doesn’t work, you can also send a complaint to their regulators, and/or file a complaint with the CFPB. Again, you’ll want to send a complaint by certified mail to the creditor’s regulator and keep a copy. If all else fails, consider hiring an attorney to assist.

SOURCE: Lifehacker

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