how to get something removed from your credit report
Generally, having delinquencies on the credit report, it is very hard to obtain loans, mortgages, credit cards, and other types of credit, as well as your credit score is likely to be decreased. Fortunately, there are several processes you can follow to delete your bad credit and negative items from your credit report. And here is the list of things you should know.
Review Your Credit Reports The first step is, therefore, to obtain your credit reports with Equifax, Experian, and TransUnion. The only place where you can get your reports for free is once per year at the site called an annual credit report. com. Go through each report and contest any invalid or false information about delinquencies on your credit report with the bureaus. Other items that one can refuse include those that are no longer relevant or owned by someone else.
Send Dispute Letters After determining which of the free credit report delinquencies are inaccurate, write a dispute letter to each of the three credit bureaus asking them to delete such entries. It is also important to make copies of any accompanying documents and where possible be particular with the reasons why the payment was delayed. Examples of supporting documents include statements, canceled checks, letters from creditors, etc. Make sure that the letters are sent by certified mail and that you request a receipt to act as proof that the letters were delivered.
Follow Up with Creditors For any creditors that reported wrong late payment, follow up with them in a bid to challenge the delinquencies with the credit bureaus. You need to show proof that you paid your debts on time and should make the creditor change the status to reflect this. Sometimes it’s also necessary to make sure that creditors are reporting accounts as being brought up to date, as some of them may simply mark accounts as paid instead of reporting a new status of current.
Negotiate Pay-for-Delete Agreements In case you have valid and non-arguable delayed payments, attempt to work on pay-for-delete settlements with the respective credit companies. Such includes querying to pay off the remaining balance owed to have the delinquent account removed from your credit reports. Always insist on creditors to put their pay for delete offers in writing before sending your payment and then make several follow-ups to ensure that the creditor has complied with the agreement.
Wait for Removal After you have started the disputes and filed pay-for-delete requests it takes some time for removals to happen. Most items need to be repudiated within 30 days under the Fair Credit Reporting Act. In the coming few months, it is recommended to keep on reviewing credit reports for the delinquencies to have been removed. Situations may arise where you may have to start all over the entire dispute process all over again. Be patient with the system and learn that it may take up to 3-6 months for all your reports to get updated.
Improve Other Credit Factors When seeking to delete delinquencies from your credit report, you should also get into the game of making sure that other reports about your debts are also recorded in the credit report so that you can balance out the number of late payments. Some options include the following: Some options include the following:
- Be listed as an authorized user on someone else’s credit card account particularly if the credit card has a good rating and the user pays the bill on time.
- Get a secured credit card and actively utilize it and ensure you do not have a high balance and maintain on-time payment
- If you want payments for your utility or cell phone to report, give the companies your Social Security number.
- Approach a bank and request a credit-building loan that reports all your monthly payments on time to the bureaus.
The rationale behind that is the fact that the most recent positive payment information will offset the remaining delinquencies more effectively. Furthermore, negative items do fade away as time passes as long as you learn to practice good habits.
Recalculation of aging of accounts from various creditors If you still have any outstanding delinquent accounts, you may want to contact the respective creditors to see if they would be willing to re-age the accounts. This entails altering the status of the credit reports to reveal that there are no more past due balances and the current payment. Since account re-aging can delete bad records such as up to 2 years of late payment records.
Consider Goodwill Letters The goodwill letters are simply written with good demeanor and you plead with your creditors to waive your late payments because of certain circumstances such as illnesses or layoff, family issues, etc as they are likely to be effective to small creditors only and should be accompanied by a sound reason. But it is a terminal scenario that can sometimes get delinquencies wiped off.
Leverage Credit Repair Companies You can also enlist the services of renowned credit repair companies that will help in liaising the process of disputing and negotiating with the credit bureaus. They have a network with creditors and have legal awareness of consumer rights protection laws for better removal efficiencies. Still, one important thing that you should remember is to ensure that you do proper research on the agency before you join it.
This means delinquencies can lower your credit scores for years to come depending on how severe the delinquency is. However, if you take the time to comprehend the various ways that you can choose to have the negative records erased from your credit report, and then faithfully follow all the correct measures only then will you be able to erase negative items from your credit history. It requires a lot of time and energy, but the effect will outweigh the initial efforts and you will significantly improve your credit score.
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