subject: Correcting Wrong Information On Your Credit Report [print this page] If you are having trouble with your credit score, get to know what is on your credit report. In order for you to work at fixing your credit, you will need to know what to look for on the report then follow through with disputing the errors.
Review your report. Order copies of your credit report from each off the credit bureaus; Equifax, Experian and TransUnion. When you get them, read through each one. Compare the information and look for any discrepancies between them. If you find any inaccurate information or negative records, highlight them for future easy reference. These highlighted areas represents the information reported which is hurting your credit. Determine when each negative report will expire or "fall off" your credit report.
*Bankruptcy will remain on your credit report for 10 years from filing date. If you filed Chapter 13, the length of time is 7 years. Each creditor involved in the bankruptcy will show a "included in BK" note and will stay on your credit for 7 years.
*If your creditor chooses a "charge-off" of your debt, the report will stay for 7 years.This report lets the bureau know that the creditor reported you debt as a loss for their company.
*Collection records will also remain on your account for 7 years after the last 180 day late payment is recorded. If the debt is sold to an additional collector, the date remains the same.
*If you close an account with negative reports, the information will stay there for 7 years. When you close an account without negative reports, it can be there even longer.
*Any type of foreclosure reports will also remain on your account for 7 years.
*Credit checks by creditors or from loan applications will remain there for 1-2 years. If you do your own inquiries, the are no negative ramifications.
*Court judgments will remain on your account for 7 years.
*If your late payments are more than 30 days, the reports will last 7 years. Those under 30 days will not last that long as long as they are infrequent. If you continue to make late payments, your report can last longer.
*If you have had property or vehicles repossessed, the reports will remain on your credit for 7 years.
*Tax liens will remain on your credit indefinitely if they are left unpaid. Once you do pay the lien debt, that date will be recorded and the 7 years will begin from there. If the lien was placed by the IRS, you can get it lifted from your credit if you do two things: pay the debt and make a request directly to the IRS to have it removed.
This deadline information will help you determine whether or not information is correct. Be on the lookout for any fraudulent accounts or data errors. Once you have collected the information you would like to dispute, you will then need to write your dispute to all three credit agencies. The credit agencies offer online disputing, but it is also good to send in your letter with attached copies of the credit reports showing the disputed material.
Look for your notice from the credit agencies in about 30 days. They will send you a notice of their findings. If the error was not corrected you could try again with a new dispute letter showing additional documentation or contact the creditor itself. If you are disputing a payday loan debt, you will need to copies of your bank records. If you do get a notice that the error was corrected, do a follow up credit check to make sure the information was deleted from your report.
