7 Practical Steps For Removing Negative Items From Your Personal Credit Report
Getting rid of the negative entries on your credit report is essential to your financial well-being. Not only can you not get the interest rates you desire on loan products with a poor credit score, your job and home may also be at risk if you have bad credit. Some employers look at credit scores before they choose who they do and do not hire, and many apartment complexes also check credit reports when they’re deciding on the status of your application. As a result, it’s essential to get rid of those negative entries before they cause you problems. Fortunately, these seven steps can help.

1. Check the dates. Negative entries on your credit report are only allowed to be reported for seven years. After that, credit bureaus automatically delete them from the report. The problem, though, occurs when the dates of the negative item are wrong in the first place. That means that the credit bureau doesn’t know when to remove the item, and you are continually penalized for something that occurred long ago. If you want to remove negative entries on your credit report, take a look at the copies of older reports you have received. If you notice a discrepancy, be sure to file a dispute.

2. Check for inaccurate information. Lots of negative entries occur on credit reports all over the country because lenders report inaccurate information to the credit bureaus. From late payments that never occurred to credit balances that just aren’t true, you could be suffering hardships because the lender wasn’t as careful as he should have been. If you find any information that isn’t true, talk with the lender about the problem so it can be corrected immediately.

3. Watch out for fraudulent information. Identity theft is one of the most prominent problems in our society today. Because so many people fall victim to this horrible crime, you may have negative entries on your credit report that don’t belong to   you. Look your report over carefully, and if accounts appear that you don’t remember opening, or charges to your current accounts suddenly appear on your bills, contact both the creditor and the credit bureaus to have those negative items removed as soon as possible.

4. Talk with the creditor. If you have been a loyal customer to a particular lender, he may remove negative items from your report just because you discuss it with them. Whether it was a one-time late payment or an overdue bill that went to collections, many lenders are willing to negotiate with you. Be sure, though, that you get their promise to remove the negative item in writing.

5. Send a dispute letter. If you do need to talk with a credit bureau about removing negative items from your report, it is your responsibility to send a letter via certified mail to the credit bureau that states the error and what needs to be done to correct it. Once the bureau has started an investigation, they will notify you that of their results. This investigation should be done free of charge.

6. Don’t apply for new cards. If you’re thinking about getting a loan in the near future, you can avoid negative entries by not applying for new credit cards or other lines of credit. Each application is recorded on your credit report, and many lenders view excessive applications as a problem.

7. Talk with a service. Getting negative items off your credit report can certainly try your patience and consume your time. Talk with a service if you feel that you need help. A good service will handle the hassles for you and leave you with an error free credit report that you can be proud of.

Your credit report is the most important piece of financial information you have. Remove negative items on your report as they occur.