Disputing Errors With Credit Reporting Companies

Disputing Errors With Credit Reporting Companies

Disputing Errors With Credit Reporting Companies

How To Remove Negative Items On Your Credit Report

In this time of short sales, Bankruptcies and unpaid bills, many people have seen their credit score take a dive. To increase a credit score represents one thing but to remove negative items on a credit report represents another.

If you have only a few negative items on your credit report then a few choices exist.

Firstly, you can hire a credit consultant or even a credit attorney. If you don’t have the funds to do hire a professional then consider doing it yourself.

The fact remains that the three major Credit Reporting Agencies, also known as CRA’s, Equifax, Experian & TransUnion do not want lawsuits, so they need to be aware of any erroneous data or information. However, people dispute erroneous or outdated information on their reports all the time yet the charge does not come off.

What to do?

If you have only have a few negative items, we suggest a few actions items:

1. Go to annualcreditreport.com and download your Free Annual Credit reports from the “Big Three”! It is good practice to examine your credit report every 4-6 months just to make confirm charges as well as to check for identity theft.

2. Then go ftc.gov

Like many government agency websites the FTC does not offer the most user friendly experience. You can use the search box and type “credit disputes” or use these links.

http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

http://www.consumer.ftc.gov/articles/0291-disputing-errors-credit-reporting-companies

Create A Solid Credit Package

We cannot cover all of the items that the FTC suggests in the two articles however the two links provide more than enough info to create a solid file. Much like submitting a file for a short sale or loan modification a complete package will carry more weight and you will have a greater chance of a successful outcome.

3. Due your due diligence. If you seek to have a faulty charge, collection, late payment, judgment, lien, bankruptcy item removed then make sure to thoroughly research your claim.

4.      Follow the directions and be sure to mail all disputes using “Certified receipt”. It costs $5.75 per letter but it will help track the file.

5.     Pick your battles. If you have a laundry list of negative credit report items then it may not be worth the time and effort but for those with a few negative trade lines on your report you will have a good chance of removing them.

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