Posts Tagged ‘remove negative entries from credit report’

Why Certain Negative Entries On Your Credit Report Are Easy And Others Difficult To Dispute And To Get Removed?

There is a certain procedure that you must follow in order to dispute negative entries on your credit report and to get them removed. You do not always necessarily need to hire a credit repair agency to do this. If you know the procedure, which is very simple, you can do it yourself. What credit repair agencies do for you at a fee, you can do free of cost. The only thing is that you must first educate yourself on how to go about it. While certain negative items are easier to dispute and to get removed, there are certain other items that just cannot be removed. Following is a brief rundown on it.

Items That Cannot Be Removed

The following negative entries on your credit report are very difficult to be removed; they remain on your report for several years.

- Current collection accounts
- IRS or State Tax Liens
- Judgments
- Recent Bankruptcies
- Accounts that are currently past due

All these entries remain on your credit report for a certain period of time, such as bankruptcy records remain there for seven to ten years. There is no legal way to get these entries removed before that. It is also important to note that verification of these types of entries is very easy because the majority of creditors maintain these records in their current files and the credit bureaus do not have to put much effort to do verification for such entries. The only situation when these entries can be removed by filing a dispute with the credit bureaus is when the entries are not correct. When you know that the entries are correct, it does not make any sense to file dispute at the first place. However, it is important to note that filing a dispute against certain entries that you very well know are correct is completely legal. If you want, you can go ahead and do this, as it will at least let you find out if your creditors have maintained proper records or not. Many credit repair companies claim to get all types of negative entries on your credit report removed within a very short period of time. Some even claim that they have “connections” in the industry and with the credit bureaus and so they can quickly fix things up. Do not fall for such lucrative quick fixes. Even if they manage to do it, they are going to do it illegally. In most cases, they simply play some tricks that get the negative entries “disabled” for a short period of time, but once you pay their fees, those entries reappear on your report. The most common trick is to file a dispute; when you file a dispute against certain entries, the credit bureaus make those entries “inactive”, which results in a quick increase in your credit score. But, once the bureaus find in their investigation that the entries are correct and complete, those negative entries become active again and you see a quick decrease in your credit score (the score goes back to its previous level). Many consumers are not aware of these basic things; unscrupulous credit repair companies take advantage of their ignorance.

Items That Can Easily Be Removed

Following are some of those negative entries on your credit report that can be removed very easily by filing a dispute with the major credit bureaus.

- Accounts that were late but you have now paid them off
- Late payments
- Repossessions
- Inquiries
- Charge-offs
- Discharged bankruptcies
- Items that are older than two years

There is a very simple reason why these items are easier to dispute and to get removed from your credit report. The creditors are least bothered about those accounts that are now charged off or are very old. They put the details on their archive folders. In most cases, they are not even able to verify the records when the dispute file is sent to them for verification; sometimes, they simply refuse to verify because they do not want to waste their time. Here, it is important to note that if a creditor does not verify certain records within one month after receiving the request for verification from credit bureaus, those entries must be removed from the report as per law.

As per the federal laws, it is legally mandatory for the credit bureaus to verify all disputes. Therefore, do not hesitate in filing dispute against negative entries on your credit report, especially if you are sure that the entries are incorrect or incomplete.

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