Negative Entries on Your Credit Report Can Be Challenged

Posted by Ben Casey

October 26, 2009

Your Equifax Credit Report Can Be Challenged

Would you like to remove those nagging negative items from your credit report?

In this process, obtaining a copy of your Equifax credit report is tantamount in order that you may review the credit report for any negative information listed. Following is a list of items which will affect your credit negatively:

charge offs

judgments

bankruptcy and included in bankruptcy

foreclosure

repossessions, i.e. auto, boat, or other personal property

payroll garnishment

late payments

collection accounts, settled accounts

public records

A dispute letter to Equifax is the next step. You should draft a letter which outlines your reason for believing the reported information is inaccurate. Be sure to include your personal information in the letter.

Finally, you will need to wait 30-45 days to receive Equifax’s determination.

Should I Do Anything Else?

If Equifax removes the negative entry, don’t stop! Continue to clear up any remaining negative items. Lastly, be sure to clean up any inaccurate personal information, such as addresses and employment information.

When a dispute is resolved in your favor, Equifax will remove the disputed information. On occasion the credit bureau will update an item with newly acquired information which can be good or bad depending upon what the creditor reports to Equifax. For instance, Equifax may update a collection account with the most recent balance owed.

If you lose your Equifax dispute, the negative items will stay on your report possibly for the next 7-10 years. If this happens, you still have some options to continue the credit repair process.

A credit professional is invaluable when a simple dispute is unsuccessful. Negotiating with the creditor, debt validation, or payment for deletion are some methods an attorney might decided to utilize.

It is important to understand that creditors are not required to report credit history to credit bureaus. Only credit bureaus must follow the law requiring the seven year limit. Therefore, an experienced attorney may be able to convince a creditor to remove a negative credit item.

Discover how I raised my credit score from 582 to 745 in four months with the help of Lexington Law. Learn the truth about quickly and effectively deleting bad credit at www.creditforcouples.com.

Personal Finance

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