How Can I Clear My Credit Report?

Credit reports contain comprehensive information regarding the way you have handled your past credit. Negative credit information remains on your credit report for a minimum of seven years. The more negative information you have on your credit report, the lower your credit score goes and the harder it is for you to obtain credit. While it is impossible to clear you entire credit report, there are ways to remove incorrect entries.

Ordering Credit Reports

The Federal Trade Commission established annualcreditreport.com as a central place for consumers to receive a free credit report each year. When ordering online, you will be required to answer a few questions regarding accounts on your credit report, and your credit report will be instantly displayed. Those who prefer to order the credit reports may call 1-877-322-8228. Allow 15 days to receive the credit reports. The three major credit agencies are TransUnion, Equifax and Experian. You can order one report from each of these agencies per year at no charge.

Reviewing Credit Reports

When you get your credit reports, review the reports closely for any errors. Federal law allows you to dispute accounts and have the information corrected or removed from your credit report. Each credit entry has multiple areas of information; even if all details of the account are correct but one, you can dispute the account. Pay close attention to dates, amounts, type of accounts, balances and late payments shown. Circle any error or any information you question. You do not have to prove an error; the creditor will be responsible for correcting the error.

Disputing Incorrect Entries

You may call the number shown on your credit report, sign in online to the credit bureau in question or mail the letter to the address listed on the credit report. When calling, be prepared to tell the agent what account is in question. When writing a letter, list the name of the account and the account number and explain the error. You do not have to give a long explanation. The explanations can be as simple as: This is not my account, the information displayed is not correct, the balances are wrong, the date listed is incorrect.

Reviewing Results

Once the credit bureau receives your dispute, the creditor is contacted and has 30 to 45 days to respond to the credit dispute. The credit bureau will update the new information provided by the creditor, but if the creditor fails to respond before the time limit, the credit bureau will remove the entire account from your credit report. A credit dispute using a report from annualcreditreport.com allows the creditors 45 days to respond to a dispute. A credit dispute using credit reports purchased from any other site or method gives the creditors only 30 days to respond.