How to Have Things Deleted on Credit

If you have been late on payments to your creditors in the past, you likely have some negative items on your credit report. These items may be affecting your credit report and credit score enough to prevent you from obtaining financing with favorable terms. There are ways to remove some or all of these items as a way to rebuild your credit profile as long you make timely payments on your current accounts.

Instructions

1

Call and request that a negative item be removed from your credit report. In rare cases, having a negative item or inquiry removed from your credit report may be as simple as calling your creditor and asking the creditor to remove it. Creditors are required to be accurate when reporting your credit history to the major credit reporting bureaus, but they are not required to report your account. This first step is unlikely to be effective, but the worst that can happen from a phone call and request is that the creditor will say no.

2

Dispute inaccurate information. You can obtain a free copy of your credit report once each year by requesting it through the AnnualCreditReport website. Conduct a full review of your credit report and the accounts you wish to have removed from your account. This will take some time and a review of your records, but if you find any discrepancies, you can submit an investigation request to the major credit bureaus. The three major bureaus -- Experian, TransUnion and Equifax -- make it fairly easy to initiate a dispute online, and you can cite a variety of reasons for the dispute, such as an account being too old, information reported inaccurately or you are no longer responsible for the account. The credit bureau will investigate the dispute if it is filed appropriately. In some cases, you will get a reply confirming the item as accurate or marking it as deleted. The latter results if the investigation is decided in your favor or if the creditor does not respond at all.

3

Request a goodwill adjustment. If an objective investigation fails, you can try writing a letter to request a goodwill adjustment to your account. In this approach, you are admitting that you were delinquent on payments but are requesting that the creditor, as a courtesy to a valued customer, adjust the reporting so it is shown in a more positive light. In short, you are asking a favor. Chances of success are higher if you are an active customer and in good standing. The creditor cannot submit false information to the bureaus -- if you were late on a payment, you were late. However, a creditor may choose to stop reporting the item or note the account differently to make it seem less derogatory.

4

Threaten legal action. Nobody likes law suits. Sometimes, a stern, aggressive letter written by an attorney can achieve the desired result. The letter should be sent via certified mail, and it should officially state a legitimate grievance against the creditor and the negative item being reported. An example may be alleging the creditor is in violation of the Fair Credit Reporting Act because it is inaccurately representing the status of your account. With luck, the creditor may adjust your record or stop reporting it altogether just to close the matter and avoid a legal entanglement. This is more of an attempt to achieve the desired result out of threat of force rather actual action.

5

Hire a third party. There are many third-party services in the marketplace that claim to be able to rid your credit report of negative items. While there are many unscrupulous companies offering this service, some may be able to help. Some charge monthly fees; others charge only for deleted items. Make sure you understand the methods the service provider employs and that the company is reputable, but a professional group that can help you objectively present your case can be helpful.

6

Wait it out. The good thing about your credit report is that nothing is forever. Most inquiries disappear in two or three years. Most settlements or seriously delinquent reports disappear after seven years. After that time, these items will drop off your report. Furthermore, the older the items are, the less they affect your credit report and credit score.