Thursday, November 4, 2004

How to Delete Things From Your Credit Report

Credit scores have become increasingly important in just about every area of a consumer's life. Credit scores, and the reports used to generate the numbers, are used for auto loans, home mortgages, health insurance premiums and even potential employment evaluations. A negative item on your report can make a huge difference in your life. You can take a number of steps to delete disputed items from your report.

Get Your Reports

    Get your credit reports from all three of the credit bureaus so you can delete negative items off all your records. The three agencies are Experian, TransUnion and Equifax. You are entitled to a free credit report by law via AnnualCreditReport.com. If you know you have an item to dispute, you can also get free reports from any of the bureaus. Simply go to each bureau's website and follow the links to dispute an item. You will be shown your full credit report so you can request any disputes.

Dispute Items in Error

    If there is an item on any of your reports that is a legitimate error, you should dispute it immediately with all three bureaus. Each one has a dispute process that you can do online, by mail or on the phone. To get an item removed, you will need to provide a reason or proof that it has been reported in error. Legitimate reasons include the fact that it is not your account, it has been paid in full prior to going to collections and it is an invalid debt.

    If you are disputing an item that you simply believe you should not be responsible for paying, you should dispute the item by mail and provide evidence documenting the claim. The Federal Trade Commission provides a guide for consumers to help with disputes.

Contact the Creditor

    Contact information for the creditor reporting each negative item should be included on your report. Call the number to inquire about the item. If it is a credit card company, bank or other established institution, it should have a process for determining the validity of the item. Provide written documentation. If it is a collection agency, it is likely to be less willing to remove the item. Send a formal letter to the collections company along with any proof you have that you are not responsible for the debt. ExpertLaw provides sample letters as well an explanation of your rights under the Fair Debt Collections Practice Act. If you are at all unsure what to include in the letter, consult a reputable attorney who specializes in collections.

Offer to Pay Debt

    Some collections agencies are willing to remove the reporting of a negative item if you agree to pay the debt in full. Call the collections company and request a "pay for delete" letter mailed or emailed to you, but do not claim responsibility for the debt. You should keep a record of the letter and check your credit report again in 30 days. If the item has not been removed, you can dispute the item with the credit bureaus and send them a copy of the letter.

0 comments:

Post a Comment