I have done some research but can't find the answer to this. I know that once the statute of limitations for credit collections is expired, they can't contact you anymore, and you're no longer responsible for repaying the debt. I've read that after a total of 7 years, negative entries can be removed, but no where does it say how. I've only found out how to remove them if the orginal debt was invalid or if you're an ID Theft victim. I know it's possible, but I just need to know where to look.
2007-02-26 03:42:17 · 8 answers · asked by Prytanic_Kitra 3 in Business & Finance ➔ Credit
Thanks guys. I'm guessing that my situation is unique and I'll most likely wind up contacting a lawyer. I just hoped I'd be able to do it without legal help.
2007-02-26 04:41:20 · update #1
Contact both the CRA (Credit Reporting Agency) and the information provider. First, tell the CRA in writing what information you believe is inaccurate. Include copies of documents that support your position. Request deletion or correction of incorrect information. You can find sample letters on internet, one can be found here:
http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php?page=1&category=5
CRAs will reinvestigate the items in question--usually within 30 days. They also must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA.
2007-02-26 10:52:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Negative trade lines should be removed automatically by the credit bureaus at the 7 year point. They CAN be removed prior to this date if a dispute is made to the credit bureau and no one responds to the dispute. If this effort happens prior to the expiration of the statute of limitations of when this bill can be enforced in court - be careful here, some states have a 3 year statue, others have as much as 15 (or in some cases after) watch out for collection agencies crawling out of the woodwork. The 7 year period only references how long an adverse item can be reported in your credit file. Do note that this 7 year period does NOT apply for employment over $75,000 or mortgages but for all practical purposes this information is generally gone. Yes, there are different credit reports for mortgages,automobiles, credit cards ............
By the way, a collection agency CAN contact you after the statute of limitations has expired in most states (exceptions are those states with a "statute of repose")
2007-02-26 04:02:01 · answer #2 · answered by Rico E Suave 4 · 0⤊ 0⤋
Actually, legally it's not possible to have a correct entry on your credit report removed. Yes, you are correct in saying that it can be removed if it was a mistake or if you were the victim of Identity theft, but that's it. Assuming that you are not trying to get out of paying a legit debt, then you are contractually bound to pay up. If you are having problems such as a charge-off, then you can negotiate with the creditor and in some cases by paying in a lump sum in full, they will remove it. Please, do not fall prey to companies offering to "fix" your credit. The only way to do so is by is by rebuilding and paying up your debts. These companies have no more leverage than you do to fix your credit and will actually charge you quite a bit of money for no results. Pay or wait the seven (7) years. Unless it's an unpaid lien or a federal student loan, which have no statute of limitations. Hope this helps, good luck!
2007-02-26 03:57:15 · answer #3 · answered by FlexiBoy3000 2 · 0⤊ 1⤋
Credit reporting agencies are supposed to drop any negative information automatically after 7 years. If it's not removed, then file a dispute letter with them.
If it's still not removed, you don't need a lawyer. It's a simple small claims suit. You sue them for violating the Fair Credit Reporting Act.
2007-02-26 06:07:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You have to dispute the item with the credit reporting Agency. If it was correct in the first place, they are not going to remove it so there is no sense if filing a dispute.
Once you file the dispute, you give your reasons why. They'll then ask whoever reported you why it should remain on. If you prove that it is incorrect, they'll take it off.
2007-02-26 03:53:13 · answer #5 · answered by Faye H 6 · 0⤊ 0⤋
You can get all erroneous information (or information that should have been taken off your report) removed. I haven't personally used any of those services but my sister went with the below company and she seems to be happy with the results
2007-02-26 07:03:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Listen, if you decide to go the legal route, I can help you.
2007-02-26 07:56:18 · answer #7 · answered by gatorgirl 5 · 0⤊ 0⤋
FlexiBoy3 is correct.
2007-02-26 04:07:40 · answer #8 · answered by ? 7 · 0⤊ 0⤋