2 years ago, we paid off a couple of bills that were hurting us on our credit history report and still when we go to get a loan, they are still there. what do we do about this.
2007-03-18 12:18:52 · 9 answers · asked by cassi_owenby 2 in Business & Finance ➔ Credit
It will stay on your report for 7 years. However, if you have paid them off, they should say that they are paid. If they don't, you need to dispute the item with Equifax, Experian or TransUnion. They will contact the creditor and it will hopefully get corrected.
If it's showing up on your report as a paid loan, the fact that you paid it late or it was sent to collections or whatever happened BEFORE you paid it off, is still part of the loans history and it can stay on your report for 7 years.
2007-03-18 12:32:45 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
There are a few ways in which you can dispute the bills that arise on your credit report.
The three major national bureaus offer an online dispute process, but it is require to have a copy of your credit report to do so. This is however not the suggested method according to the FTC.
According to the Federal Trade Commission, the best way to dispute is by mail. By doing this you can attach any supporting materials to back up your claim. It is also recommended to include a copy of your report if you have one available. Each item should be clearly identified in your dispute.
It is recommended you send your letter by certified mail and request a return receipt. Unless they determine it to be a frivolous request, the three major bureaus must investigate the claim within 30 days.
The bureaus must notify the information provider (credit card companies etc.), with the disputed information, at which time they will determine if it appears to be accurate or not. If the provider claims the information to be inaccurate it is their responsibility to send the accurate information back to the bureaus.
When the investigation ends, the bureaus are obligated to provide you with their findings in writing. If the investigation is in your favor the bureaus are required to send you an updated copy of the trade line item.
Also if you request it, the bureaus must notify anyone who has requested your credit report over the last six months of the changes made. Anyone requesting a copy of your credit score for employment reasons over the last two years must also be notified if you request it.
2007-03-18 20:56:25 · answer #2 · answered by Eric E 1 · 0⤊ 0⤋
Get a copy of your credit report if you haven't done so already.
You are entitled to one free each year from the "big three" credit reporting companies.
https://www.annualcreditreport.com/cra/index.jsp
Then dispute it on each credit report to the credit reporting companies themselves.
By law, if the creditor doesn't respond with validation within a certain amount of time (I believe 30 days) you get it removed from your report.
It's always good to write a dispute to the creditor directly also, but my experience is that it never gets taken care of.
Whenever I inquired about it, they never received it.
That is why sometimes certified mail comes in handy.
Good Luck!
2007-03-18 19:32:36 · answer #3 · answered by Kari 4 · 0⤊ 0⤋
How to Clean Up Credit Report: Before approving your loan, your lender contacts the credit bureaus to get your credit report. Bad credit report will severely restrict your credit. In some cases, you may not even get the credit. So it is vital to get your credit report cleaned. To enable you to achieve that you have to alter your financial habits
2007-03-19 03:57:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
what ive done in times past is contact the creditor asking them to send me a PIF (paid in full) letter and request that they have the account removed from credit report. i'll also contact the 3 credit reporting agencies advising them that the account is paid and that creditor(s) agreed to have account removed. the agencies will then put the account(s) in dispute, contact the creditors and then send you an updated report after the 45 day allotted time given to the creditors to respond.
2007-03-18 19:49:54 · answer #5 · answered by igotmyrights 1 · 0⤊ 0⤋
The item will still show on your report for 7 years since the reported date. It will show paid though, which has a better effect than unpaid.
2007-03-18 21:13:07 · answer #6 · answered by Mariposa 7 · 0⤊ 0⤋
From what I understand that if you pay off a debt that is like 5 years old it will stay on your credit for 7 more years as a paid charge off with a zero balance and so basically if it is like 5 years old I wouldn't pay it because in two more years it will drop off and won't appear.
2007-03-18 19:28:26 · answer #7 · answered by JustAnswer 3 · 0⤊ 1⤋
Strange!!!
2007-03-18 19:26:02 · answer #8 · answered by yahaya K 2 · 0⤊ 1⤋
i dont no
2007-03-21 21:41:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋