I made some errors with my credit when I was younger. I have been doing great at keeping a good credit history now that I'm more mature and understand the importance of credit (last 3 years). However, my old mistakes are still hunting me. I read somewhere that it can take 7 to 10 years for a bad entry in your credit report to be dropped. Is there a way I can remove those sooner?
2007-06-05 04:23:13 · 9 answers · asked by JC 1 in Business & Finance ➔ Credit
Yes and no. You can attempt to remove negative items on your credit report by disputing them with the credit agency(i.e Transunion, Equifax, or Experian). They will contact the original creditor who has to prove in writing within 30 days that they have or had a valid claim. Its worth it to try this because sometimes the original creditor won't have the records to prove your debt, especially after three years. Or the company might no longer be around to handle your dispute!
Beyond that, your best bets for improving your credit are doing the things that will improve your credit score right now. If you still have old unpaid debts, pay them off or work out an agreement to pay them off. Then these debts will at least show that you are in repayment instead of defaulting on them.
Keep a couple of credit cards, buy things like groceries, and pay them off every month. This will gradually show that you are being responsible with your payments. If you pay your cards off every month, you wont have to pay interest. Also, your credit score will improve with the more available credit that you have but aren't using because you are paying your cards off every month.
A recent history of responsible credit use weighs much more on your credit than irresponsibility from several years ago. Keep chipping away at it.
2007-06-05 04:42:28 · answer #1 · answered by Josh E 2 · 2⤊ 0⤋
The short answer is probably not.
The seven to 10 year part is dependant on your state. Most states are 7 years, so you're likely over 1/2 way there.
I did the same thing, when I was in college I got a bunch of "free" tee shirts and a lot of credit cards that I had no business having. I found that if you go to the credit agencies websites and file protests of all the negative items they will removes some older items if the companies do not respond.
The first thing you should do is go to https://www.annualcreditreport.com/cra/index.jsp and get your credit reports. the 3 agencies are required to provide you a free report once a year now.
Look at them and make sure it is all acturate.
Then protest anything that you feel is a mistake, or just negative. It probably wont work, but it might clear a couple things up.
2007-06-05 04:38:34 · answer #2 · answered by Jerry 3 · 1⤊ 0⤋
I am currently in the same situation you are in. I am not sure when last you pulled your reports from Equifax, Experian & Transunion but I suggest you do that first. I would reccommend you dispute ALL negative items on your credit report. You would be surprised how much would get deleted (even if it is yours)
After that is done, all that was not deleted can be paid off. I suggest you contact the creditors and make a settlement as low as 10 percent of what is owed. Considering that they are not going to get paid anyways, some are willing to settle for anything. I like to use the line "I am contemplating filing bankruptcy but I wanted to see if it were just easier for me to pay off my debts........." Just remember that paid or not collections still stay on your report but it looks better than "unpaid" collections.
www.truecredit.com will list all of your creditor's addresses and phone numbers.
GOOD LUCK!
2007-06-05 04:49:30 · answer #3 · answered by Amelia J 3 · 0⤊ 0⤋
Nothing buy time and paying your bills as agreed clears up credit.
As long as it's not a bankruptcy, it will fall off in 7-years. Nothing legally can be removed from your credit that is correct information.
I put a web address in the source box. I strongly suggest that you order this book. It is full of information to help your credit.
2007-06-05 04:36:38 · answer #4 · answered by ? 7 · 1⤊ 0⤋
No, there's no legal way to remove it sooner, but as long as you keep your credit clean since then, it'll make a bigger impact as time goes on.
2007-06-05 05:24:54 · answer #5 · answered by zippythejessi 7 · 1⤊ 0⤋
There are no "loopholes" or laws that credit repair companies can use to get correct information off your credit report.
2007-06-05 07:16:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Probably not all of the bad history but I almost guarantee that if you dispute them all.....even if they are yours some of the older ones will be deleted and your score will go up. It worked for me. My score went up drastically after disputing them! Just give them "burden of proof" that the debts are yours.
2007-06-05 08:34:35 · answer #7 · answered by dbholland2000 1 · 1⤊ 0⤋
No way to ligitamately remove it. Congrats on seeing the light, however
2007-06-05 04:32:56 · answer #8 · answered by Anonymous · 3⤊ 0⤋
if its paid u can ask for it to be removed.. Thats what I did and i went up 12 points..
2007-06-05 06:00:51 · answer #9 · answered by shorty21 5 · 1⤊ 0⤋