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Have You Considered Challenging Negative Items on Your Credit Report? |
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Written by BenCasey
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Thursday, 22 October 2009 |
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Your Equifax Credit Report Can Be Challenged
by BenCasey
Your Equifax Credit Report Can Be Challenged
Anxious to remove bad credit from your Equifax credit report?
Your first step is to obtain a copy of your Equifax Credit Report and look for errors, inaccurate items, undesirable information, and/or information that is misleading. Damaging credit items include:
third party actions
court decisions, such as judgments
Chapter 7/Chapter 13 filings
home foreclosures
auto or boat repossessions
wage garnishment
late payments
collections, paid collections, settled accounts
public records
A dispute letter to Equifax is the next step. You should draft a letter which outlines your reason for believing the reported information is inaccurate. Be sure to include your personal information in the letter.
The final step is to wait 30-45 days for the results.
After I Mail My Dispute Letter, What Happens?
If you win your dispute with Equifax, you should continue to clear up any unresolved issues, including remaining inaccurate bad credit. Once you eliminate all traces of bad credit, you should focus on resolving any other discrepancies such as address and employment information.
If your dispute is successful, the negative item in question will be removed by Equifax. At times, a credit bureau will revise items on your credit report after they have been contacted by your creditors. This information can be good or bad, depending upon the creditors' reports. For instance, your credit report might be revised to show that an account went to collection.
If you lose your Equifax dispute, the negative items will stay on your report possibly for the next 7-10 years. If this happens, you still have some options to continue the credit repair process.
A credit professional is invaluable when a simple dispute is unsuccessful. Negotiating with the creditor, debt validation, or payment for deletion are some methods an attorney might decided to utilize.
Keep in mind that credit reporting by a creditor is voluntary, while the seven year limit is imposed only on credit bureaus. As such, a convincing attorney can often persuade a creditor to erase a negative item from your credit report.
About the Author:
We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com and get the real truth about lexington law.
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