How Credit Repair Companies Remove Items from Your Credit Report

credit report

One of the harshest reminders of unfortunate past financial mistakes is having negative information on your credit report. Credit bureaus and businesses can also end up with such mistakes. Whatever the reason, it is your responsibility to have such reports cleared from your credit report. Removing such information results in better credit score and is also useful for loans and credit card approval. To assist you on good credit, below are a few strategies to have negative information detached from your credit report.

  Dispute with the Credit Bureau.

Credit dispute is the first step to fixing errors on your credit report. They are quick when done via mail or online. For an online dispute to go through, Credit Repair companies must first order your credit report copy. For mail disputes, a letter is written to describe the client’s credit report following submission of copies that have proof. After this, the credit bureau will investigate the dispute with the entity that gave the information. If an error is found, the entry is removed.

  Dispute with the Business.

The second thing done by a credit Repair, is disputing with the Business, which made a report to the Bureau to fix errors on your credit report. Such business includes bank, debt collector credit card issuer, among others. This type of dispute is done in the form of writing. Just like the credit bureau investigation is required. Once an error has been confirmed, the business will notify the credit bureau about the error hence fixing the credit report.

  Pay the Creditor a delete offer.

Sometimes, you should pay the credit bureau some negotiation amount to fix the credit errors. Credit bureaus will not just remove verifiable information hence the need for negotiation. This is a technique used with past due accounts. In this negotiation, the account payment is made in full in exchange for fixing the credit error.

  Goodwill Request for Deletion.

Money is used as a bargaining chip to fix credit errors in the pay for delete idea. Negotiation power is lost once you pay to fix the credit errors. This is the point you ask for a goodwill deletion request. You might write a letter to the creditor to explain the reason for being late. You can tell them you have been a loyal customer and request them to fix the credit errors. Remember, some creditors will not comply. However, you might be lucky to meet the right person who will fix the errors.

  Credit report time limit.

In case you fail to fix the credit report errors, at this point, your only choice is to allow some time until all the errors get cleared. The law allows credit errors to be reported for a maximum period of seven years. Bankruptcy is an exception as it will not fall off until 10 years are through. The fixed errors still read on the files even after the information has been cleared.

Fixing errors on your credit report can be challenging. You should review your report often to stay out of trouble. If these errors are not reviewed, they can remain for years hence resulting in a lower credit score. Access to affordable credit cards or loans will be nearly impossible.

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