Everyone who has taken out any form of credit, from a line of credit linked to a credit card account to some types of auto insurance, will have a personal credit report. These reports indicate to lenders how creditworthy a borrower is. Maintained by credit reporting bureaus, these reports change constantly as new information is added and older information is removed. Records submitted by a specific creditor cannot be removed without a valid reason.
Credit Reports
Most information on a person's credit report is reported to the credit reporting bureaus by parties that issue or collect on loans. Debts are categorized in a credit report according to the date they were issued, their size, the party that issued them and their payment status. A particular creditor may be responsible for listing one or more loans on an individual's credit report, depending on the number of former and outstanding loans the debtor has with the creditor.
Creditors
Credit reporting bureaus trust creditors to provide correct information. The credit reporting bureau may choose to remove an entry if it determines that the creditor provides consistently incorrect information. However, an individual has no right to ask a credit reporting bureau to remove information provided by a particular creditor simply because he would prefer that it not appear on his report.
Expiration
Negative information on a credit report has a limited shelf life. According to U.S. law, a single piece of negative information can exist on a credit report for a maximum of seven years, after which time it must be removed and can no longer affect the person's credit rating. An exception is made for bankruptcies, which can remain on the person's report for 10 years.
Incorrect Information
It is illegal for a credit reporting bureau to include information on a credit report that it knows to be incorrect. If a person detects inaccurate information on his credit report, he can notify a credit reporting agency of the error. The credit reporting agency will investigate the dispute and correct the entry if it cannot verify that the information is accurate. A person cannot request that a company remove the item, but it can request that the company verify the item's validity.
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