How to Remove Negative Information From a Credit Report

If you have negative information on your credit report, you know that it makes it harder to get a mortgage or other types of loans. You will probably have to pay higher interest costs on any money you borrow, including on credit cards. Don't let negative information cost you money. Identify that negative information, get if off your report and start replacing it with favorable information so you can enjoy the advantages of a good credit report.

Instructions

1

Get your credit reports and identify the negative information. According to Bankrate.com, (See Reference 1) you can get reports by the three major bureaus--TransUnion, Equifax and Experian. All US consumers are allowed one free report each year from all three bureaus or consumers can turn to sites like Mycreditreport.com or FreeScore.com (See Resources). With the reports in hand, locate the negative information.

2

Contact the credit bureaus in writing to dispute false negative information. Make sure you attach proof of payment or other information to back up your claims. Contact your lenders or creditors for additional documentation or help if necessary. According to Bankrate.com, the credit bureaus have 30 days to investigate after you complain. They must remove any information proven false. (See Reference 1)

3

Ask the credit bureaus to also remove negative information that has expired. According to Jane Bryant Quinn, in "Making the Most of Your money Now," (See Reference 2) most negative information expires after 7 years.

4

Don't waste time with credit repair companies. Jane Bryant Quinn states that no one can legally remove true, current information, and you can remove false reports yourself. For difficult disputes with creditors, she suggests finding a lawyer specializing in credit cases through the National Association of Consumer Advocates or NACA (See Resources for link).

5




Use credit responsibly to replace bad credit with good.

Replace negative information with positive information over time by practicing better financial management. Make a plan to live below your means and pay all your bills on time. If necessary, call your lenders or collections bureaus to negotiate terms you can fulfill. Bankrate.com suggests starting a savings account to show your financial stability (See Reference 1). After you have removed mistakes from your credit report, use credit responsibly and replace negative reports with positive information over time.