What To Do About A Credit Report With Negative Information
Negative information concerning your use of credit can be kept in your credit report for seven years. Bankruptcy can be kept for 10 years while unpaid tax liens are kept for 15 years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Inquiries remain on your report for two years.
Anyone who denies you credit, housing, insurance, or a job as a result of a credit report must give you the name, address, and telephone number of the Credit Reporting Agency (CRA) that provided the report. According to the Fair Credit Reporting Act, you have the right to get a free report within 60 days if a company denies you credit based on the report.
If you find that there is inaccurate or incomplete information in the report:
Contact both the credit reporting agency and the company that provided the information to the CRA.
Tell the CRA in writing what information you believe is inaccurate.
The Fair Credit Reporting Act requires the information provider to investigate and report the results to the CRA. If the information is indeed incorrect, then it must notify all nationwide CRAs to correct your file.
Under The Fair Credit Reporting Act, the information provider is required to investigate and report the results to the CRA. If the information is found to be incorrect, it must notify all nationwide CRAs to correct your file. If the dispute still isn’t resolved by the investigation, then request that the statement concerning the dispute be included in your file. A notice of your dispute must be included anytime the CRA reports the negative item.
If the information is accurate, only time, hard work, and a personal debt repayment plan will improve your credit report. There are credit repair companies that advertise they can erase bad credit for a certain fee. Don’t you believe it.
The Credit Repair Organizations Act states that credit repair companies can’t require you to pay until they have completed their promise. The credit repair company must also give you:
A copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract
A written contract that lists your rights and obligations.
Three days to cancel without paying any fees
Some credit repair companies promise to help you establish a whole new credit identity.
You can be charged with fraud if you use the mail or telephone to apply for credit with false information. You’re committing federal crime if you make false statements on a loan or credit application, to give a false Social Security number, or obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.
If you have lost money to a credit repair scam, contact your state or local consumer affairs office or the National Fraud Information Center.
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