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When it comes to credit repair, no one can legally remove accurate and timely negative information from a credit report, no matter what they say. The law, however, does allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can also do for yourself at little or no cost. These companies just do it more conveniently, that's all!
The consumer reporting companies must investigate the items you question within a 30 day period - unless they consider your dispute lacking evidence. They will then forward all the relevant data you provide to the organization that provided the information. After this, the organization must investigate, review the relevant information, and report the results back to the consumer reporting company. If the disputed information is in fact inaccurate, the information provider has to notify the consumer reporting companies so they can correct it in your file.
When the accurate information in your report is indeed negative, only the passage of time can remove it from your credit file. A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can also be reported for seven years, or until the statute of limitations runs out, whichever is longer. To calculate the seven-year reporting period, start from the date the event took place.
Note: There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you've applied for more than $150,000 worth of credit or life insurance.
Common Questions
- Why have a credit report?
A typical consumer has access to thousands of dollars worth of funds on all credit cards combined, and there have been millions of...more - Why are credit reports important?
Credit reports serve to protect the consumer and also provides a means to obtain credit. By acquiring your credit report, you can proactively take steps to...more - What if there are errors in my credit report?
You can take steps to attempt credit repair yourself...more - Does my employment history have any impact on credit status?
Yes, it could. This is an area that is looked at. Potential creditors and lenders want to see that you...more - Who generates my credit report?
There are three credit reporting bureaus that are responsible for credit reporting...more
