WHAT ARE THE HARDEST CREDIT ITEMS TO FIX?
In order to maintain a strong credit rating a
it is important that you
copy of credit report every year to ensure that the reported
information from all three major bureaus is up-to-date and accurate. Learn more about what you can do to make sure your credit report is accurate.
negative items stay on your credit report for seven
years from the time they are reported by your creditor. You can try
and remove items from your report, however it can be quite difficult.
Educate yourself with information on
scores are computed.
Credit laws like the
Fair Credit Reporting Act don't have
jurisdiction over government agencies. You've got to pay off your
liens, with the understanding that so many individuals have satisfied
liens on their report that using this against you in a lending
decision would be unusual.
Most student loans originate at banks, but are backed by the
government. If you
default on the loan, the government won't fix the
problem. Since paid loan information is often archived, conducting a
credit bureau dispute is often the best way to get rid of derogatory
student loan information. Loan organizations are known to be sloppy
and slow at correcting their collection errors. This disorganization
works in your favor, because once a loan is paid in full, the loan
agencies have difficultly finding older data on fully paid loans and
fail to meet the deadlines specified in credit reporting laws on
confirming or denying your dispute.
Items in public record such as judgments, can be removed by
repeated letters to credit bureaus denying their validity, especially
if you have solid evidence for your position. If you still owe on the
judgment, you can negotiate with your opponent's attorney to get an
agreement that they will stand still after you pay the debt so that
you can file a motion to dismiss the judgment. After you file it, and
your opponent fails to answer the motion, the judgment will be
You will likely have to wait seven years to get this off your
report, unless you dispute with the credit bureaus and they are unable
to confirm it. You may want to consider forfeiting your deed
in-lieu-of foreclosure, meaning that you voluntarily give you up your
house. Learn more about the
effects of foreclosure on your credit.
You have to wait seven years for repossession to leave your credit
report. Instead of allowing a repossession to occur, you can
voluntarily surrender your car.
In conclusion, if you spot misinformation
on your credit profile, you need to take the proper steps of
correcting your credit report to ensure that you are not
unjustly turned down for any type of loan or credit. This will
entail writing a
dispute letter to the agency reporting. Get more
info about the
of having bad credit.
Reading Your Credit Report
Credit Report FAQ
Things That Hurt Your Credit Score
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