How To Ask Creditors To Remove Negative Information From Your Credit Report

Your credit report may influence whether a company hires you for a job, gives you a loan or sells you insurance, so it's important to be aware of what information companies are seeing when they look at your credit report. Negative information on your credit report can affect several important areas of your life. If you want to ask creditors to remove negative information from your credit report, how you go about it depends on whether the information in the report is true or not.

If the negative information in your credit report is not true, write a letter to the company that reported the information explaining the inaccuracy and asking the company to remove the charge. Be specific so it's easy for the company to understand which item on your report you're disputing, and include back-up information if you have it to support your claim that inaccurate information is on your credit report.

Write a letter to the credit reporting agency that issued the report, including the same details and back-up information so it can conduct its own investigation. If the credit reporting agency can substantiate your claim, it will remove the erroneous item. Expect to hear from the credit reporting agency within 30 days about the resolution of your dispute. If the company that filed the negative report or the agency agrees that the information is untrue, that information will be removed from your credit report. Monitor your report over the next year to make sure that the incorrect information doesn't reappear.

If it does, contact the company and the credit reporting agency again with the details of the resolution and ask that the erroneous information be removed immediately. If the negative information on your credit report is correct, call the customer service number for the reporting company and ask to speak to a representative. If a negative item shows up on your credit report from one agency, request copies of your credit report from other agencies to make sure it doesn't appear on those reports as well.

The three main credit reporting agencies are Equifax, Experian and TransUnion, and you're entitled to one free credit report from each of them each year. If the negative information does appear, you'll need to file a dispute with each of the companies reporting it. Most negative information appears on your credit report for seven years.

If you can't come to a resolution for removal, the negative report will disappear in time. Beware of credit repair companies that claim to be able to remove items from your credit report. It is illegal for anyone to remove true information from a credit report. Lose Weight. Feel Great! AGE lbs. WEIGHT ft.

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They then use the losses to offset other profits and reap the benefit of creative bookkeeping. The banks would rather get some of the debt you owe them than to have you declare bankruptcy and receive nothing. Besides, settling your debt means no more costly legal court battles. Can I Negotiate A Debt Settlement On My Own, Credit card debt settlement contains no “secret sauce” formula. If you owe a small amount to one or two creditors you could talk to them to settle your accounts yourself.

However, if you owe significantly more money, you should consult an experienced debt settlement attorney. It’s often difficult to determine what defines a good settlement. Should you disclose your financials, Is the offer you receive the best you’re going to get, What makes this a valid offer, Does it need to be in writing,

Is the written offer valid and binding on all parties, Hiring an experienced and knowledgeable credit card debt relief attorney will relieve you of the stress of dealing with this situation on your own. Imagine the relief you will feel knowing that an experienced credit card debt relief attorney will handle all of the negotiations, finalize all of the settlements and create a plan to fund these settlements. You can learn the in’s and outs of how to reduce your credit card debt with a debt settlement by viewing our SlideShare presentation.

Regardless of the stage you are in the debt cycle; ready to file bankruptcy or simply a month behind on your payments, there are always alternatives to look at. A logical choice is to use a company that specializes in consolidating debt but will probably charge you for the service. Perhaps a better choice is to negotiate directly with the credit card companies you owe debt to.