Tricks for Removing Negative Information From Your Credit Report

Removing negative marks from your credit report isn't just for raising your credit score. It's also the key to getting approved for a home loan with a favorable interest rate. Use these strategies to eliminate negative information from your credit report.

Did you know that there are loan programs specifically for those with less-than-perfect credit? Contact us to learn about your mortgage options and how you can qualify while rebuilding your credit!

How to Remove Negative Marks on Your Credit Report

Submit a Dispute to Credit Bureau

The Fair Credit Reporting Act is a Federal law that says you have a right to an accurate report and can dispute any errors. The easiest way to that is online, but you can also mail your dispute.  

When doing it online, make sure you submit the most recent copy of your credit report and also remember to submit a dispute with the credit bureau who provided that credit report.

To do it via mail, write a letter describing the error and if you have any proof, submit those too. The credit bureau will investigate and remove the entry if they find an error.

Dispute it With the Creditor That Reported the Error

You can also bypass the bureaus and dispute directly with the creditor that reported it in the first place. Submit the dispute in writing as this requires them to do a thorough investigation, just like the credit bureau would do. 

If the business finds that they made a reporting error, they must notify all the credit bureaus to delete it from your credit report.

Send a "Pay for Delete" Offer to the Creditor

You'll need to use a different approach for removing negative but accurate marks on your report. A "pay-for-delete" offer is a tactic best for delinquent accounts. Essentially, you offer to pay the past due in full in return for removing the negative info from your credit report. 

Request a “Goodwill Deletion”

If you've already paid the delinquent account (losing your negotiating power),  you can still ask for mercy by requesting a "goodwill deletion."

With this tactic, you contact the creditor, explain why you were late, remind them that you've been a long-time patron and that you've paid on-time in the past. Creditors aren't required to comply, but many times an empathetic associate is willing to help.

As a Last Resort, Wait 

If none of the above work to remove the negative info from your report, the only thing left to do is wait for it to fall off. Fortunately, the most damaging information will show up for a max of seven years, except for bankruptcy, which can be reported for up to 10 years.  

Remember that as time passes and you add more positive credit activity, the negative info's adverse effects lessen.