Saturday, October 24, 2009

What can i do to remove a negative item on my credit report that i have resolved with the orignal company ?

i had a student loan that was over 60 days deliquent and reported to my credit, i have since then made a payment and made this loan current. How can i now remove this negative mark from my credit report?

What can i do to remove a negative item on my credit report that i have resolved with the orignal company ?
The only thing you can do is wait 7 years.





You did the right thing to get the loan current again, but that doesn't change the fact that it was 60 days past due at one point. A credit report is like a history book, once a problem is corrected, it doesn't mean the problem is no longer listed in the history book, it just means that it happened in the past and has been taken care of.





Some people will tell you to dispute all negative claims. This won't work. Disputes are only used to remove items that are false. True negative reports can't be removed.





The good news is that as this gets further and further behind you, it will have less impact on your score. It will be completely removed in 7 years, but no sooner.
Reply:Here is a Credit letter you can send:


I added the 3 main credit reporters that you need to send this letter to in the address area. So send this letter to ALL 3 or it won't do you any good. Remember to only leave in the address you need in each letter :)


Hope this helps!


_________________





Date








Your name here


SS#


SS#


address


Phone








Equifax Credit Information Services


PO Box 740256


Atlanta, GA 30348





TransUnion National Consumer Relations Disclosure Center


2 Baldwin Place


PO Box 1000


Chester, PA 19022





Experian – National Consumer Assistance Center


PO Box 2002


Allen, TX 75013-3742











To Whom It May Concern:





Recently we reviewed a copy of our credit reports and the following items are in error. Please research these accounts and correct our credit information in your system.





1.





2.





3.





The erroneous reporting is adversely affecting our credit scores. Please correct these items.





Thank you for your attention to this matter.





Sincerely,






Reply:This is a legitimate negative and it will stay on your file. Do not bother to send a dispute to the credit bureaus. Sending false dispute letters will get you tagged and you will have problems if you ever need to correct a real errror.





Keep paying this loan on time. After 24 months of consistent, on time payment history, the late payments will have very little affect on your score.
Reply:It's good that you brought the account up to current standing. Like most have said, it will generally roll off after 7 years. Don't try to dispute the item with the bureaus. Instead, you can write a GW (good will) letter to the loan company. They have no obligation to change their report to clean those delinquencies, but some will. It's worth a shot.





Go to myfico.com
Reply:Late pays stay on your credit report...sorry...Getting your account current again will not remove the late pays...This will age off by itself in 7 years.


No comments:

Post a Comment

Blog Archive