Negative Entries on Your Credit Report Can Be Challenged
How to Dispute Your Equifax Credit Report
Would you like to remove those nagging negative items from your credit report?
Your first step is to obtain a copy of your Equifax Credit Report and look for errors, inaccurate items, undesirable information, and/or information that is misleading. Damaging credit items include:
third party actions
legal proceedings, such as judgments
Chapter 7/Chapter 13 filings
home foreclosures
auto or boat repossessions
garnishments
late payments
collection accounts, settled accounts
public records/judgments
Your second step is to write an Equifax dispute letter. You will need to include your personal information and reason for the dispute. In other words, you need to say why you believe the information is inaccurate.
The final step is to wait 30-45 days for the results.
After I Mail My Dispute Letter, What Happens?
If Equifax removes the negative entry, don’t stop! Continue to clear up any remaining negative items. Lastly, be sure to clean up any inaccurate personal information, such as addresses and employment information.
If your dispute is successful, the negative item in question will be removed by Equifax. At times, a credit bureau will revise items on your credit report after they have been contacted by your creditors. This information can be good or bad, depending upon the creditors’ reports. For instance, your credit report might be revised to show that an account went to collection.
Your credit report will show the negative item for 7-10 years if you are unsuccessful with your Equifax dispute. However, there are additional options to be considered in relation to rebuilding your credit score.
At times, a simple dispute is not effective and more advanced methods are necessary. At this point, it is wise to seek the advice of a legal professional who can employ methods such as payment for deletion, debt validation, or possibly even negotiating directly with the creditor.
Keep in mind that credit reporting by a creditor is voluntary, while the seven year limit is imposed only on credit bureaus. As such, a convincing attorney can often persuade a creditor to erase a negative item from your credit report.
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