Your credit report has a huge impact on your financial well-being. Your credit report not only contains information about your financial history, but also how that financial history will impact your ability to get a loan, how much interest you will pay, where you can live, and even if you will get hired. So, the question many people ask when they get a negative item on their credit report is, “What can I remove?” and “What can I not remove?” Having a solid understanding of what can be removed from a credit report will help you create realistic expectations of how to deal with negative items on a Credit Repair Service’s behalf.
How Credit Reports Work?
Credit reports are generated by leading credit bureaus and are based on data that is collected from banks, collection agencies, and public records. Although major credit bureaus (experian, equifax and transunion) aim for accuracy in creating credit reports, they are not perfect. Unfortunately, most people do not know that mistakes occur in their credit reports more than they may think.
When you start working with a trusted credit repair service, they will work with you to ensure everything on your credit report is accurate, can be proven, and is legally compliant. But remember, they will not work with you to erase legitimate financial records.
What Items Can Be Removed from Your Credit Report?
Certain types of negative items can be removed from your credit report if they are inaccurate, they are out of date, they cannot be verified, or they have been reported incorrectly. Let’s see what can be these:
1 – Incorrect Personal Information:
Some issues can cause accounts that don’t belong to you to appear on your report. These issues can be wrong name spelling, incorrect address, or then incorrect social security number. Here a reputable credit repair service can dispute and correct this information.
2 – Accounts That Don’t Belong to You:
These include accounts that are unidentified or not yours, like similar names or social security numbers. These accounts can be deleted if you can prove it was not valid.
3 – Duplicate Accounts:
Sometimes you will see that the same debt is reported more than once. Duplicated accounts damage your credit by adding multiple payment histories and are eligible to be deleted.
4 – Incorrectly Reported Late Payments:
Sometimes it could be that you paid on time but the account shows a late payment. Here you can prove that you paid on time. This item can be removed.
5 – Unverifiable Negative Items:
After 7 years a majority of the negative accounts will be deleted and 7 to 10 years for bankruptcies. A Professional Credit Repair Service can also help you to delete all negative accounts.
6 – Unverifiable Collections or Charge-Offs:
If you are unable to obtain appropriate documentation from a collection agency or creditor, the collection will be removed from your credit report as required by the Fair Credit Reporting Act.
Items That Usually Cannot Be Removed
Some items must be kept until they naturally deteriorate.
- Accurate Late Payments: The item usually remains until the end of the reporting period if you were actually late and the creditor can confirm it
- Authentic Collections: It is not possible to eliminate legitimate collections that are accurately reported just because they are negative.
- Charge-Offs: Charge-offs reflect unpaid debt that a lender has written off. If accurate, they usually remain for up to seven years.
- Bankruptcies: While Chapter 13 bankruptcies usually remain on your report for seven years, Chapter 7 bankruptcies can remain there for up to ten years. Unless they are reported incorrectly, these cannot be eliminated early.
- Difficult Questions You Approved: Legitimate hard inquiries from credit card applications or loans usually stay for two years.
How Briana J Credit Repair Can Help?
If your report contains errors, outdated items, or unverifiable accounts, Briana J Credit Repair has the ability to understand client’s credit reports and take legal action where appropriate. Their professional Credit Repair Service focuses on real results, with in-depth credit report analysis, strategic, compliant disputes, continuous monitoring and follow-ups, and credit education and rebuilding guidance.
It’s time to take control of your credit. Visit our website today and work with a trusted Credit Repair Service that helps you rebuild credit the right way.