Are you working to delete bad credit on your credit history? You should know there is a lot of evidence that you can clean credit report information without waiting seven long years. There are strict federal laws that regulate the information that can be listed on your credit reports.
The Fair Credit Reporting Act is the most powerful of these credit laws. It was passed by Congress originally in 1970. It gives every U.S. citizen the right to dispute credit report information they believe is questionable or inaccurate.
What Is Questionable?
Any item on your credit report that has:
- an incorrect balance
- the wrong dates
- including an item you just aren’t sure who the creditor is
These all and more reasons qualify an item to be questionable. With your credit dispute you will be taking steps to removing bad credit on your credit reports. It is 100% legal to dispute any information on your credit report. As long as you believe that it is a mistake or incorrect.
If your concerned about disputing an item you think may be accurate, don’t worry. In over 40 years of credit disputes, no one has ever faced any legal or civil punishment for disputing an item on their credit report. Congress passed the Fair Credit Reporting Act as a way of protecting you! And ensuring that you have only accurate information on your credit history.
4 Steps To Delete Bad Credit On Your Credit Reports
1. Get Copies of All 3 of Your Credit Reports
It is important to get all three of your credit reports. Often there is different information on each of your credit reports. To clarify you need to get your Experian credit report, Equifax credit report, and your TransUnion credit report.
You can get your credit report for free by visiting annualcreditreport.com. You are provided one free copy of your credit report every year, according to the Fair Credit Reporting Act.
2. Identify Questionable Items
With each one of your credit reports you should review them in detail. You need to identify what items you want to file a dispute for and potentially delete from your credit history. The reason you need to review each one of your credit reports is because you will file a dispute directly with the credit bureaus.
Because there is different information on each one of your credit reports. You will need to know what items you are specifically disputing with each credit bureau.
3. File Your Credit Dispute
You can dispute your credit yourself by:
- writing a credit dispute letter
- calling an 800-number provided by the credit bureaus
- or going online to each credit bureau’s website
The other option is to hire legal credit repair services to perform the dispute process for you. These companies are roughly $100 a month and will require a first work fee of about $200.
Once you file your dispute with the credit bureaus. The credit bureaus must first find that you have filed a valid dispute. Only then will they investigate. When the credit bureau conducts an investigation, they will contact the company that has reported the bad credit about you and request for your account information to be verified.
The Big Challenge To Deleting Bad Credit
Many consumers get frustrated jumping through the credit bureau hoops to get their dispute deemed “valid.” They’ll often give up and just live with the expense, humiliation, and embarrassment of bad credit. This is exactly what the credit bureaus want you to do.
It is not in the credit bureaus financial interest or profit motive to investigate your dispute to delete incorrect information on your credit report. The reason the credit bureaus do conduct these investigations is because of federal law and the Fair Credit Reporting Act requires it.
Believe it or not the Federal Trade Commission also known as the FTC has fined all three credit bureaus for ignoring consumer disputes! One of the biggest violations by the credit bureaus was for not answering toll-free phone numbers. These toll-free phone numbers were provided to consumers that wanted to dispute their credit reports.
Instead, folks calling in were being ignored and made to wait on hold unreasonable amounts of time. We’re skeptical of the credit bureaus online dispute process. Our reasoning is, because they have a history of ignoring phone calls. It is your credit report and there are federal laws to protect you. These federal laws are just like your right to vote.
We encourage our members to consider professional, legal, and affordable credit repair help. In 2016 alone, over 9 million negative items were removed from consumer’s credit reports.
Get a free credit consultation by calling toll-free 1-877-418-7596. And for more tips, strategies, and techniques to fix credit with Dan Willis, sign up for our free newsletter and join our congregation.
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