How To Remove Negative Items From Your Credit Report

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It’s wise to know how to remove negative items from your credit report, especially if you are soon applying for a mortgage or car loan.

You can remove something from your credit history before seven years pass.

Whatever you’re dealing with, late payments, collections, charge-offs, or foreclosures, the following techniques can clean up your credit quickly.

 

Here’s How to Remove Negative Items from Your Credit Report

 1-Check for Inaccuracies

Before trying anything else, you should ensure the negative credit report entry doesn’t include inaccurate information.

In reality, most people’s credit reports contain at least some errors.

The trick here is to look for any errors on each negative entry. Just because the access is accurate doesn’t mean the details about the entry on your credit report are free of inaccuracies.

When you look closely, you’ll likely find an error or two.

The first step is to get a copy of your credit report from the three credit bureaus, look over each entry, and check each detail against your records.

 

YOU SHOULD CHECK THE FOLLOWING ITEMS:

1. Account number

2. Balance

3. Date Opened

4. Account status (e.g., Closed)

5. Payment status (e.g., Collection)

6. High Balance

7. Credit Limit

8. Anything else that appears to be inaccurate

Every time you find an error, note the inaccurate information and how you should correct the entry. These details provide the grounds for your credit dispute letters.

2. Submit a Credit Dispute Letter

You’ll want to write a detailed dispute letter that outlines all the inaccuracies you have found.

You will send this letter to the credit bureaus, asking them to correct the inaccuracies or remove the negative information altogether.

The federal Fair Credit Reporting Act (FCRA) requires credit bureaus to report only accurate information on your credit report.

The credit bureaus often can’t verify each detail about the negative entry, so they will remove it.

If the negative information appears on all three credit reports, you will have to send the same dispute letter to all three major credit bureaus — Experian, Equifax, and TransUnion.

3. Writing a Goodwill Letter

If disputing the negative entry doesn’t work because you couldn’t find errors or because the credit bureaus fixed them, your next step should be asking for a goodwill adjustment.

Please write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill.

It is most effective when trying to be removed late payments, paid collections or paid charge-offs.

 

A goodwill letter is straightforward to write. You can use my goodwill letter template as a starting point.

You will explain your situation to the creditor or collection agency. Explain how you’re trying to get a mortgage, and the negative entry means you struggle to get approved.

While this may seem like a long shot, you’d be surprised how often creditors make goodwill adjustments. It is especially true if you’re a current customer because the creditor wants to keep your business.

 

This strategy won’t work well if you have a long history of keeping past due balances. It works best if your negative entry is an anomaly and if you’ve paid off the balance owing.

4. Negotiate a “Pay For Delete” Deal

If you have collection accounts or charge-offs that you have not paid off, you should try a pay-for-delete agreement to have the negative item removed from your credit report.

Be prepared to negotiate with the creditor or collection agency over the phone for this to work.

Offer to pay the unpaid debt if the creditor will agree to delete the negative entry from your credit report entirely.

It is very effective, especially with collection agencies, because they earn a direct profit when you pay an old debt.

But you must get your pay-for-delete agreement in writing before you make the payment.

Negotiate over the phone if that’s more convenient, but don’t pay anything until you have the written agreement.

Collection agencies have short memories (unless you still owe them money). You may need your written agreement to prove you had a deal when you paid.

 You might want to reach out to a credit expert if this sounds overwhelming.

It costs some money but is far less expensive than you might think, considering you are getting an expert to fight on your behalf.

Allow us to help you understand how you can manage your accounts and be able to sustain your credit.  If you or someone you know has questions about their credit history and how to correct inaccurate, unverifiable, or incomplete items on their credit report.

Or, if you would like to learn more about credit improvement and repair services, Real Credit Deal is here to help you.

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Real Credit Deal is a credit repair company. We help people rebuild their credit, so they can buy the things they need and want in life. Our mission is to educate people about credit, help them understand their credit reports, and provide them with the tools they need to improve their credit scores. We believe everyone deserves a second chance and are here to help people get started on their journey to better credit.

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Need help with your credit Score?

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