Can You Get Negative Credit Information Removed?

Whether it is an item incorrectly labeled as a missed payment or a one-time late payment, it is possible to get a negative credit mark deleted from your credit history.

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The caveat is that usually, only inaccurate negative items can be removed. Working with The Phenix Group, a reliable Miami credit repair company, is a great way to improve your credit status.

When it comes to your credit, you want to be thorough and accurate. Enlisting the help of professionals to navigate the confusing world of credit can be very helpful in understanding credit reports and developing plans to repair credit. They can help answer questions such as: Does tax debt affect your credit score? Do payday loans go to collections if left unpaid? How can I check my credit report for inaccuracies and get them removed? 

Credit repair groups can help you locate negative items that can be removed from your report. This process can be lengthy and requires clearly written letters, which these professionals can take care of. When reviewing your credit report, you want to get reports from all three credit bureaus—Equifax, Experian, and TransUnion. With so much documentation, you definitely want a professional in your corner. 

Ways to Deal With Negative Marks on Your Credit Reports

Identify Inaccurate Items

Inaccurate information can vary from report to report. One report may have an outstanding item that resulted from identity fraud or theft; another could have mixed borrower files and include data about someone with your same name or a similar name who applied for credit. There could also be errors caused by a bank, debt collector, or another agency that committed a clerical error or had data issues that negatively impacted your credit report.

Credit reports are lengthy, and it can be difficult to navigate them on your own, especially when looking for inaccuracies. Credit repair companies help you comb through seven years of credit history to find inaccuracies to submit for dispute. Once a dispute claim is submitted, credit bureaus have thirty days to make a decision about it and remove the items from your reports if they are found to be inaccurate.

Send a Goodwill Letter

A goodwill letter (or goodwill adjustment) is when you submit a request to a credit bureau asking them to remove accurate, negative items from your report based on your otherwise positive credit history. This works if you have a longstanding history of paying your bills and loans on time but perhaps made a one-time late payment. It is important to remember that a goodwill letter is not a dispute–a dispute is sent to all three credit bureaus informing them that there is inaccurate information on your credit report. A goodwill letter acknowledges that the information is accurate, but you are asking for forgiveness. 

Because it is based on goodwill, a creditor is not obligated to grant or acknowledge your request for a negative item to be removed. Another option is to pay the outstanding debt in full and request the creditors list it as “paid in full,” which is viewed favorably by lenders. It will still show in a credit report and conveys that you repay your debts.

Ask for Outdated Information to Be Deleted

The statute of limitations for credit information is seven years. When you go through your reports looking for inaccuracies, you may find accurate but outdated information. Any information on a credit report that exceeds seven years is considered obsolete. You can write a letter, or include it in an inaccurate item letter, providing evidence to the credit bureau that this item is outdated and should be removed from your report.

Just as when asking that inaccurate items be removed from your credit history, a credit bureau has thirty days to investigate and make a decision on your dispute. If they agree to the request, they will remove the outdated information within five business days after informing you of their decision. Otherwise, the item will remain on the report. In most cases, outdated items are removed due to the statute of limitations.

If the prospect of asking to have negative credit items removed from your report is overwhelming, don’t hesitate to reach out to the experienced professionals at The Phenix Group. We’re ready to help make sure you can get your credit back on track today!

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