Catalyst asked:


I have been told by several people that after seven years, a debt is supposed to be removed from my credit report. If I have debt and accounts that were opened in 1997, 1998, and are listed as charged off or closed, how can I get these reports off my credit report?

Edward

CreditScoreAide .com asked:


You may not realize just how easy it is to get your credit report, especially when you see all these companies online wanting to charge you for them. However, the good news is that you can receive your credit report free of charge. The Fair and Accurate Credit Transactions Act of 2003, entitles everyone to a free credit report. The only thing you have to do is contact each major credit bureau and ask for a copy.Now that you have your credit report, you can look for discrepancies. However, what do you do if you find one? First, you can ask that they be removed from your credit report.

You will have to contact the credit bureau that has listed the error and request for an investigation. If this does not get them to remove the error, you can then write a 100-word statement explaining the error, which will mainly, be your side of what happened. Your statement will then be attached to your credit report. In some cases, if you can prove that the error is false, it can be removed from your credit report.

You can now also see which creditors have listed problems with you paying your debts. If you find that you still owe these creditors, you can contact them and start repaying the debt. Once you begin paying the debt, the creditor will start reporting your payment actions once again and this can improve the bad credit rating that was once there for this creditor. If you also notice that creditors that you are in good standing with have not reported your good account information you can give this information to the credit bureaus with the name and telephone number of the creditors. When these items are verified and placed on your credit report it will begin to start showing up as good credit.

Remember, a bad credit history does not just disappear. Bad credit should fall off your report in seven years, however, if the creditor files another claim prior to this it will still be on your credit report. A matter of fact, bad debt as far back as 14 years can still be on your report while good credit does not last that long.

Understanding all you can about your credit report and how to correct errors, rid yourself of bad credit while building up good credit will be your saving factor when you are ready to purchase a home or apply for a bank loan.

Along with this information, you should also realize that you could request a free credit report so you will always know what is going on with your credit. Identity theft and even false reports can destroy your good credit in a short amount of time.



Veronica

GotTrouble.com asked:


AA bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected.

Can I see my credit report?

If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial.

The three major credit reporting agencies are:

Experian, (800) 301-7195

Equifax, (800) 525-6285

Trans Union, (800) 680-7289

When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report.

Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free.

What information is in a credit report?

In general, your credit report will contain information about your credit history during the last seven years. It will show:

Whom you have borrowed money from

The amount of the debt

Whether or not you made the promised payment on time and in full

The identity of any creditor who has requested information about you

If you file bankruptcy, the information remains on your credit report for ten years.

What if my credit report is incorrect?

You have a legal right to challenge the completeness and accuracy of any item in the report.

Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified.

If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file.

If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights.

For this and more information on debt, bankruptcy and foreclosure visit: www.gottrouble.com/legal/finance/index.html



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