Blog

How to Remove Bad Marks on Your Credit Report | GOBankingRates

February 4, 2015 by Admin
Share This Post       

 

If you’ve looked at your credit report lately, you might see any number of various items that are harmful to your credit score. Of course, it’s common knowledge that errors can be removed from your credit report. This takes time and effort, but if the information is incorrect, you can have the item removed without too much resistance — which is what CreditRepair.com specializes in.

However, there are a number of items you might not have imagined that can harm your credit. Luckily, you can have these items removed from your credit report as well.

1. Authorized Users

Couples will sometimes share accounts for spending in long-term relationships. Your significant other might have also added you as an authorized user on a credit card. After a breakup or divorce, there’s no reason to be an authorized user on your ex’s accounts. You can request that the lenders remove you, and the accounts will be deleted from your credit history. The process could take a few months, as the lenders remove you and then report the changes to the credit bureaus.

Read: Bad Credit? Getting Married Can Fix That

2. Any Negative Accounts Over 7 Years

According to the Fair Credit Reporting Act, negative or past-due accounts can only stay on your credit report for seven years from the time they went delinquent. If you see anything older than seven years, you can have this removed from your credit report.

3. Court Judgments

If you’ve been involved in a civil suit for nonpayment of debt, and that lawsuit has resulted in a judgment, you can have that item removed from your credit report as well. Unlike many credit report items, judgments can be removed well before the seven-year time frame has passed. Satisfied (resolved) or vacated (invalidated) judgments can be removed from your credit reports.

Related: How to Read Your Credit Reports

4. Collection Accounts

Even accounts or debts that have gone into collections can be removed. This is because collection agencies often don’t have the proper documentation or authorization to collect on your debt. When you are contacted by collections, you can request they prove you owe the amount they claim. If they can’t do so, there is no basis for that collections account to be on your report, and you can request that the credit bureaus remove it.

5. Hard Inquiries

Hard inquiries are initiated by new creditors when you apply credit. For instance, a credit card or auto loan application with a company you have never worked with will initiate a hard inquiry. These inquiries affect your credit. You can have any hard inquiries that you did not authorize removed from your credit report. One thing to remember: A single application for credit can spark multiple hard inquiries. So be careful to verify that a hard inquiry is incorrect before you begin the dispute process.

Photo credit: HonestReporting

via How to Remove Bad Marks on Your Credit Report | GOBankingRates.

 
 

Topics

 

Popular Posts

 

Current Rates

 

VA Purchase
30 Year Fixed

As of: September 17, 2018

4.750%
RATE
4.923%
APR

Rate/Term Refinance
30 Year Fixed

As of: September 17, 2018

4.750%
RATE
4.792%
APR

Rate/Term Refinance
15 Year Fixed

As of: September 17, 2018

4.125%
RATE
4.195%
APR

Cash Out Refinance
30 Year Fixed

As of: September 17, 2018

5.125%
RATE
5.207%
APR

FHA Purchase
30 Year Fixed

As of: September 17, 2018

4.750%
RATE
5.498%
APR
 
 
 

 

 

Read What People Say

 

Aaron Blackburn

"First time to refi. They explained process in detail and I never felt rushed. Closed quickly. Happy with experience and will recommend to anyone looking for such services."

 
 

Recommended For You

Take a closer look at the loan expertise and customer service that earned us the acclaim of Dallas/Ft. Worth for 10 consecutive years.

FIND A LOAN