Under the Fair Credit Reporting Act most negative information can be included in your credit reports for seven years. You can see how long negative credit stays on your credit report here. However, the FCRA also states that you have the right to dispute any information on your credit report that may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, or unclear (questionable). The burden of proof is on the credit reporting agency that is reporting it. You don’t have to specify a reason for disputing it.
In my experience of helping people repair their credit, it’s always easier to have settled debts removed from your credit reports. Why? Because creditors and collection agencies are much less likely to verify a dispute of a debt that you have paid. They usually won’t even bother responding to the credit reporting agencies about your account if it’s paid. If they don’t respond, the account must be removed. But, sometimes they do respond. They also don’t want to risk verifying something that shouldn’t be verified and getting sued over something that’s not going to make them money.
When the investigation is complete, the reporting agency must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.
There are other ways to have items removed from your credit reports, but disputing them with the credit bureaus is the most popular way.
Popularity: 21% [?]
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