Anxious to remove bad credit from your Equifax credit report?
To begin with, you will need to request a copy of your Equifax credit report so you can review its contents for negative and inaccurate entries. Entries that damage your credit include:
third party actions
legal proceedings, such as judgments
Chapter 7/Chapter 13 filings
bank-initiated foreclosure proceedings
repossessions – auto, boat, or other property
garnishments
late payments
collection accounts, settled accounts
public records
Next, you will need to draft a dispute letter to Equifax. Be sure to include your personal information and to explain the reason for the dispute, including why you feel the negative information listed is erroneous.
Finally, you will need to wait 30-45 days to receive Equifax’s determination.
Should I Do Anything Else?
If your dispute is successful, continue the process to attempt to remove all negative entries from your credit report. Once this step is completed, clear up any remaining issues, such as discrepancies involving personal information.
If your dispute is successful, the negative item in question will be removed by Equifax. At times, a credit bureau will revise items on your credit report after they have been contacted by your creditors. This information can be good or bad, depending upon the creditors’ reports. For instance, your credit report might be revised to show that an account went to collection.
Expect the negative item to remain on your credit report for 7-10 years if you lose your dispute with Equifax. However, don’t lose heart! There are other options available to continue trying to rebuild your credit.
A credit professional is invaluable when a simple dispute is unsuccessful. Negotiating with the creditor, debt validation, or payment for deletion are some methods an attorney might decided to utilize.
Keep in mind that credit reporting by a creditor is voluntary, while the seven year limit is imposed only on credit bureaus. As such, a convincing attorney can often persuade a creditor to erase a negative item from your credit report.
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