The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.
There is no law that the credit agencies report anything on you at all. Just the opposite is true! Credit Agencies are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.
Bankruptcies come off just like any other derogatory that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.
It is illegal or immoral to have the information on your credit report altered or removed .
Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives.
Inquiries are not derogatory and will not affect your credit standing.
Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.
If you get a derogatory item removed, it will just come back.
Not if it is removed legally. When it is removed with cause under the Fair Credit reporting Act it cannot legally be placed back on your credit report. The same law that required its removal prohibits it from being placed back on.
This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. Anybody can run into hard times or an emergency situation now and then, but that doesn't automatically mean that they are a poor credit risk for a magical 7 years. The simple truth is, no credit report can predict the future
Congress passed the Fair Credit Reporting Act (FCRA). The FCRA was passed by congress with the intention to regulate credit-reporting agencies. The Act spelled out all the rules and regulations that the credit-reporting agencies had to follow before they put anything on someone’s credit report. For the past three decades, those agencies have ignored most of the law. Information about “you” has to be accurate and verified before it is entered on your credit reports. If “reasonable procedures” have not been correctly followed, then any verified inaccuracies must be removed from your credit reports as defined in the FCRA. The three credit reporting agencies (CRA) ARE Experian (formerly TRW), Equifax and Transunion. There are various agencies that purchase information from these three major agencies, but they get their information from the “Big-3”, so if you can repair your credit with the Big-3, you basically repair it with everyone.
What is the definition of “inaccurate, erroneous, or obsolete?”
Erroneous information is any information that has been entered onto a consumer’s credit report due to human error (data entry error), Social Security Number mismatch error, mixed file error, similar name error. “reasonable procedures” were not followed when the information was entered on the credit report, or any such related error. This happens more often than you think!
F.A.C.T.A. ALERT ADDRESS DISCREPANCY: THERE IS A SUBSTANTIAL DIFFERENCE BETWEEN THE ADDRESS SUBMITTED IN THE INQUIRY AND THE ADDRESS(ES) ON FILE TRANSUNION ID MISMATCH ALERT: PREVIOUS ADDRESS MISMATCH. INPUT DOES NOT MATCH FILE. ADDRESS DISCREPANCY: THERE IS A SUBSTANTIAL DIFFERENCE BETWEEN THE ADDRESS SUBMITTED IN THE INQUIRY AND THE ADDRESS(ES) ON FILE SCORE MODELS EQUIFAX/BEACON 5.0 - SOME PPERSON – 553970333 SCORE: 588 00038 - SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED 00018 - NUMBER OF ACCOUNTS WITH DELINQUENCY 00020 - LENGTH OF TIME SINCE DEROGATORY PUBLIC RECORD OR COLLECTION IS TOO SHORT 00014 - LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED _________________________________________________________________________________________ TRANSUNION/FICO CLASSIC (04) – SOME PERSON - 553970333 SCORE: N!A SC3 - FILE NOT SCORED BECAUSE SUBJECT DOES NOT HAVE SUFFICIENT CREDIT _________________________________________________________________________________________ EXPERIAN/FAIR, ISAAC (VER- 2) – SOME PERSON - 553970333 SCORE: 524 38 - SERIOUS DELINQUENCY AND PUBLIC RECORD OR COLLECTION FILED 13 - TIME SINCE DELINQUENCY IS TOO RECENT OR UNKNOWN 02 - LEVEL OF DELINQUENCY ON ACCOUNTS 18 - NUMBER OF ACCOUNTS WITH DELINQUENCY 08 - TOO MANY INQUIRIES LAST 12 MONTHS
F.A.C.T.A. B B EXPRESS RECOVERY 12108 06103 $159 $0 $0 65 0 0 0 PAID COLL SVC 05103 COLL 001 $0 XPIEF 1243097 ORIGINAL CREDITOR: MEDICAL PAYMENT DATA _______________________________________________________________________ B B EXPRESS RECOVERY 12108 11/06 $50 $0 $0 24 0 0 0 PAID COLL SVC 12/05 COLL 001 $0 XP/TU/EF 2002092 ORIGINAL CREDITOR: MEDICAL PAYMENT DATA ________________________________________________________________________ B B EXPRESS RECOVERY 12108 11/07 $104 $0 $0 12 0 0 0 PAID COLL SVC 02/07 COLL 001 $0 XP/TU/EF 2327325 ORIGINAL CREDITOR: MEDICAL PAYMENT DATA ________________________________________________________________________ B B EXPRESS RECOVERY 12/08 11106 $50 $0 $0 24 0 0 0 PAID COLL SVC 12/05 COLL 001 $0 XPITUIEF 2007261 ORIGINAL CREDITOR: MEDICAL PAYMENT DATA
Yes, you can! You can try to do it yourself (just like you can represent yourself as an attorney in a court of law). But you can also allow experienced professionals to educate you and assist you in restoring your credit profile.