Your credit can significantly impact many aspects of your life, from your ability to rent or buy a home to whether you get hired for the job of your dreams. As much as you may strive for a high credit score, past mistakes may show up on your report. Collection accounts, late payments, and bankruptcies can be shown on your credit report long after getting your finances back on track. A credit report indiscriminately shows negative and positive credit information, even if some of that information is inaccurate. Fortunately, you have the legal right to dispute any inaccurate information that may be dragging down your credit score.
If you believe that your credit report may be inaccurate, it is in your best interest to contact an experienced FCRA attorney as soon as possible. Your lawyer will work with you to thoroughly review your report and dispute any errors that may negatively impact your overall credit.
How Long Does Negative Information and Inquiries Stay on Your Credit Report?
While open accounts in good standing can stay on your credit report indefinitely, negative information typically only stays on your report for a set number of years. Many pieces of negative information take seven years to be removed from your credit report, including:
- Late payments over 30 days
- Collection accounts
- Chapter 13 bankruptcy (repayment/wage earners plan)
Chapter seven bankruptcy, also known as straight bankruptcy, stays on your credit report for ten years. This can significantly impact your score, even if you are working hard to rebuild your credit.
When a company or other entity requests your credit history, it is known as an inquiry. Inquiries are more neutral than negative. However, they can still cause your credit score to drop in certain situations. Inquiries remain on your credit report and will continue to impact your score for two years.
How to Get Negative Information Removed From Your Credit Report
It is not uncommon for information on a credit report to be inaccurate. If your credit report contains any errors affecting your score, you can file a dispute with the credit bureau that generated the report. It is essential to check your report from all three of the major credit bureaus: Experian, TransUnion, and Equifax. If you find inaccurate information on one credit report, it will likely show up on others. If your credit report is accurate, you still have a few options to remove the negative information. Some of your options include:
- Draft a “Pay for Delete” letter to your creditor, requesting that the damaging information be removed for full payment.
- Send a goodwill deletion request letter to your creditor. If you have a good credit history overall, you may be able to ask your creditor not to include negative information on your report.
- Wait for the information to be removed over time. In most cases, this is a seven-year period, but it could be as long as ten years for a chapter seven bankruptcy.
An experienced FCRA attorney can go over every detail of your credit history with a fine-tooth comb and advise you on the best credit repair solution for your unique needs.
Partner With a Premier Fort Lauderdale FCRA Attorney
If you are trying to repair your credit and do not have time to wait seven years for a better credit score, a highly-qualified FCRA attorney can help. Attorney Jibrael S. Hindi is a trusted FCRA attorney and is committed to protecting the rights of consumers like you. Our team of legal professionals is dedicated to working closely with you to ensure you receive the justice you deserve. Our firm takes cases on a contingency basis whereby the firm does not get paid unless a recovery is obtained on your behalf. Give us a call at (954) 907-1136 or complete our contact form to schedule a free, no-obligation consultation today.