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How to Erase Bad Credit?

Updated: 9/18/2019
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10y ago

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In our go, go, go, got-to-have-it-now world, credit is king. Tell many Americans to live within their means, and they will tell you that’s what credit is for. For better or worse, we are judged by our credit score. It could stem from the current economic condition we find ourselves in, but also from mortgages to personal loans. No matter the reason, we are being marketed to know our credit score. We are told to get a free report and see what the credit bureaus see.

It is a good rule of thumb to know where your credit sits, since so much in life is tied to it. But what if you see something you wish you hadn’t on that report? What if it comes back as a bad credit report? First, realize it is not the end of the world, and the situation can be remedied. Do know that it will take a lot of time and a fair amount of work on your part, but also know that many bad credit reports are simply based on bad information. Here are a few steps you can take to get your credit back on track, if you find that information is faulty.

Step 1: Outline your grievance. Write to the credit reporting company about the information you found to be inaccurate or incomplete. Send a copy of your report and clearly mark the items you are disputing. In your letter, explain your dispute and list any support documentation you have.

Step 2: They must respond. The credit reporting company has 30 days to investigate and respond to the dispute. More than likely, this will include involving the information provider that supplied the incorrect information.

Step 3: Change is good. If it determined after the investigation and confirmation that there is a change or deletion in the information, it will be reflected in a fresh report and a new, free report will be sent to you, and anyone who received your credit report over the past six months. All three credit reporting companies are informed, and you are provided with the location and phone numbers of the information provider who caused the mess in the first place.

With patience and a little due diligence, you can fix most bad credit report problems. Always remember to keep your documentation and check your score sooner rather than later. A problem is always easier to handle earlier rather than letting the problem fester.

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