While it is likely that you have heard all about credit scores and perhaps even what specific information to look for on your credit report to ensure your credit remains as stable as possible.
Well, what about when you notice a discrepancy or wish to have something removed from your report? You may even be wondering, if this is even possible. Fortunately, the answer to this question is often, yes. ‘
With that being said, if you are in the position of wanting to know how to get something removed from your credit report – read on to learn more information on this topic.
In the event you are looking to improve your credit report, for example in order to be approved for a home loan – there are steps you can take to have these negative entries removed from your report.
First of all, there are a variety of credit blemishes you can find yourself in – for example, if you have a poor payment history or other past negative credit issues even as worrisome as collections and foreclosures, and so on. Here are some methods of moving ahead with removing certain credit actions that have tarnished your credit score.
A Credit Dispute Letter
If you do find yourself in this position, here you can begin by creating a credit dispute letter. This first step is an ideal option if you are looking to challenge any potential credit errors. For example, if you believe that certain entries in your credit report are inaccurate, you can compose a letter with the purpose of having them removed.
For starters, in order to identify any errors on your report, it is best to examine your report on a routine basis. In fact, it is best to look at reports from each of the different credit bureaus, as each reporting agency may have reported slightly different information. In the end, it is not uncommon for one or more of your reports to possess certain errors.
Upon reviewing your report, if you have in fact spotted certain discrepancies, you should then write a detailed letter. In your letter, you will want to note the nature of the error, as well as what the accurate information should be. Some areas of discrepancy you may note could include, the balance, credit limit, the date the account was opened and/or closed, and so on.
Finally, you will then send your letter to the credit agencies and ask them to correct this error or better yet, appealing to them to remove the entry altogether.
A Goodwill Letter
In all likelihood, if the first letter you wrote did not resolve the issue, this may be due to the fact that the agencies did not in the end detect an error or deem any of the entries to be inaccurate.
Therefore, an alternative letter, known as a Goodwill letter will be your next best bet. In this letter, you will fully explain your situation to the creditor or collection agency, also asking them to remove the negative entry.
Here you are appealing to them based on ‘goodwill’. In many cases a creditor will respond in kind and remove the entry – after all, if they view you as a valuable client, they are more likely to want to continue doing business with you, as this also helps them maintain their customer base.
Lastly, there is another method of disputing credit charges and this involves negotiating with creditors. As a part of these negotiations, you can agree to pay the creditor in exchange for them removing the entry. Specifically, this refers to offering to pay off the remaining balance, if you are in the financial position.
Here you will again write to the specific creditor and clearly relay the previous information. Be sure to ask for the charge or the entry to be removed from all of your credit reports, so your credit score will improve overall. Should you receive a successful response, also be sure to get this removal agreement in writing so that everything goes through smoothly and accurately.
In the end, all is not lost should you want to attempt to have something removed from your credit report. Again, it is a good idea to keep a close watch over your credit report in order to catch any errors or entries that are likely to be lowering your credit score.
If you goal is to strengthen your credit score and improve your ability to obtain credit, this process can be an important part of your overall credit management. Bad credit does not need to hold you back from pursing your financial objectives.
Ultimately, there are always methods of raising your credit, and this can start with looking into having your credit report amended.