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Erase Bad Credit Legally

Can you erase bad credit - Legally? Permanently? In many instances, yes! In fact, often you can do so yourself. It's like taking a pencil to erase your bad credit.

Credit reporting agencies report what creditors tell them about your credit history.

What Credit Agencies Report That Affects Credit Score

  • whether you pay your account promptly;
  • whether you pay your minimum balance as required;
  • whether you are over your credit limit;
  • whether they have had to foreclose on a mortgage or repossess a vehicle;
  • whether you have filed for bankruptcy; and,
  • other related payment information.

There are times when erroneous information may be reported to the credit reporting agency. If this is true for you the first time home buyer, then you can attempt to erase this legally!

How To Remove Bad Credit Permanently

erase bad credit

You will need to contact any of the three affected major credit reporting agencies - Experian, Equifax, and/or TransUnion - with a copy of your credit report and your proof that the information provided to the agency is inaccurate. The credit reporting agency has thirty days to investigate your claim.

The credit reporting agency will contact the creditor who will be required to review its file in light of the evidence you have provided. If the creditor finds that its information is inaccurate, it is required to report its findings back to the credit reporting agency. This is how to make creditors erase bad credit legally.

The credit reporting agency will then delete the negative history permanently. Additionally, if the creditor does not report back to the credit reporting agency in a timely fashion, the negative history will be deleted legally and permanently without benefit of the creditor's review.

Use a Statement of Dispute in Your Erase Bad Credit Efforts

Another way to diminish the effects of a bad credit history is to submit a "Statement of Dispute" to your credit file. A Statement of Dispute is a statement which reflects your reasons for disputing the negative credit history.

To implement this procedure, you would submit a request to the affected credit reporting agency or agencies. The credit reporting agency MUST adhere to this request. This procedure of adding a Statement of Dispute to your credit report is almost as effective as having a good credit report.

So, you say you are too busy or don't want the hassle of doing this yourself, but you still want to know how to repair your credit professionally. Not a problem! On your behalf, credit repair companies can go through the same process I just outlined. However, understand that these companies will charge for their services.

It is my school of thought that it is best for the consumer to know exactly what is happening with his or her credit standing so I would recommend that you do it yourself. AND, by doing it yourself, you will save yourself some money in the process!

It may seem daunting to TAKE ON the credit reporting agencies all on your own in order to erase bad credit.

However, on the other end of the telephone line is a mere mortal just like you. If you find fallacies in your credit report, resolve to have them corrected TODAY! Doing so may mean the difference in obtaining or not obtaining a "much desired" home loan or the approval or lack of approval of a loan for that new truck you have had your eye on! Do it today!

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