Credit Repair - There Are Limits to Cleaning Up Your Credit Report
While it's possible to make considerable headway against inaccurate and incomplete information found on your credit report, such success is limited when faced with the sad facts about certain damaging information. Legally, there is no way to have accurate negative credit information removed from your credit report. Here's the scoop:
Negative Credit Information
Accurate negative credit information can be included on your credit report for up to seven years, but there are some exceptions. Here are the facts on the details of what can be found in your file:
- Bankruptcy information can stay on your record for up to 10 years.
- Default information on government insured or guaranteed student loans can be reported for seven years under some circumstances.
- Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitations.
- Information provided for a job application for a job paying over $20,000. has no time limitations.
- Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Don't Despair - You Still Have Options
Just because you have a poor credit rating doesn't always mean you can't get credit when you need it. Credit and loan granting standards are set by individual creditors and not all of them look at your credit history the same way. Some may only use very recent data to evaluate your credit or give you points if your habits have improved. It might be a good idea to contact potential creditors prior to seeking credit to informally determine their credit standards.
Credit Repair through Credit Counseling
A non-profit credit counseling service can offer professional help in resolving your credit problems. They can be found in every state and provide services for those seeking to get out of debt. They can also assist you in working out an acceptable payment plan with your creditors if you anticipate payment problems, as well as develop a realistic budget.
Conduct a Free Credit Check-Up
Whether you have good or bad credit, you should always conduct your own credit check-up prior to making any major purchases or applying for new credit. Obtaining the loan or credit you want can go easier and faster if you check in advance on the accuracy of the information in your credit report.
Consumers are entitled to one free annual credit report from each of the three credit bureaus. Be sure to exercise your right to this free service and review the information contained in your credit report once a year. If you find discrepancies a formal process called reinvestigation is available for recourse,
While there are limits to what you can affect on your credit report, it would be a shame to lose out on the opportunities you do have. Proactive steps to verify the accuracy of your credit report can help you avoid a credit surprise and will go a long way toward saving you time and potential embarrassment.
Questions and Answers
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