Your Equifax Credit Report Can Be Challenged
Would you like to remove those nagging negative items from your credit report?
To begin with, you will need to request a copy of your Equifax credit report so you can review its contents for negative and inaccurate entries. Entries that damage your credit include:
charge offs
judgments
Chapter 7/Chapter 13 filings
foreclosure
auto or boat repossessions
wage garnishment
late payments
collections, paid collections, settled accounts
public records
Next, you will need to draft a dispute letter to Equifax. Be sure to include your personal information and to explain the reason for the dispute, including why you feel the negative information listed is erroneous.
Lastly, Equifax has 30 days to investigate and verify your claim and must then report its findings back to you. It will likely take 30-45 days to obtain Equifax’s decision.
What Happens After I Mail my Dispute Letter?
If Equifax removes the negative entry, don’t stop! Continue to clear up any remaining negative items. Lastly, be sure to clean up any inaccurate personal information, such as addresses and employment information.
When a dispute is resolved in your favor, Equifax will remove the disputed information. On occasion the credit bureau will update an item with newly acquired information which can be good or bad depending upon what the creditor reports to Equifax. For instance, Equifax may update a collection account with the most recent balance owed.
If you lose your Equifax dispute, the negative items will stay on your report possibly for the next 7-10 years. If this happens, you still have some options to continue the credit repair process.
A credit professional is invaluable when a simple dispute is unsuccessful. Negotiating with the creditor, debt validation, or payment for deletion are some methods an attorney might decided to utilize.
Remember, credit reporting from a creditor is completely voluntary. The seven year limit is a law imposed on the credit bureaus only. Thus, a creditor, if persuaded by an effective attorney, will often voluntarily delete information from your credit report.
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