What is the fastest way to get my credit cleaned up?

I went through 4 years of medical problems that affected my credit scores. I am healed and moving on. My next challenge is getting my credit cleaned up. The credit bureaus are sluggish to deal with. Is there a faster way to remove items that have already been taken care of?

Answer:
Credit laws provide for fixing errors on credit reports and The Fair Credit Reporting Act (FCRA) also establishes various timeframes under which both negative and positive entries on a consumer credit report must be removed or “cycled-off” the report. Typically, negative items cycle off credit reports after a designated time period automatically without any action on your part. Accurate negative items on a consumer credit report can remain there for up to 7 years (up to 10 years for bankruptcy).

 

Despite what you may have heard or read, negative items generally cannot be removed or disputed off a credit report unless they are errors.  Thus, if your illness resulted in you falling behind in paying and or defaulting on your debts, even if you settle or pay-off those debts now, the damage has already been done, and the negative items will likely remain on your credit report and affect your credit score for a period of time. Because delinquent payments and other items can stay on a consumer credit report for several years, you should fully understand the credit scoring process and other implications before settling any old debts. For tips on how to settle and pay your debts with creditors (both original and collection agencies) and negotiate the information they place on your credit report, you can review websites like the following:

• How to Negotiate Your Debt with the Original Creditor: creditinfocenter.com
• Will Paying Off a Collection Remove it From My Credit Report? creditinfocenter.com
• Steps to Take When Negotiating Your Credit Rating With a Collection Agency: creditinfocenter.com

In terms of credit report errors, how much time you spend having an error removed will depend upon how the item is affecting your credit rating and your ability to borrow money. Individuals can typically handle credit report corrections on their own. If you have items that should have dropped off your record after the appropriate period, then you can contact the credit reporting agencies to have them corrected. You would have to contact the FTC and credit reporting agencies to determine if the items in question on your report qualify as errors or can otherwise be removed from your credit history. They may require a certified letter or affidavit to support the error which you can discuss with your lawyer.

• Disputing Errors on Credit Reports: consumer.ftc.gov
• Repairing Your Credit- Go It Alone or Hire a Repair Company? bankrate.com
• Credit Repair For Bad Credit: nolo.com
• Frequently Asked Questions: creditreportcenter.com