Accurate Items are Deleted from Credit Reports Everyday
Just about anyone you ask will tell you it is impossible remove accurate information from your credit reports but this only wishful thinking on the part of the credit bureaus. The truth is flaws in the credit reporting system can work in your favor.
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| Accurate Items are Deleted from Credit Reports Everyday |
By:
David Fech |
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The FTC tells us that "No one can legally remove accurate and timely negative information from a credit report", credit repair companies are required by law to say the same thing, and just about every other credit repair resource you can find agrees. This statement is not only deceptive, but it is dead wrong.
The truth is that accurate items are legally removed from credit reports everyday. In an ideal world, there would be no way to remove accurate items from your credit reports but in practice this is not the case. The Fair Credit Reporting Act says the credit bureaus must remove any item on your credit reports you dispute if after performing an investigation, they are unable to prove the item should be there. A more accurate version of the statement made by the FTC is that "no one can legally remove accurate, timely, and verified negative information from a credit report".
Although they are typically in a position of power, the credit bureaus are in a bind when it comes to investigating your disputes. When conducting an investigation, the credit bureaus have to contact the creditor or court who added the negative item to your credit reports and get them to verify the item is accurate. If they find out the negative credit item is inaccurate, then they have to delete it from your credit report or update your credit report appropriately. In addition, if they do not get proof the item should be on your credit reports within 30 days, then they are required to remove the item completely. This means that no matter how accurate a negative credit item is, if the credit bureau does not get confirmation in 30 days, it will be removed from your credit reports.
Maybe your creditor has gone out of business. Maybe they dont have time to dig through their records. Maybe their records from four years ago are in a large box in the building's basement and they couldnt find your information if they tried. Maybe they are just lazy. Regardless of the reason why a creditor wouldnt respond to the credit bureaus, the end result is you have a better credit report.
Of course, the credit bureaus have the right to add the negative item to your credit reports again if the creditor reports it again, but this is rare and even if it does happen, you can always dispute the item again.
So the next time you read that it is impossible to remove accurate information from your credit reports, know that is what creditors and the credit bureaus would like you to believe. They want to think your credit score is accurate and they do not want you abusing the system by disputing negative items you know are true.
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David has extensive experience in the credit repair field. David has provided articles and other content for numerous credit repair services and related sites including Credit Repair Thoughts
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