North Country Business Blog

Negative information regarding your use of credit can remain on your credit report for seven years, information on bankruptcy, 10 years, information on unpaid tax liens, 15, and information about a lawsuit or a decision against her which has not been canceled may remain in the report for seven years or until the statute of limitations expires (whichever is greater). The names of companies that have requested your credit report will remain for two years.

If someone denied credit, housing, insurance or employment as a result of a negative credit report, must give you the name, address and telephone number of the agency that provided the report. If a company denies you credit based on information from credit report under the Act Fair Credit Reporting, you are entitled to request a free report within 60 days.

If your credit report inaccurate or incomplete information appears:
* Contact both the credit reporting agency and with the company that supplied the information to the agency.
* Notify the credit reporting agency in writing the information that you believe is inaccurate.

According to the Law on Credit Repair Organizations, the provider of such information shall investigate and report the results to the credit reporting agency. If you come to the conclusion that the information is incorrect, the provider must notify all credit reporting agencies operating at national level so that your records be corrected. If the investigation does not resolve your problem, request that his statement about the dispute be included in your file. Each time the agency report negative information must include a notice of your dispute.

If negative information is correct, only time, hard work and a customized plan to pay your debt will improve your credit report. There are credit repair companies that advertise that they can eliminate your bad credit in exchange for a considerable sum. Do not believe what they say.