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What Items Can You Remove From Your Credit Report?

Credit report items removal

You will soon realize how important your credit score is when you don’t get approved for a mortgage, a car loan or you are even unable to rent an apartment. Bad credit can make your bills go higher meaning that you may end up in further debt.

Fortunately, you can take steps to rebuild your credit score. First, you need to ensure that your credit report does not have any misleading information. Request for your credit report at least once every year in order to review it and seek credit repair Toronto.

Reviewing your credit report

Once you get a copy of your credit report, you may notice some items that are missing or incomplete information. These negative items must be fixed immediately. When left to stay in your report, they tend to drag down your credit score. For instance, any outstanding credit card debt or bills that you never paid will have a negative impact on your credit score. It is important to keep them out of your report if you can. Below are some common negative items to look out for in your credit report:

  • Collection accounts: If you have collection accounts in your credit report 7 years after the first delinquency, they need to be eliminated. Report this to the creditors or credit reporting agency to have the right information displayed.
  • Late payments: If you have a history of late payments in your credit report, take note that they should be removed after 7 years from the first late payment. The late payments shouldn’t depict on your credit report even if you have already paid and closed the accounts, 7 years later.
  • If you filed for chapter 13 bankruptcy, this information will be in your credit report for 7 years. This type of bankruptcy is given a shorter period because you make partial payments to creditors.
  • If you filed for chapter 7 bankruptcy, the information will remain in your credit report for 10 years. The duration is longer because in this form of bankruptcy, you made no payments to creditors.
  • Other items that could have a negative impact on your credit score include tax liens, missed credit card payments and instances where you exceeded the credit card limit.

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Errors to look out for

Credit report review Toronto

When reviewing your credit report, there are certain errors that are quite common and you need to look out for them. They include:

  • Any accounts that do not belong to you. This could be a case of identity fraud and you need to report it immediately.
  • Negative items that should have been eliminated off the report such as bankruptcy filings and late payments.
  • Errors in your personal information.
  • An account that has already been paid off but is still listed in your credit report as unpaid.

Send a letter to your creditor along with documentation to support the dispute. They are required by law to notify the credit bureaus so that they can fix your report.

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