Your creditors and the three credit bureaus are supposed to update your credit reports automatically. Most negative information can only be reported for seven years, according to the Federal Trade Commission (FTC), although certain bankruptcies can stay on for 10 years, and government debts can remain indefinitely if they are not paid. A creditor should stop reporting the item and TransUnion, Experian and Equifax should stop including it on your report if the time limit has passed. This doesn't always happen so you may need to update your credit reports yourself.
Step 1
Order credit reports from all three credit bureaus. You can get them at no cost every 12 months through annualcreditreport.com, the Federal Trade Commission advises. You will have to buy copies from the bureaus or wait until you are eligible again if you already got your free copies for the year.
Step 2
Compare the older items on your credit reports to the legal reporting time limits. Credit.com explains that late payments can stay on your report for seven years from the first missed payment, while collection accounts remain for seven years from the date of serious delinquency, which is usually 180 days after the original payment due date. Bankruptcies remain seven to 10 years, depending on the type of bankruptcy and its terms. Judgments remain for seven years from their filing date. Tax liens also remain for seven years if they are paid, but in most states they can show up on your report forever if you never pay them.
Step 3
Write a list of any outdated items that should not be appearing on your credit reports. Some may appear on all of your reports, while others might just show up on one or two bureaus.
Step 4
Mail letters to the three credit bureaus asking them to remove the outdated items. The bureaus let you file disputes on their websites, but the FTC advises sending a certified letter instead and requesting proof of receipt. They are required by law to respond to you within 30 days, advising you of whether they believe your disputes are valid. If so, they will update your reports by pulling the outdated items.
Step 5
Recheck your credit reports to make sure they have been properly updated. The credit bureaus sometimes make mistakes and do not follow through with their promises. Notify them if you find any items that were supposed to be taken off your reports.
Member Comments