Each record that appears on your credit report has a predetermined "life," points out the financial advisers at Credit.com. Most old items, including negative reports of charged-off accounts, repossessions, collections records and foreclosures, simply fall off your credit report automatically after seven years, making it unnecessary for you to do anything but wait it out. Due to an administrative error on the part of your creditor or the consumer reporting agency, old items may still sully your credit history longer than they should. The Fair Credit Reporting Act provides a process by which you can contest records that have outstayed their welcome.
Step 1
Pull all three credit records from Experian, Equifax and TransUnion to make sure that no old items remain on your file. None of your credit reports will be exactly the same--you may notice records on one report that you don't on another. MSN Money indicates that unlike other issues that can affect your credit, mistakes that result in old items remaining on your report past their expiration date can easily be remedied.
Step 2
Send a hard-copy communique to the consumer reporting agency's dispute investigation company if the old items show up on your Equifax or TransUnion reports. Mailing your communication allows you to include copies of your supporting documentation and credit report with the outdated information highlighted. Credit.com points out that Experian requires you to first file your dispute online (see Resources).
Step 3
Include your name and contact information in your letter to the consumer reporting agency. State which old item you wish to dispute in your letter, but keep in mind that while most records expire after seven years, this is not true for all. For example, bankruptcies show up on your reports for 10 years after your filing date; and tax liens can linger indefinitely, if they go unpaid. To see when various credit report item types expire, see Resources.
Step 4
Mail your dispute certified, return-receipt requested to ensure that it is received by the consumer reporting agency. The March 2010 mailing addresses for Equifax and TransUnion are:
Equifax
P.O. Box 740256
Atlanta, GA 30374-0241
TransUnion
2 Baldwin Place
P.O. Box 2000
Chester, PA 19022
Step 5
Keep on top of the dispute process. After the consumer reporting agency receives your letter, the Federal Trade Commission indicates that it takes about 30 days for your complaint to be investigated, after which the agency will get back with you in writing. If you're unable to get expired records off of your credit history, Credit.com suggests resubmitting your dispute with more convincing supporting documentation or contacting the consumer reporting agency or creditor that originally submitted the record directly.
Tips and Warnings
- You're entitled to one free credit report from each consumer reporting agency every year. These can be obtained through the official Annual Credit Report website (see Resources).
Things You'll Need
- Copies of credit report from Experian, Equifax and TransUnion
- Supporting documentation
- Mailing envelopes
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