How To Remove Derogatory Items From Credit Report Before 7 Years

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It may be alarming to identify derogatory items on your credit report due to the negative impact they can have on your credit score. You are not without options and can use the following methods to mitigate or even remove the derogatory items:

  • Goodwill letters
  • Negotiate deletion for payment
  • Send a dispute letter

If you fail to act on derogatory items they will remain on your credit report. This will continue to negatively impact your credit score for the 7 years it remains reported.

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How To Remove Negative Items From Your Credit Report?

The following methods are used to potentially remove derogatory items from your credit report:

  • Disputing items with TransUnion, Equifax and Experian the 3 major credit bureaus.
  • Disputing items with the original creditors.
  • Send a goodwill letter to the creditor reporting the remark.
  • Negotiate having the item removed by paying the balance, or a portion thereof this is called “pay for delete”.

Consulting credit professionals familiar with the methods listed is a sound practice to ensure the consumer obtains the most favorable outcome as permitted by federal law.  

Types Of Derogatory Remarks To Look Out For

  • Late Payments: Account payments past the agreed due date. Considered minor until the first billing cycle (30 days) is missed. Severity increases drastically every subsequent billing cycle the debt remains unpaid.
  • An account in collections (Charge off): Creditors that believe a consumer wont fulfill their debt obligations can write-off the debt for tax purposes and sell the debt to a party collections agency.
  • Bankruptcy: If a consumer no longer has the means to facilitate their debts they may apply for bankruptcy. Chapter 7 & 13 are the standard bankruptcy applications, with each remaining on a consumer's credit report for 7 and 10 years respectively.
  • Civil judgements: Lawsuits that require the payment of a debt or damages can be recorded on a credit report.
  • Debt settlement: Agreements between the debtor and creditor where the debtor pays back a portion of the debt owed to have it settled.
  • Foreclosure: If mortgage payments are extremely behind the bank providing the mortgage can attempt to force a sale of the house to obtain the collateral for the mortgage loan.
  • Tax lien: Failure to pay taxes may require the federal government to place a claim against the consumer's property in an attempt to collect the outstanding taxes.

Bottom Line

Take note of the various types of derogatory items that may appear on your credit report. It is advised to consult a credit repair company to help you clear your credit report of all negative items and ensure you have access to the best credit score possible. Consult Credit Sage today to start your credit repair journey today.

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