Is it possible to remove accurate, negative information from my credit report? | Consumer Financial Protection Bureau (2024)

FAQs

Is it possible to remove accurate, negative information from my credit report? | Consumer Financial Protection Bureau? ›

People hire credit repair companies to help them investigate mistakes on their credit reports. But credit repair companies can't remove negative information that's accurate and current from your credit report.

No, you cannot remove accurate information from your credit report. The bureaus are required to include all accurate information. While it's unlikely, you can ask the creditor to remove the negative item from your report.

If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.

If your credit report contains outdated or inaccurate personal information like an old address, you can get it removed by filing a dispute with each of the three major credit bureaus – Experian, Equifax, and TransUnion.

Even if you admit to the negative action that's being reported by the credit reporting agencies, you may be able to get the item deleted from your credit report by requesting a "goodwill deletion." This is particularly useful if you have a single late or missed payment on a long-standing account.

You generally cannot have negative but accurate information removed from your credit report. You can, however, dispute accurate information if it appears multiple times. Most negative information will remain in your report for seven years. Some types of information remain longer.

You should dispute with each credit bureau that has the mistake. Explain in writing what you think is wrong, include the credit bureau's dispute form (if they have one), copies of documents that support your dispute, and keep records of everything you send.

Correct information cannot be removed and stays on file for at least seven years. So, if your score is low due to accurate negative information, you'll need to repair your credit over time by making payments on time and decreasing your overall amount of debt.

What is a goodwill letter or late payment removal letter? In a goodwill letter, sometimes called a late payment removal letter, you ask the creditor that reported your late payments to remove the derogatory mark from your credit reports.

Can a collection agency remove negative information? ›

You can negotiate with debt collection agencies to remove negative information from your credit report. If you're negotiating with a collection agency on payment of a debt, consider making your credit report part of the negotiations.

A credit repair company works on your behalf to remove this information by communicating with the credit bureaus (Experian, Equifax and TransUnion) and/or financial companies, like your bank or a debt collector, to dispute the errors.

Make a Goodwill Deletion Request

If you've already paid the debt in full but it remains on your credit report, you can request a goodwill deletion. To make this type of request, you need to submit a letter to the creditor explaining why you were late on your account.

So, if your credit score is not to your liking, you may be wondering if you can wipe your credit history clean. Although you can't wipe it clean, you can utilize best practices to help build better credit going forward and maybe even earn a higher credit score over time.

You won't be able to remove negative information in your credit reports that's accurate. But deleting accounts you didn't open or disputing a late payment you believe was paid on time, for example, could help protect your credit score.

A credit reporting company generally can report most negative information for seven years. Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

There's no concrete answer to this question because every credit report is unique, and it will depend on how much the collection is currently affecting your credit score. If it has reduced your credit score by 100 points, removing it will likely boost your score by 100 points.

If the derogatory mark is in error, you can file a dispute with the credit bureaus to get negative information removed from your credit reports. You can see all three of your credit reports for free on a weekly basis. If the derogatory marks are not errors, you'll need to wait for them to age off your credit reports.