Paying an old debt does not erase the fact that at one time you were not paying it as you agreed, but it is possible to update your payment history.
No. Each of the three reporting companies' reports look different and may not contain the same information. The companies maintain their own databases and do not often share information.
It may take 3 to 12 months due to the credit reporting companies' continuing mistakes and delaying tactics.
Only the credit bureaus have the power to remove items from your credit report. But, as required by law, the credit bureaus must delete inaccurate, unverifiable, or outdated information.
Frequently! Some experts say that as many as 90% of credit reports contain errors! That is inaccurate, incomplete, or misleading information that can cost you the credit you deserve.
The credit bureaus collect information based on individual social security numbers. Only by checking both the wife's and husband's credit reports can we ensure accuracy.
You'd better care. It is your credit report that creditors use to determine if they will extend credit to you. If you have inaccurate information on your report, you may be turned down for the loan you need or pay unnecessary high interest rates.
The banks, retail stores, utility companies, etc. report your payment record to the credit reporting companies each month. The credit reporting companies then give that information to a second tier of regional reporting companies who sell it to retailers, banks - anyone who legitimately requests information about you.
When you agree to accept credit from a bank, most retail stores, etc., or fill out an employment application - if a credit report is used as a background check - you give the creditor the right to provide information to any credit reporting company. Additional information about you comes from public records, such as court records, debt collection companies, and even the utility companies.
Today, the credit reporting system is literally millions of computer files about individual consumers which are maintained by the three credit reporting companies. The files contain personal information about you - how much you owe, how you have paid your debts, your employer, your social security number, public records, etc.
No. It is not illegal or immoral to eliminate mistakes on your credit report. In fact the federal government, under the 1970 Fair Credit Reporting Act, Section 168 le, protects your right to do so.