Knowing how to remove damaging information from your credit report may be key in improving your credit rating, helping you attain a loan you need or even helping you land the job you want. Moreover, negative information on your credit report can be very damaging to your overall financial freedom and could indicate a case of potential identity theft.

Obtain a Copy of Your Credit Report

Everyone is entitled to a free copy of his or her credit report one time every 12 months. To request your report, visit the Federal Trade Commission's web site at http://www.ftc.gov/freereports. Examine your report closely for any potential errors or damaging information including collections, overdue payments, or even erroneous data about a credit card or credit line you never held.

Write a Rebuttal Letter

If you find negative information on your report that you would like to dispute, do so immediately. The responsibility lies with the creditor to verify that any damaging information present on your report is accurate. Write a letter to one of the three credit reporting agencies--Equifax, Experian or Trans Union. This can be a simple statement such as, "Please provide verification that this information belongs on my report and that my rights have not been violated; otherwise please delete this data immediately." All three bureaus also offer an online dispute option. Additionally, you may want to send a copy of your dispute letter directly to the creditor with whom you have the dispute. Visit the FTC's web site at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm for more information.

Waiting for a Response

If the original creditor does not respond or counter-claim your written request within 30 days of receiving your notice, the credit bureau must default to the side of the consumer and the negative information will be removed from your credit report. If the creditor does respond, be prepared to offer additional documentation, such as credit card statements and other mailings regarding the issue, to further support your dispute. If the negative information is deemed accurate, it will remain on your record for a maximum of seven years. Bankruptcy remains for 10 years.

Source:

Federal Trade Commission

Experian

Resource:

Equifax Online Dispute

Experian Online Dispute

Trans Union Online Dispute