In the days past, people tend to think about their credit history and their credit scores and how they can attempt to do credit repair only after a serious and urgent problem like loan rejection arises. But with the growth of the internet, social networking and growth of scams along with it, people have become much more aware of their financial status than before. Many people nowadays follow the very good practice of keeping tabs on their card statements and other credit statements along with their credit reports on a regular basis so that they can attempt credit repair on a regular basis. By new laws that have been enacted, it is now free for any user to request one report from each of the three credit agencies once a year.

The credit agencies get information from different creditors about your various financial actions. The creditors basically report all your negative financial activity to the credit agencies and they keep score of all your negative financial performance. Beyond a stage, the new creditors would deem your action as being unsuitable for further credit and would start rejecting your loans and other credits and then you would be forced to seek credit repair on an urgent basis.

You also need to understand that the negative information cannot stand in your report forever and it needs to be removed on a periodical basis by the agency. But many times, there is a likelihood that it would not be removed and under those circumstances, you would need to raise it as a dispute so that you can attempt credit repair. For e.g., you might have made a late payment on your credit card or to some other creditor. This information is passed on to the agency and remains on your report for at least a period of 7 years. After this, it needs to be removed from your report. If you notice that it has not been removed , while scanning your report, raise it as a dispute along with associated documentation and under normal course, it would be removed by the credit agency within 15-20 days, if found to be true.

The same rule applies to charge offs as well. Also, bankruptcy can stay in the report for a maximum of 10 years and any judgments can also stay in the credit report for a period of 7 years. They would need to be removed after that. It is the responsibility of the credit bureau to remove the negative information from your report after it has been there for the required period of time. When doing credit repair, if you find that it I staying longer or if you find that the creditor is trying to extend that information for a period beyond what is required, then you have full rights to raise it as a dispute and get it removed from the report, as long as the information is wrong. This is why it is so very important to keep tab on your credit statements and reports on a regular basis and also maintain associated documentation systematically.

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