It is true that bad credit can create havoc in your life but if you know the ways to tackle it and follow it precisely, the good thing is that it does not last forever. Your bad credit report can eventually become a good one over a period of time, which is generally 7 to 10 years. Generally, most banks delete delinquencies within 7 years automatically, but you never know there may be an error and you may still have a debt overstaying in your credit report. Under such a condition of a haunted credit report, you can live without it by following some simple steps to get it struck off from your credit report as well as from your life.
Know The Age
The most effective way to deal with old debts to be cleared is by knowing the age of the debt in the first place. The reasons for such old debts may be the companies who prepare the credit report might not have received the correct dates. When there is a court action, it is easy to calculate the age of the debt but if there is an error in the credit report prepared by a designated company, you may have a hard time to calculate the age precisely. You may consider the date in which you became delinquent first and after which you never caught up.
Clock For Sold-off Debts
Believe it that there is no separate clock for sold off debts. No matter how many times a debt has been sold and resold; the seven year credit report clock date is counted as the date of your delinquency with the original lender. There are different agencies from where you can get your credit report easily. You can see that they are not identical yourself when you get at least three credit reports from different agencies. So, there is a probability that your old debt may or may not be listed in all credit reports. If you find the debt to be really very old, is it time to write to the credit bureau.
Ways To Dispute
Following the contact information when you write to the bureau, you are suggested to follow the traditional method of using the post to be noticed and not online. The bureau will now ask the creditor to verify and if it cannot be verified than the debt gets removed from your credit report.
Substantiate your case with adequate proofs and documents that would support your claim. This will help you to nullify the efforts of the collection agencies to present your debt as newer one if you have documents like court filings, letter from original creditor and much more. You can check online to know about such substantial documents.
Learning about credit card debt consolidation loan is also a wise idea and going for it is a smart move so that you can make things at calm and have a peaceful life ahead.
Take Help Of Others
Once done you now have to send the letter from the bureau to the creditor in question and remember to send it with return receipt. If you do not get adequate response for your initial letters, you can do some research of the company and send the next letter to the president directly. You can also contact the regulator who take up individual complaints and contact the companies or take help of a governmental agency. In spite of your best effort if the creditor is keeping the old debt in your report, you can contact an attorney as your last straw.