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How to Remove a Negative Report from Your Credit Card Report

A Credit Card Report is a breakdown of an individual’s credit history prepared by a credit bureau agency. Credit reporting might have an incorrect negative report about your credit card usage. It is important to note that you can only remove inaccurate statements or the ones that have overstayed the set duration. Accurate negative reports are difficult to remove if they haven’t stayed the set duration.

You can take the following steps to do correct negative credit card report yourself;

1. Get a Copy of Your Credit Card Report

The Fair Card Reporting Act (FARC) advises one to pick a copy of their credit card report at least once a year. Once you have done that, you need to check for inaccurate negative entries and errors in your accurate negative reports. These negative reports tarnish your credit card score, making it difficult for you to get loans or mortgages. Click here to know more about.

You should note down all the inaccuracies in anticipation of filing a dispute. Recording all the inaccuracies at once helps you when trying to get them removed. The following are common inaccuracies you can check

  • Defaults
  • Bankruptcy
  • Credit Inquiries
  • Missed payments
  • Being at your credit limit

2. File a Dispute with the Credit Reporting Agency

You will need to write a dispute letter addressed directly to the credit bureau that filled the report. The Fair Credit Card Act requires credit card bureaus to report only accurate information regarding every account. Because of this, they have to look into and respond to your complaint.

In the letter, don’t fail to include the inaccuracies in your report explaining them in detail. You should mail the letter through a certified mail or their website and request a return receipt. This is to confirm that the Agency has received the letter.

The Agency will now contact the source of the false-negative and inquire about it on your behalf. Usually, you will receive feedback within 30 days. You will have to send the same dispute letter to the three major Credit Card Reporting Agencies, TransUnion, Equifax, and Experian if the inaccuracies appear in all of them.

3. File the Dispute with the Reporting Business

You will also need to file the same dispute letter with the business that brought forth the inaccuracies. That business is legally required to look into and respond to the allegations. If you are lucky enough that the company corrected the inaccuracies, you don’t need to file with the credit card reporting agencies if you hadn’t already. If you have, then you need to make a follow-up with them.

4. Negotiating with Creditor

A negative report, severe black marks will leave your credit score in a bad situation. You will need to try and negotiate a Pay for delete kind of deal with the creditor. This means paying the debt you owe them in full for them, deleting your negative credit score.

Doing this will help correct the negative credit report. It is not a viable and reliable option as creditors might refuse your request as they are legally required to report accurate negative reports.

However, you do not need to negotiate for a Pay for delete kind of deal as once you make the payment in full for any defaults or delayed payments, it will clear the negative report. It will still appear in the report, but it will not affect your credit card score.

5. Writing a Goodwill Deletion Letter

A Goodwill deletion letter is similar to the pay for delete request. You write a letter to the creditor acknowledging your mistake, explaining why you had not paid in time, and showing steps you have taken to change. This is a desperate move, and creditors, more often than not, deny the request.

It is most successful if it is a one-off delayed payment and you have already paid it. Having a good payment history also helps your case.

6. Hire Credit Card Repair Professionals

If your credit card report has many inaccuracies or you would rather not be bothered with writing the dispute or Goodwill letters, you can hire credit card repair professionals. They will look into your report with keen eyes and use their experience to point out inaccuracies in your report.

They will then proceed to file all the necessary letters on your behalf and even make follow-ups. Credit card repair professionals will also look at your report and advice on how to improve your credit card score. You can check this out for the best credit card repair professionals for hire.

Final Thoughts

A black mark in your report might last up to seven years and will usually harm your credit card score. A bad credit card score will prevent you from getting mortgages and loans or receive high-interest rates. It is therefore vital to always check for inaccuracies and correct them in time.

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