Show me a law that shows that credit information must be reported to the credit bureau… I’l wait… Can’t find one? That’s because there are NO laws that say credit information must be reported to your credit report in the first place. There aren’t event any laws that say the credit bureaus have to exist. There are no laws that say credit report information has to remain for a set period of time. Nonetheless, it is possible to have accurate information removed from your credit report.
As a result, accurate and truthful information can be removed from the credit report legally. This can be done so long as its not verifiable or outdated.
The Fair Credit Reporting Act, section 609 (c)(2)(e) says, …”a consumer reporting agency is not required to remove accurate derogatory information from a consumer’s file, unless the information is outdated under section 605 or cannot be verified.” It says “is not required to remove.” It does not say “cannot be removed.” The FCRA only places LIMITS upon how long items can remain on reports. Hence creditors can remove it any time they choose to do so.
The internet contains conflicting information about removing accurate information. This is because Federal Trade Commission (FTC) and the credit bureaus spend tons of money trying to convince consumers otherwise. This is because handling dispute letters costs lots of money on labor costs. They have to pay employees to handle disputes. So, if they convince consumers that they are powerless, people won’t bother to dispute in the first place.
It was be unethical for us not to say the following, “Do not make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading.” With that said, it is still possible to remove accurate information without telling lies.
For more information on how our board certified consultants can help with your credit needs, feel free to contact us.