Are you anxious to take advantage of the great car offers right now, but can't? Damaging credit items include:
- late payments
- collections, paid collections, settled accounts
- charge offs
- public records / judgments
- wage garnishment
Your second step is to write an Equifax dispute letter. You will need to include your personal information and the reason why you believe the information is inaccurate. The final step is to wait 30-45 days for the results. By that time, the great car deal may be gone!
What Happens After I Mail my Dispute Letter?
If you win your dispute with Equifax then you should continue to clear up any unresolved issues. Once you eliminate all traces of bad credit, you should focus on resolving any other discrepancies such as address and employment information.
If you lose your Equifax dispute then the negative items will stay on your report; possibly for the next 7-10 years. If this happens, you still have some options to continue the credit repair process. However, most of the options available are more advanced and require the help of a professional – such as a paralegal or credit attorney. Some techniques an attorney may use include negotiating directly with the creditor, payment for deletion, or debt validation.
Remember, credit reporting from a creditor is completely voluntary. The seven year limit is a law imposed on the credit bureaus only – not on creditors. Thus, a creditor, will often voluntarily delete information from your credit report, if persuaded by an effective attorney.