Deleting negative history on a Credit Report, if the information is inaccurate, is possible through the dispute process outlined in the Fair Credit Reporting Act (FCRA).
The FCRA protects you against credit abuse that might result from an unfair summary of their credit history. The FCRA grants you certain rights as a credit consumer. These basic rights are the key to deleting negative history on a credit report, improving your credit history and reestablishing good credit.
However, if the negative information on a personal credit report is accurate (in the instances of late payments, etc.), it will remain on the credit report for seven to 10 years from the date the event took place for most negative information including information on an unpaid judgment. A personal bankruptcy stays on a consumer's credit report for 10 years after it is filed. There is no time limit on reporting a criminal conviction.
However, there are several things proactive consumers can do to improve their credit history while they are waiting for the negative information to come off their personal credit report.
- Pay all past due balances as soon as possible.
- Pay down any other balances.
- Begin paying all future payments on time.
- Do not close any unused credit cards because you want potential lenders to see that you have a long credit history.
- Keep your account balances low.
- Do not seek additional credit unless you really need it.