financing secrets of a millionaire real estate investor.pdf

4/Working with Lenders 53
How do I get negative information removed from my credit
report You may find some information on your report that is just
plain wrong. Accounts that are not yours, judgments against people
with similar names, and duplicate items are very common. Some
items are more subtle, such as the fact that a debt is listed as still unpaid
when in fact is was discharged in your bankruptcy. Ask the credit
bureau in writing to reinvestigate the information. Under federal law,
the bureau must reinvestigate and report back within 30 days. In
some states, the law requires a shorter time period. If the bureau does
not report back within the requisite time period, the item must be removed.
Communicating with Credit Bureaus
Send your letter by certified mail, return receipt requested.
If you do not get results within the time
period specified by your state law or the FCRA,
you can write a sterner letter threatening to sue under
state or federal law. You can also try to contact
the creditor directly. Keep in mind that a creditor
may also be liable for reporting wrong information.
Before jumping into court, try contacting
your regional Federal Trade Commission office and
your state Attorney General’s Consumer Fraud
Department.
If you have “bad” items on your credit report, such as late payments,
charge-offs, judgments, or a bankruptcy, the credit bureaus can
legally report this information. However, if the information is stated in
an incorrect or misleading format, you can still ask the bureaus to reinvestigate
the information. Sometimes you will get lucky and the bureau
does not report back within the required time period. In this
event, the information must be removed.