5 dings you can remove from your credit reports
If you've looked at your credit report lately, you might see any number of items that are harmful to your credit score. Of course, it's common knowledge that errors can be removed from your credit report. This takes time and effort, but if the information is simply incorrect, you can have the item removed without too much resistance.
However, there are a number of items you might not have imagined that can harm your credit. Luckily, you can have these items removed from your credit report as well.
1. Authorized users
Couples will sometimes share accounts for spending. Your significant other might have also added you as an authorized user on a credit card. After a breakup or divorce, there's no reason to be an authorized user on your ex's accounts. You can request that the lenders remove you, and that the accounts will be deleted from your credit history. The process could take a few months, as the lenders remove you and then report the changes to the credit bureaus.
2. Any negative accounts over 7 years
According to the Fair Credit Reporting Act, negative or past-due accounts can only stay on your credit report for seven years from the time they went delinquent. If you see anything older than seven years, you can have this removed from your credit report.
3. Court judgments
If you've been involved in a civil suit for nonpayment of debt, and that lawsuit has resulted in a judgment, you can have that item removed from your credit report as well. Unlike many credit report items, judgments can be removed well before the seven-year time frame has passed. Satisfied (resolved) or vacated (invalidated) judgments can be removed from your credit reports.
4. Collection accounts
Even accounts or debts that have gone into collections can be removed. This is because collection agencies often don't have the proper documentation or authorization to collect on your debt. When you are contacted by collections, you can request they prove you owe the amount they claim. If they can't do so, there is no basis for that collections account to be on your report, and you can request that the credit bureaus remove it.
5. Hard inquiries
Hard inquiries are initiated by new creditors when you apply credit. For instance, a credit card or auto loan application with a company you have never worked with will initiate a hard inquiry. These inquiries affect your credit. You can have any hard inquiries that you did not authorize removed from your credit report. One thing to remember: A single application for credit can spark multiple hard inquiries. So be careful to verify that a hard inquiry is incorrect before you begin the dispute process.