How To Remove Negative Entries From A Credit Report

How To Remove Negative Entries From A Credit Report

Posted by on May 20, 2021 - Archived under Uncategorized

If you’re planning for an auto loan in the near future, getting your credit report in order is of primary concern. The more you can do to improve your credit score ahead of time will improve the rate you’re offered when you apply for that loan. Our Niagara Falls auto loan team explains how to remove negative entries from a credit report as part of that.


Negative entries are a reminder of the past and some thing that may give future lenders pause when you apply for credit. Removing as many of these as possible ahead of an auto loan application will help.


Here’s how.


Incorrect negative entries


If you spot an entry that’s incorrect, you can dispute this with the organization that made the entry. Contact them and explain the situation and request they correct the entry.


Many organizations will investigate and correct the report if you’re right. If they don’t, you can then contact TransUnion or Equifax to ask them to correct it.


If the entry is correct and you would like it removed, you have several options.


Request a goodwill deletion


A goodwill request for deletion is viable if you have paid off the debt. Contact the organization in writing and request they remove the entry from your report seeing as you have paid off the debt.


The creditor doesn’t have to remove the entry but if you outline what a good customer you were, what you have done to improve your situation and prevent whatever caused the mark happening again, they may relent.


Pay To Remove Negative Entries From A Credit Report


If you still owe money, you could offer to repay the debt in full in return for removing the negative mark. It sounds a little mercenary, but it gets you what you want.


Contact the creditor in question, outline the situation and offer to repay the debt in full or set up automatic payments to begin repaying in return for the removal of the negative entry. If you pay in full, some creditors will agree to remove the entry. If you pay over time, the lender may agree to remove the entry once paid.


If it’s the latter, make sure to get it agreed in writing.


Not all lenders will play ball but some will. You would be surprised at how accommodating some lenders can be when it comes to getting paid!


Wait out the removal


Your only other viable option is to wait out the negative comment or hope the auto loan company doesn’t take it into account. Aside from bankruptcy, that’s the only other way we know of to clean up their credit report.


If you’re planning for an auto loan in Niagara Falls in the near future, this isn’t the best option but if you tried the others and got nowhere, it’s your only remaining option to remove negative entries from a credit report.


Fortunately, we know lots of lenders who will work with people from all walks of life, with all kinds of credit scores!


For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!


For any questions or concerns, please don’t hesitate to contact us here!


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