If you use credit, it is expected that the same will be returned in a stipulated period. Late payments are bound to affect your CIBL score that ranges 300 – 850. According to the score calculation strategy, 35% of the score refers to how well the payments are made. If you have delinquent accounts, then it is crucial to know the effects of the same on your credit report.
There are strict regulations that are formulated to safeguard the interest of the customers. The law has imposed certain restrictions on the credit bureaus with regards to what they can and cannot do with people’s reports. The bureaus are bound to give customers access to their reports and include only that information that is true and accurate. Apart from this, the law also limits the time frame within which an item can appear in the report.
It is to be noted that negative items stay on your report for a proper amount of seven years. There are indeed few exemptions to this when it comes to foreclosure, bankruptcy, etc.
Keep this in mind that paying a debt does dot remove its presence from the report. Precisely, whatever is the status of the debt, it is bound to remain in your report for a good amount of seven years.
If a delinquent account appears in your report that you believe is cleared long back and is beyond seven years, then you can certainly dispute the same with the credit bureau. The entire investigation takes about 30 days and once confirmed the account will be deleted from your report, and a fresh copy of the same will be offered to you.
There are a number of companies who promise to help you with delinquent accounts ensuring that the same will be removed completely from your credit report. However, it is to be noted that these accounts will reflect in your reports for a proper amount of seven years. In a case of the problem, it is better to first dispute it with the bureau rather than hiring services.
Be little cautious, and a lot of problems with regards to your credit report can be resolved by yourself. Apart from this, today there are a number of tools online that help people dispute these problems online. Browse the net for more information on the same.