Reader Question How long does bad information stay on my credit report? Does good information stay on my report for longer time period?

Tom,

Miami Florida

 

Since the Fair Credit Reporting Act does not require creditors to report information about you, many do not. That means positive information may not be reported.

Since credit scores are based on credit reports, it is imperative that the underlying data be correct for (1) the score to have any meaning and (2) for consumers to accept the validity of credit scoring. The growing use of credit scores has expedited the speed and efficiency of credit granting and the customized pricing of credit.

Disputed information that cannot be verified must be deleted from your file. Incomplete information also must be completed, such as a record of late payment that fails to show you were no longer delinquent. Disputes get the best results, so check your credit report and make sure you are in agreement with what is posted about you and your payment history.