How to Get Key Derogatory Off a Credit Report
One bad mark on your credit report such as a key derogatory can keep you from being approved for a new car loan or complicate a background check when you apply for a job. If the reported information is inaccurate, cleaning your credit report is easy. The Fair Credit Reporting Act requires that credit bureaus correct inaccurate information when notified. However, a key derogatory that is based on correct information can remain on your credit report for seven years.
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Instructions
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Obtain a copy of your credit report. You can obtain a free copy once each year from the website Annual Credit Report. This site was created by the major nationwide credit bureaus to offer free reports as required by law.
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Find the key derogatory on your report and determine whether the information is inaccurate and should be removed from your report. The account may not belong to you, you may have made all payments on time, or the report may show the account as charged off even though you paid the balance in full.
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Write a letter to the credit bureau explaining how the key derogatory is incorrect. Request that it be removed from your credit report within 30 days. Mail the letter to the bureau at the address on the credit report. Wait for a response by mail.
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If the information leading to the key derogatory is correct, the bad mark will likely remain on your credit report for seven years. If the debt in question is still outstanding, paying off the debt might improve, but not eliminate, the negative report.
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