Expert: Michelle Dunn - 11/5/2008

Question
QUESTION: Hi there,

If i dispute debts on my credit report that are like 5 to 6 years old, can they be readded for another 7 years or any additional time??

The reason for dispute is in hopes that they dont have the valid paper work to back up the debt and there for will be removed.

I have a few little ones which are impact my score, and one of them is for 80 which was going to drop in feb 09 however i called them asking for a deletion letter and i would pay it which they wouldn't issue, so i disputed it. Will it be placed for another period?

I have the intention of paying these which some agencies have been more than willing to delete it off my report.

One of the debts was for a credit card which i settled on but i thought it was going to be deleted, i disputed that stating it should of been deleted.

I also disputed to find out if they were valid or not.. which i have the intention of paying but im wondering will this hurt me and should i call and have it stopped now?

Do they add any additional lines noting that i disputed it?
Just looking for some info here to make the right choice.

Thanks.
Mike

ANSWER: If you dispute an item on your credit report in writing, that can be added to the report so that creditors checking your credit will see that the item is disputed. It will not be removed from your report.
When you pay any debt as a settlement, it is not deleted from your report, it will just show up as paid in full.  It is very rare to have any debt "deleted" from a credit report, to have something deleted normally takes a court order.
When something is taken care of, disputed or settled it remains on your report but the status is updated.
If you are disputing items on yoru credit report to find out if they are valid, that is not going to help you. When you dispute many items on your credit report, many creditors will take that as a sign of bad credit.  You are better off handling them in the appropriate manner, such as if you don't think a debt is valid, you would request verification of the debt from the collection agency or creditor, who ever is trying to collect from you. By law you must do this within 30 days of the first contact from a collection agency otherwise the debt is considered valid.
When you send a dispute letter, that letter is attached to your credit report so that when a creditor pulls your report, they can see what you are disputing and make a decision on if that is a reasonable dispute.
I hope this helps!



---------- FOLLOW-UP ----------

QUESTION: If the debt is removed or investigated by the agency and is found valid.. can the terms be started over..? so another 7 years?

I have gotten a few letters stating deletion from my report, the complete line.. however some will not work with that and i rather not settle and have that mark my credit.

I already disputed the debts verbally, which if they come back and say they are valid, i will pay and ask for deletion... not sure what else i can do.

Should i continue with the dispute or is it too late to cancel?

Thank you.  

Answer
If the debt is valid, you can pay and ut will not be deleted, it will just show paid in full.
It also depends on who you are disputing with, if it is the original creditor or a collection agency. The laws are different depending on which one reported and which one is holding the debt.
I hope this helps.
Michelle Dunn