Monday, November 10, 2008

Should You Protest All Accounts on Your Credit Report?

Q: Is it a good idea to do what many "credit repair" companies do, and protest everything listed on a credit report, in the hopes of getting accounts removed?

A: Generally not. If an account is truly an error, then it makes sense to get it removed, provided it is affecting the score. In many cases, however, protesting everything lowers the score because old collection accounts, change-offs, accounts included in bankruptcies, etc. are now listed with a more recent "date of last activity". The more recent the date of last activity is for a derogatory account, the more it lowers the score.

No comments: