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One of the most common questions we receive is about how to clear information from credit reports. I think that this is by far the most generally misunderstood part of the credit process. Consumers often think that a) there is a way to erase accurate information from their reports and that b) removing this information will always help their scores. We received a question along these lines from Andra in the Navy: I'm interested in clearing some things off my credit report that I believe are causing damage to my credit ratings... either old accounts or accounts still active for no reason. Can you advise on which accounts I should remove and how to get rid of such entries?Let's break this question down into a few key subjects: 1. Do old accounts damage your credit ratings? In most cases, the answer is no. Old positive accounts (with no late payments or other delinquencies) will stay on your credit reports for 7 or more years. Usually, these accounts have little to no impact on your credit scores. When in doubt, check your credit scores online and read the analysis that accompanies the scores. This personalized analysis can help point out exactly what is damaging your credit score and what you need to do to improve. 2. Can you remove accurate old accounts? Technically, no. The credit reporting system is set up to be a complete record of your financial behavior over the past 7-10 years. Just like a record of your grades in school, you can't go back and change the past. You can only focus on improving in the future.  Under FCRA law, only inaccurate, expired of fraudulent information can be removed by the disputing process. However, the credit bureaus often do remove old positive accounts when they are disputed by consumers. 3. Would removing these old accounts help my credit score? In so many cases, your credit score would actually be harmed by removing the old positive accounts records. This is a common mistake often made by people preparing for a major loan: they dispute all the old positive records and maybe even close their active accounts in an attempt to "clean" their credit reports. But the final result is a major drop in their credit scores instead of an improvement. By removing positive records, they make their credit history appear shorter and less established. 4. What about old negative accounts? Negative records such as collection accounts, late payments, judgments, tax liens and bankruptcy fillings all have set expiration dates. There is no way to remove these accurate records from your credit reports until the 7-10 year term expires. Payment of the debt or discharge of the bankruptcy does not cause the record to be removed. If the record is still on your credit report after the expiration date, disputing it can help you improve your credit scores significantly. 5. So, how do I improve my credit scores then? Small, precise changes are usually best when improving your credit scores. Using the analysis that accompanies your scores, you can make adjustments based on the specific factors that are harming your credit scores. If you have too much debt, you can improve by reducing your credit card balances. If you have too few accounts, you can open a new credit card. You can read more about improving your credit scores online here. Keep in mind that this advice doesn't apply to every single person's situation. Credit scores are incredibly complex and there are some rare cases where disputing old positive accounts could help. It all depends on your own personal credit profile. Questions? Share your feedback in the comments section below.

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