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According to Experian, here’s how long six common negative items stay on your report if you aren’t able to remove them: If you do find an error, you’ll first want to notify the creditor.

The Federal Trade Commission makes the process really easy with this sample letter.

Q: I owe several payday loans and can no longer make the payments.

The best thing you should do is contact the payday lender to see if you can work out an extended payment plan.For instance, your Experian credit report might have an error while your Trans Union and Equifax reports are perfectly accurate.Once you get your copy, you’ll find an entire section dedicated to any and all negative items.Borrowing 0 from a payday lender seems like a logical solution.As long as the 0 plus a .50 fee is paid at the end of the two-week term – the time your next paycheck comes due – you’ll be debt free. Before you know it, you run out of money again and can’t repay the loan two weeks later.It’s likely that when you took out the payday loans, you signed a contract that prevents you from closing your bank account.

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