It depends. If you just wait it MAY clear in a predetermined amount of time. What usually happens is people just wait for it to clear, That is unfortunately the wrong thing to do since most of the three big credit reporting agencies don't even follow the law, much less the rules that they set out. It also depends on the type of problem that you cleared. The law states that things like inquiries must be removed after 3 years and they keep a minimum of 5 on your file. So if someone makes an inquiry (a collection agency) which is a way of getting a collection on your record (since they are required to supply a phone number) so creditors or credit grantors can check and see if it is still outstanding. If it is a bank account that has an overdue overdraft or balance due they will report separately and under a separate set of rules and the bank updates it on a regular basis and even if you pay it it still is recorded from 7 years after you pay it. If it is a debt that is reporting on your credit and you pay, it must be marked paid and the date. Some things clear after 3 years, Some after 7 years and some (like government student loans) depening on state/province/country cannot be removed at all - just marked paid. There is also an issue with errors or debts that get reported erroneously which are difficult to fix. You need to get a copy of your credit report from your credit reporting agency. In the us there is Trans-Union, Experion and Equifax. In Canada there is Trans-Union and Equifax. You do have several options at this point. Once you have your copy of your credit report (directly from the source and not the credit score scams) they will include a dispute resolution form and you fill out the form to inform them of changes in status of any accounts they are reporting and /or to dispute anything reporting that is not yours an error or is in dispute. Also when a debt is in dispute you can supply a 100 word explanation as to why it is in dispute and the circumstances as to why you did not pay. Remember to make sure you supply photocopies of your recipts, bills and any other documents. Errors or erroneous debts reporting you should include an affidavit (sworn statement) that the debt is not yours. That is the shortest explanation I can give, but keep in mind that all this you can do on your own and use common sense and you will do fine.
Truthful, negatvie information will not be removed. The info will drop off after about 7 years. The older the negative information is, the less impact it has on your current ability to get a loan. A few late payments 5-7 years ago has less impact than late payments within the most recent two years.
If by resolve you mean that the creditor agreed it was inaccurate and the credit reporting agency was involved it is immediate.
usually 7 years :(
agree with above answer