Correcting credit errors such as charge offs and collections is not usually performed overnight. However, it is a quicker process if you dispute items in the proper order.

Bad credit items impact your score differently depending on their severity. Recent judgments and collections are often the most damaging.

Ordered below is the list of negative items as they correspond to their severity.

Public Records/Bankruptcy are the most severe. Public records include tax liens and court judgments. These items are allowed to remain on your credit report for 10 years - as opposed to the seven years limitation rule that applies to other items.

Included in Bankruptcy also falls into the most severe category. If you filed bankruptcy these items are referred to as those discharged in the case. They are just as severe as the bankruptcy listing itself.

A single collection item can lower your score by as much as 100 points overnight. You should dispute any collection error as well as negotiate with the agency for a removal.

A foreclosure and a repossession can prevent you from getting credit for a home and/or car in the future. These are looked as very severe.

A charge off is very severe. You may even have multiple listings on your report for a single charge off since it is bought and reported by third-party collection agencies.

A recent late payment surprisingly is equally bad as a charge off. The more recent a black mark is on your credit report, the more it lowers your credit score. Multiple late payments only make matters worse. The credit bureaus interpret multiple late payments as signs that you are having a financial meltdown.

Moderately severe items include a 30,60,90, or 120 day late payment. These items can either be disputed with the credit bureaus or negotiated with the creditor.

You should ignore old late payments if you have any items that are more severe. Leave these items alone until they are the only negatives that remain.

Do not lose any sleep if the credit bureaus are listing old personal information. It has no impact on your credit score.

With all that being said, I suggest that you review your credit reports and begin dispute the inaccuracies that are considered very severe. As you receive your results, focus on the less damaging items such as old late payments. This method will assist in quickly improving your credit score.