Credit correction is not accomplished overnight and so the order in which you dispute items is very important (especially if you are on a deadline to raise your credit score).

Negative credit listings are not created equal. Some items, such as late payments from a few years ago, usually have a minimal impact on your credit score. Other items like recent judgments or collections can be cold-blooded credit killers.

Below I listed the full gamut of negative items in order of severity:

The credit bureaus are allowed to list most negative credit for seven years. However, public records including tax liens and judgments are allowed to remain for up to ten years. That is why these items are the most severe.

When you file bankruptcy, you will have multiple negative credit items. You will have the bankruptcy itself as well as any items that were included in the bankruptcy case. All these notations are equally severe.

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.

Old late payments are less severe. As late payments “age” the credit bureaus consider them less and less. Late payments that are six or seven years old have almost no impact on your credit score.

A wrong address or employer listing has no effect on your score. Plus, the credit bureaus will probably update this eventually.

In sum, dispute the most severe credit errors first. These include, among other things, bankruptcy, public records, and judgments. Then, move onto charge offs, collections, and recent late payments.