Liberty Credit Repair

I am 20 years old, so I don’t have a long history on my credit report. I have three credit cards carrying balances total to $1500 that I am ready to pay off in full. I have three 30-day late payments on my credit report, which is killing my score.

My question: I know I can negotiate with the credit card companies, but my GOAL is to pay them in full IF they remove the 30-day late payment marks on my credit report.

Just wondering how realistic this is, and if I should call or write letters.

Thanks!
Those bad marks are killing my score simply because I am young and there’s not much else on there. I do see though that the CC company makes money from me not paying and the best option is to just pay it off. Thanks for everyones answers!

You can try to negotiate removal of those 30-day lates but don’t hold your breath. In fact the original credit card company is the least likely to remove valid derogatory entries from your credit file. They have absolutely no incentive to do so. You owe the balances on those accounts and if you don’t pay them, they can pursue you thru the legal system.

The best thing you can do for your credit file, is to pay off those cards. That will immediately improve your score. Then pay all your bills on time.

You will need at least a 24 month consistent, on time payment history to see real improvement in your score.

I have bad credit. I owed credit card companies a lot of money but I have since paid every penny back. I wanted to know if I could get it erased off my record since it has all be paid back and if so how. Do I have to get it "expunged" like criminals get their criminal records "expunged"?

Most companies will not take off the account from your credit report. Normally they fall off after seven years. However, you can make sure that they are in fact reporting that the accounts have since been paid in full witch will help your score out a bit.

I have some charge offs in my account now, and 90% of them are paid off now, I was told they are going to stay there for 7 years? Is that true? If so, I’ve heard of companies that can legally erase that paid charge off for a fee. Anyone hear anything about it?

Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of
your score, sometimes by removing accurate information that will reappear later.

Hope this helps.

Yes, there are ways to remove some of the bad entries in your report. If you want to go to battle, read the links I’ve supplied below.

Do not waste a dime going to any of those credit repair places. They will charge you a lot of money to do the exact same things you can do yourself, and they will be just as successfull.

Here is a real quick rundown on what to do….

Get your credit report (for free) from www.annualcreditreports.com. Study them carefully for any errors and negative reports.

Keep a carefull log of any calls you make, who you talked to, and any letters you write. Be sure they are sent by certified mail.

Examine your report for any debts that have run over the Statute of Limitations. Also carefully note the reporting dates of each item. According to the Fair Credit Reporting Act, they can NOT be listed if they are older the 7 years BEGINNING ON THE DATE OF DEFAULT! Creditors and collection agencies are good at moving up this date, or even reinserting it after it has expired. Verify this date with your own records if you have them.

Send a letter to the credit reporting agency (CRA) and protest any negative information. The CRA will then "verify" the debt with the creditors. That means that all the creditor has to do is respond back within 30 days and say the report is accurate. They don’t have to prove anything or supply any paperwork. If they don’t respond within 30 days, the CRA must REMOVE the entry. This works great with some older debts.

If the debt gets "verified" (you get a letter from the CRA), then write the creditor a "Demand for Validationn" letter. (See the link below). Validation mean they must supply you with contracts, bills, receipts, and everything that was used to calculate your debt. This,again, is in accordance to the Fair Credit Reporting Act.

If they send you this information, and it is complete and accurate, you have hit a brick wall and there is no good way to remove the entry, unless you can sweet talk the creditor into removing it on their own. Not likely.

If you do not hear from them in 30 days, send a copy of your validation letter, plus another demand to the CRA to remove the entry due to lack of validation.

If they still will not remove, you have grounds to sue both parties in court.

And yes, Mr. Collection Agent, this is a fact. I’m doing that very same thing right now. Funny how responsive creditos are they THEY are the ones getting sued.

You are about to go to war. Knowledge of the law is your only weapon. Don’t fight these guys unarmed!

I have had 3 bad inquiries on my credit report for over 5 years. I paid them off in early 2004 and they are still showing. Does this stuff ever erase and stop effecting my history??? My credit score has climbed from 540 to 633 over that time because I built new lines of credit and havent missed a single payment. I still feel like Im not really going up any.

Derogatory items age off your credit report 7-1/2 years from date of first deficiency, whether paid or not. The older an item, the less impact on your score. By the time these items reach the 7 year mark, they are really not much impact on your score.

It takes a long time to rebuild credit. The more on time payment history, the better for your score.

You can dispute incorrect reporting but can they really erase bad credit from your file?

Everything credit repair companies do you can do yourself. However, you will need to have the time, patience and know-how to do all of the things that a good credit repair company can do. Not only can they remove negative items from your credit report many times, but they can remove inquiries, remove collections, late payments and greatly increase your credit score. There are a ton of credit repair companies out there so you need to use great caution when deciding which one to use. I would check with the BBB and rip off report to see what kind of info you can find about the companies before you work with them. With time, research and a lot of effort though you can do most or all of the same things they can do and save yourself a nice chunk of money in the process. Best of luck and check out the blog below on credit information.

I’m currently in credit counseling but I’ve read stuff from people that says it’s almost just as bad as bankruptcy? Is this true? I am aware of my credit score and doesn’t seem to be that bad. I am currently in the "Fair" credit category. Don’t people in bankruptcy usually have much worse credit scores?

If it involves debt consolidation it’s just as bad. What they do is put all of your debts into default, ON PURPOSE. Then they make deals with each creditor and you’re listed as a deadbeat. That’s what happens. It’s sick.

You can do what counselors and consolidators do. What are some general numbers/totals you’re working with?

I LOVE credit stuff and questions and answers. Here is one of my favorite sound bytes from a financial guru. Before you do ANYTHING else, listen to this. Scroll down and click "Listen to Dave". JUST LISTEN.
http://www.daveramsey.com/tdrs/index.cfm/2007/9/17/Getting-rich
This one audio clip of his CHANGED MY LIFE when I heard it.

Listen to this man for free, on the radio or online. This is like getting financial wisdom from Bill Gates except this guy has a national radio show.

My husband has bad credit and he can’t really wait the 7 years for it to be erased. Is there a way to get it erases before then?
I really don’t need bullshit answer’s. I’m being serious and thank you to those people with serious answer’s.

Bad credit is one of the worst problems to have… however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Three questions… One: Bad credit erases in 7 years, but that’s only if you completely pay off the debt correct?
Two: If I pay off a debt that has shown on my credit it will eventually show as paid on my credit report, but since that was originally bad credit it will not erase off of my report for 7 years?
Three: If I pay off my debts is there really a legal way to erase the bad credit like I see advertised "We Can Completely Erase Your Bad Credit…"??

1. The accounts will fall off your report 7 years after the date of last activity.

2. No matter the circumstance, the answer to #1 applies.

3. Legally, no. It just can’t be wiped off unless you or your representative can talk with the lender and have them drop the account. As far as someone just having an account erased for you without the say so of the lender, if it was a valid debt, no.

http://AttractiveCredit.com – 800.605.9085

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