Does anyone know how to erase bad credit, or a good company that does it.?
We are trying to buy a house before April. credit is not that bad, but just has some items in collections.
As long as the information is true and correct there is no legal way to remove it from your report until the reporting time line runs out which is 7-years from the date of first delinquency which works out to 7-years and 180-days.
This is per the Fair Credit Reporting Act (Federal law).
Now what you can do is since these are collection accounts is see if you can get them to agree to whats called a pay for delete agreement, this simply says that in return for your payment they agree to remove the account from your report. Without this agreement paying these collections will not help your credit score at all.
If they agree, get it in writing before you pay them a dime.
If they will not agree, about the only thing you can do is pay them and at least when your credit is pulled the accounts will show as paid with a $0 balance.
The only other thing you might try is send them a letter demanding validation of your account, this requires them to send you proof that not only is this your debt but that they have the legal right to collect it. Be sure and send it certified mail return receipt required so you will have proof that they received it. If they can not provide this information including a copy of the original contract with your signature you can dispute these accounts with the bureaus and they should be removed.
Good luck.
March, 9th 2010 at 1:10 am
Here is a website with free sample letters.
http://www.debtconsolidationcare.com/letters/
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March, 9th 2010 at 1:22 am
Pay all your bills on time and check your credit record with the credit agencies to make sure they are correct. Cancel any unused credit cards. Do not pay anyone to help; they are scams. Over time your credit will improve if you pay everything on time from now on.
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March, 9th 2010 at 2:07 am
As long as the information is true and correct there is no legal way to remove it from your report until the reporting time line runs out which is 7-years from the date of first delinquency which works out to 7-years and 180-days.
This is per the Fair Credit Reporting Act (Federal law).
Now what you can do is since these are collection accounts is see if you can get them to agree to whats called a pay for delete agreement, this simply says that in return for your payment they agree to remove the account from your report. Without this agreement paying these collections will not help your credit score at all.
If they agree, get it in writing before you pay them a dime.
If they will not agree, about the only thing you can do is pay them and at least when your credit is pulled the accounts will show as paid with a $0 balance.
The only other thing you might try is send them a letter demanding validation of your account, this requires them to send you proof that not only is this your debt but that they have the legal right to collect it. Be sure and send it certified mail return receipt required so you will have proof that they received it. If they can not provide this information including a copy of the original contract with your signature you can dispute these accounts with the bureaus and they should be removed.
Good luck.
References :
Finance Manager for over 9-years / 2010 edition Consumer Action Handbook.
March, 9th 2010 at 2:27 am
Correct — so long as the information is correct, there is no way to remove it from your credit history other than time (all bad info should be removed from your report after 7 years from the last activity on the account in question)
Anyone who tells you otherwise is lying to you (most likely to get your money).
If your credit score is below 620, you will not get a mortgage underwritten this year. If it is between 620-700, your odds are better, but you had better have 3%-10% in the bank for a down payment before you apply.
Have a credit counselor review your situation and budget now. To find a legitimate counselor, contact the National Foundation for Credit Counseling at NFCC.org or call 1-800-388-2227.
Keep in mind that the $8000 first time home buying credit is, essentially, for people who close on a new house by April 2010 (the rules are actually more technical). If your credit is marginal, the odds that you are going to start looking in April and have a binding contract for purchase before May 1, 2010 are slim. If you want or need the credit for this purchase, you’d better be sure that you have clear understanding of the rules for the credit and a realistic assessment of the what the process will be like for you.
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March, 9th 2010 at 2:50 am
Review your Credit Report and closely scrutinize the items in Collections.
- If there’s ANY erroneous information, no matter how minor, dispute it with the Credit Bureaus. They have 30 days to contact whoever reported the item and investigate, and if they can’t resolve the issue within 30 days, they are obligated to remove the item from your report. Note that this may only be a temporary fix; a disputed item, if removed, can come back onto your report at a later date if the bureau receives information that the item was accurate AFTER the 30 day investigation window closed.
- Request Debt Validation for the items in Collections. If you do not receive validation within 30 days, by law these items are not supposed to appear on your Credit Report, so you can dispute them. This is also a temporary fix for the same reasons noted above, but there’s always the chance that a debt cannot be validated, and if that’s the case, it will stay off of your report!
- Are the Debt Collectors that are pursuing you licensed to collect in your state? If they are not, you can dispute the item on those grounds. It is admittedly a technicality, but it has worked for me.
- Pursue "Pay for Delete" agreements as described herein by others.
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Personal Experience
March, 9th 2010 at 3:28 am
Yes perfectly I personally know a credit repair company who will truly help you in your problem. Please visit this site: http://www.ecraonline.org/ …
You can also start a new credit repair business while erasing your bad credit. I hope it helps
References :
http://www.erasingbadcredit.com/
March, 9th 2010 at 3:41 am
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
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