is it really possible to erase a person’s bad credit history?
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!
April, 5th 2010 at 11:11 pm
No.
References :
April, 5th 2010 at 11:40 pm
you cant erase, but you can rebuild it and in 3 to 7 years have good, even great credit.
References :
April, 6th 2010 at 12:12 am
If you pay your bills regularly, and keep a reasonable amount of credit card or loan debt that you pay on time every month, you can rebuild your credit score in a few years.
References :
April, 6th 2010 at 12:31 am
After 7 years
References :
April, 6th 2010 at 1:10 am
for some great info regarding improving your credit go to http://www.entrustsystems.com/wow
References :
April, 6th 2010 at 1:16 am
Yes.
References :
April, 6th 2010 at 1:29 am
It takes 7 years for a reported bad debt to come off your credit report & 10 years for a bankruptcy to be removed. Gradually rebuild your credit & make on time payments and that should help rebuild the your credit worthiness.
References :
April, 6th 2010 at 2:19 am
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 http://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!
References :
http://www.comresinc.org/Forms/Credit/CLetters.html
http://www.ftc.gov/bcp/conline/pubs/credit/bbcr.htm
http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm
http://www.cardreport.com/laws/statute-of-limitations.html
http://www.ftc.gov/bcp/conline/pubs/credit/debt.pdf
http://www.fool.com/seminars/ev/?sid=0029&lid=504&pid=0000
Sample validation letter