Credit repair, remove negative items. Can it be done? You’ve probably come across ads promising to clean up your credit file, lower your payments, removing bad information, and/or help you open a brand new file. Can it be done?
As you probably know, there are three major credit reporting agencies in the US. By simple math, this makes it three times as hard to remove negative items.
Even if it were possible for one to break into one bureau’s computer, you would still have two to go. And, the cost for such a “service” would cost several times the already exorbitant fees that credit repair clinics charge, not to mention, the risk of spending a very long time behind bars.
Secondly, even if you somehow succeeded in removing negative items from one credit bureau’s report, creditors could still re-report them and you’re back to square one.
To cut a long story short, no one – except two parties – can remove negative information from your credit file. But don’t give up, there is hope.
Yes, you credit restoration and removal of negative information can be done. But it doesn’t take a day. And it’s not a walk in the park either. It takes time and effort.
You see, there are two parties (three if you count collectors), that can legally remove negative information from your credit file: The creditors (furnishers) and the credit reporting bureaus. Once a debt has gone to collections, the respective can collector can also remove a negative item that it has reported.
Now, there are two forms of negative credit information, (1) accurate and (2) inaccurate information. Needless to say, the latter is the hardest to get removed. But it can be done.
The same tricks and strategies that credit repair clinics charge hefty (and sometimes recurring) fees for you can apply yourself with equal or better results. Why pay when you can do it yourself for free?
In fact, most credit experts agree that the best repair is self credit repair. And it costs you nothing but your own time and effort. It involves learning the right strategies for negotiation, using the existing credit laws to your advantage and yes, some guts.
Once more, the best credit repair is self credit repair. Remove negative items tricks and strategies do exist. Unfortunately they are beyond the scope of this one article.
By: David Kamau
Posts Tagged ‘Long Time’
Credit Repair – Remove Negative Items – Is It Doable?
February 22nd, 2010Credit Repair – A Complete Insight
November 6th, 2009
To get the credit report repaired you need to first get a copy of it. Annualcreditreport.com will give you access to your credit report and you get a copy of it annually.
How is the credit report prepared? Depending on the information you give to the credit report companies, your report is prepared and then lenders purchase it. Credit repair advisers come into picture if you find any problem with the report.
Lawyers are qualified and authorized to make changes in the credit reports. You cannot just give it to a person who is not authorized. If your credit report shows a credit scores which is less than 680 then your report is considered as bad credit report and it needs to be worked on by a professional.
The reason why so much of emphasis is being laid on getting the report repaired is the money lenders extract high rates of interest from a bad report. You may be surprised to know that one can save quite a lot of money by utilizing the services of professionals.
Some of the companies charge you for giving information on credit repair like where you can get the report or how to draft the letter etc. All these things can be found online free of cost. Don’t trust such sites. You should also avoid companies which promise to repair the report within 30 days.
Those of you who have lot of patience there is another option. You can repair the credit report on your own. This might take a long time and you will not be able to repair the report completely as the repair procedure given by the credit bureaus and government agencies. In the end you will need advice for the expert lawyers.
Lawyers or attorney are quite expensive and not all will be able to afford their services. Writing a letter to the concerned government department can be another option which can be considered. A plain, formal, impersonal letter should be drafted and sent. Usually you can expect a reply within 30 days of posting the letter. But if you don’t get a reply then you are not left with much choice but to opt for certified lawyers to help you.
By: Wastery Wallman
