Is it really possible to ‘fix’ your credit report?
PitbullMamma asked:
I have heard people say they have paid people to ‘fix’ their credit report. Is this true and legit? I have negative things on my report due to numerous things, job loss, divorce, stupidity as a college student and a bankruptcy that is scheduled to ‘fall’ off 2011. Some of these things supposedly are to fall off in 2009, but others that I have even disputed because they were accounts opened in my name that I did NOT authorize and I having a hard time getting those removed. What is the best way to help my report, improve my score and get these negative things off (especially the ones I did not do) without having to wait years? I know about the 3 credit companies Experian, Trans-Union and Equifax. Are there others, too? I don’t want to get scammed and I also want to find the best ‘company’ to go through to monitor and have access to my credit reports. Any advice on who and how much it costs? (I have requested a free credit report annually, but I want access for more than just 30 days). Thanks for ANY help in advance!
Is it safe to use a company to repair your credit? Do they cost a lot? What if its a scam? How do I know if its legit?
I also heard someone tell me that if you obtain your reports and dispute all items continuously every 30 days that they will eventually ‘run out of time’ and HAVE to remove the debt off your report, is this true?? Is it legal?? Sounds like a lot of work!! oh btw a LOT of my things on my report I’d say 60% are medical related, stuoid thing is its the same company reporting me to collections and instead of combining all charges they sent the seperately… causing me to have 45 negatives on my report when over half is the same place, can they do that? why couldnt they just combine it and make it all one, then i’d only have maybe 8 negatives on my report. Im sure when I apply for credit they see that and are like ‘no way are we extending credit!’ I think that should be illegal for them to report each doctor visit or hospital stay seperately when they all came from the same place.
So if something is removed, it cant magically come back on your report at all can it? Like say I had a collection removed, can it backfire on me and reappear if that company sends it to collections again?
Elizabeth
I have heard people say they have paid people to ‘fix’ their credit report. Is this true and legit? I have negative things on my report due to numerous things, job loss, divorce, stupidity as a college student and a bankruptcy that is scheduled to ‘fall’ off 2011. Some of these things supposedly are to fall off in 2009, but others that I have even disputed because they were accounts opened in my name that I did NOT authorize and I having a hard time getting those removed. What is the best way to help my report, improve my score and get these negative things off (especially the ones I did not do) without having to wait years? I know about the 3 credit companies Experian, Trans-Union and Equifax. Are there others, too? I don’t want to get scammed and I also want to find the best ‘company’ to go through to monitor and have access to my credit reports. Any advice on who and how much it costs? (I have requested a free credit report annually, but I want access for more than just 30 days). Thanks for ANY help in advance!
Is it safe to use a company to repair your credit? Do they cost a lot? What if its a scam? How do I know if its legit?
I also heard someone tell me that if you obtain your reports and dispute all items continuously every 30 days that they will eventually ‘run out of time’ and HAVE to remove the debt off your report, is this true?? Is it legal?? Sounds like a lot of work!! oh btw a LOT of my things on my report I’d say 60% are medical related, stuoid thing is its the same company reporting me to collections and instead of combining all charges they sent the seperately… causing me to have 45 negatives on my report when over half is the same place, can they do that? why couldnt they just combine it and make it all one, then i’d only have maybe 8 negatives on my report. Im sure when I apply for credit they see that and are like ‘no way are we extending credit!’ I think that should be illegal for them to report each doctor visit or hospital stay seperately when they all came from the same place.
So if something is removed, it cant magically come back on your report at all can it? Like say I had a collection removed, can it backfire on me and reappear if that company sends it to collections again?
Elizabeth
July 6th, 2010 at 3:02 am
Aaron
Not sure what you can do to fix it, but if you decide to go with one of these credit repair companies check them out with the Better Business Bureau. My sister tried one of these companies and got scammed so be careful.
July 8th, 2010 at 4:48 pm
Stephanie
with time, as your as you keep your credit positive and try not to get into debt, you can build your credit rating again.
July 10th, 2010 at 10:14 pm
Victor
To answer your first question, can you fix your credit report? Well the answer is yes.
There are several companies out there that offer there services. Some attorneys even assist people with credit repair. Something you need to understand is that, it is very difficult for the government to monitor these companies. So some are scams, some charge outrageous fees.
However, this is something you can do yourself. All you need is the following:
1. A recent credit report from Experian, Equifax and Transunion. These are the FICO based credit reporting agencies. They will be used when trying to obtain a credit card, auto loan, cell phone, home and other major credit needs.
2. You’ll need the address of all 3 credit bureaus on where you can send the information to dispute your credit. Some prefer that you do it online, others have you mail the information to them.
3. A written dispute letter. Goto and there you’ll get a good idea on the information that you’ll want to include.
4. Be sure you have several copies of your credit report made. Each credit bureau will need a recent copy of the report. With that report you’ll need to highlight the item in question. Include those accounts on the dispute letter, with the name of the company and all other important information.
Then once this is submitted you’ll get notifications in the mail from the corresponding bureaus, updating you on the status. Keep in mind that whenever something is added or removed it could potentially effect your score in a positive or negative way.
If this is something that your looking into it. It’s very simple, and something that you can do yourself. Who knows your credit better than you????
Just my two cents.
July 12th, 2010 at 9:28 pm
Yvonne
most of those credit repair companies are scams. also, they are not doing anything that you can’t do yourself. most of the time, all that they are doing is sending dispute letters to the bureaus disputing derogatories. they have a certain amount of time to get back to them about this, or the neg must be removed. only problem with doing this is that a lot of the time, the negs will just go back on your report 2-3 months later. meanwhile, you will not be getting any refunds from the credit repair company when this happens. if info is truly inaccurate, it should be removed forever. you can do this yourself by sending dispute letters. just make sure that you have documentation to prove your case. if it’s a legit negative, it’s just gonna go right back. it might also awaken “sleeping giant” debt that might fly back on your credit report. so not worth it. it’s a better plan to pay your bills early, use credit responsibly, and in time negatives will fall off your report (they stay on for 7 years)
July 14th, 2010 at 11:25 pm
Curtis
There is NO easy fix! With many people today falling behind on their debts a whole new variety of “credit repair” scams has opened up.
Even those so called non-profit ones can rip people off.
If you do try one of these “fix your credit” companies, read the following:
By law, credit repair organizations must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before signing the contract. The law contains specific consumer protections. For example, a credit repair company cannot:
make false claims about their services
charge you until they have completed the promised services
perform any services until they have your signature on a written contract and have completed a three-day waiting period.
During this time, you can cancel the contract without paying any fees.
Your contract must specify:
the total cost of the services
a detailed description of the services to be performed
how long it will take to achieve the results
any “guarantees” they offer
the company’s name and business address
Now to answer the part regarding credit reports. NO, no matter how many times you dispute an entry, if it is valid, it will remain there. The CRA can consider your request as being “frivilous” and ignore you.
Any negative information like collections or charge offs can only stay on your credit report for 7 1/2 yrs (some say 7 but this is the latest rule) in accordance with the following:
Running of Reporting Period – Section 605 [15 U.S.C. § 1681c]
As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as “last missed payment:).
So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct “delinquent or last missed payment” date (month and year) that preceded the creditor’s action. The additional 180 day period accords a measure of flexibility to credit bureaus whose furnishers may provide them with the wrong date. However, the expansion of the time period that Section 605 allows chargeoffs and similar actions to be reported accents the desirability of treating the “commencement” of the delinquency as the first missed payment — not some later date that would further extend the period.
Lawsuits And Judgements – Seven years or until the governing statute of limitations has expired, whichever is longer.
Here are some links to help you understand what you can do to improve your score. These are from the FTC.
Building a better credit report
How to get out of debt
Credit Repair Self Help
Credit and consumers rights
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
July 16th, 2010 at 10:11 am
Glenda
Your credit report can be fixed; I would however compare it to doing your taxes……some things are better left to the professionals. Check out the source website. My sister used them to fix her report; they removed tons of errors and negatives. They have other options to boost your score as well. You can contact them via their toll-free number or free evaluation form. Good luck.