37 Days to Clean Credit
The law states that the 7yr period begins 180 days from when the original creditor reports the chargeoff. There are a lot of MYTH'S going on that the account stays on FOREVER or that when it is RESOLD it will stay on for another 7yrs. This violates the FCRA..and should be taken care of immediately! KNOW YOUR RIGHTS!
Section 605(a)(4), which has been in effect since the FCRA became effective in April 1971, has always prohibited CRAs from reporting chargeoffs that are more than seven years old.(1) Section 623(a)(5), which became law in September 1997, requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(c)(1) provides that the seven year period begins 180 days from that date. Both provisions were part of the major revision to the FCRA that were enacted in 1996.(2) .
Credit Repair Truth or Myth?
There are many places that claiming that credit repair is a MYTH!
A lot of these ads or articles are supported by the actual credit agencies!
Credit Repair does work but you will also need to find the right company.
Not all credit repair companies offer the same level of service.
The best credit repair companies offer a monthly subscription service..and dont charge a large sum upfront. (1,000)
Good luck and happy disputing!
37 Days to Clean Credit
A lot of these ads or articles are supported by the actual credit agencies!
Credit Repair does work but you will also need to find the right company.
Not all credit repair companies offer the same level of service.
The best credit repair companies offer a monthly subscription service..and dont charge a large sum upfront. (1,000)
Good luck and happy disputing!
37 Days to Clean Credit
Free Credit Report
There are a few ways of obtaining a free credit report without a creditor pulling it for you. http://www.annualcreditreport.com/ is the primary source for all 3 agencies
Annual Credit Report Request Service
PO Box 105281 Atlanta, GA 30348-5281 http://www.ftc.gov/bcp/conline/include/requestformfinal.pdf
(Make sure to print it out, and mail to the above address)
877-322-8228 to order over the phone
You can receive a free copy of your credit file if: you have been denied credit, insurance, or employment and request the report within 60 days of notice, or if you can prove that (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) fraud on your credit file.
If you have already used annualcreditreport.com: If you have a current copy with Equifax or Experian, you will be able to view your credit report by initiating a dispute. You will need a 'confirmation number' that is less than 60days old. After disputing an item, make sure to keep the new confirmation number that is generated. You will need to 'login' to Transunion's website, and initiate a dispute. They will allow you to view a current copy of your credit file.
*Please remember that annualcreditreport does not provide credit scores.
If you're tired of receiving offers from creditors you can go to http://www.optoutprescreen.com/ or call 1-888-5-OPTOUT (1-888-567-8688) to OPT OUT from receiving offers.
37 Days to Clean Credit
Annual Credit Report Request Service
PO Box 105281 Atlanta, GA 30348-5281 http://www.ftc.gov/bcp/conline/include/requestformfinal.pdf
(Make sure to print it out, and mail to the above address)
877-322-8228 to order over the phone
You can receive a free copy of your credit file if: you have been denied credit, insurance, or employment and request the report within 60 days of notice, or if you can prove that (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) fraud on your credit file.
If you have already used annualcreditreport.com: If you have a current copy with Equifax or Experian, you will be able to view your credit report by initiating a dispute. You will need a 'confirmation number' that is less than 60days old. After disputing an item, make sure to keep the new confirmation number that is generated. You will need to 'login' to Transunion's website, and initiate a dispute. They will allow you to view a current copy of your credit file.
*Please remember that annualcreditreport does not provide credit scores.
If you're tired of receiving offers from creditors you can go to http://www.optoutprescreen.com/ or call 1-888-5-OPTOUT (1-888-567-8688) to OPT OUT from receiving offers.
37 Days to Clean Credit
Credit Repair II
Derogatory accounts can be on your credit report for up to 7yrs from last activity. The activity is being reported for 'credit history' and accounts for 15% of your score. If the derog is much older than most of your credit accounts it is actually the account that is giving the positive affect on the score. If you delete this derogatory it WILL lower your score. Bankruptcies have been deleted from credit reports, and the scores have dropped with many individuals!
Generally, a person who files bankruptcy starts rebuilding their credit after 2yrs. All credit items listed under a bankruptcy is UNRATED towards your credit score. The actual bankruptcy (listed under the Public Records section of your credit report) is the item that is RATED. Many disputers are baffled when items listed under a bankruptcy doesnt raise the credit score after being deleted. Make sure to compare the credit items on your credit report before disputing any items.
These helpful factors can help you dispute effectively:
1. When the account was open
2. When the account was first/last reported
3. Last account activity date
4. Original Creditor or Collection Company
5. Duplicates with different companies for same account.
6. Hard credit inquiries
7. Transfer/Sold/Paid dates
8. 1st Delinquency date.
One of the foolish mistakes a Credit Repair agency may make is attempting to delete an item (from the original creditor), because of late payments. What they're not realizing is that if the account is 'closed' or has been inactive for a while, the original creditor is less likely to respond back to the Credit Bureau. This will result in a 'deletion' of a credit item in your 'credit history'. They should be requesting 'payment history validation' to result in 'NEVER LATE' on your credit report. Collection, bankruptcy, and lien items cannot be used for this tactic.
37 Days to Clean Credit
Generally, a person who files bankruptcy starts rebuilding their credit after 2yrs. All credit items listed under a bankruptcy is UNRATED towards your credit score. The actual bankruptcy (listed under the Public Records section of your credit report) is the item that is RATED. Many disputers are baffled when items listed under a bankruptcy doesnt raise the credit score after being deleted. Make sure to compare the credit items on your credit report before disputing any items.
These helpful factors can help you dispute effectively:
1. When the account was open
2. When the account was first/last reported
3. Last account activity date
4. Original Creditor or Collection Company
5. Duplicates with different companies for same account.
6. Hard credit inquiries
7. Transfer/Sold/Paid dates
8. 1st Delinquency date.
One of the foolish mistakes a Credit Repair agency may make is attempting to delete an item (from the original creditor), because of late payments. What they're not realizing is that if the account is 'closed' or has been inactive for a while, the original creditor is less likely to respond back to the Credit Bureau. This will result in a 'deletion' of a credit item in your 'credit history'. They should be requesting 'payment history validation' to result in 'NEVER LATE' on your credit report. Collection, bankruptcy, and lien items cannot be used for this tactic.
37 Days to Clean Credit
Credit Repair
Creditor's are businesses that extend credit to borrowers for mortgages, credit cards, auto loans, etc. Such as Carteret Mortgage, Discover Card, and Honda Financial. These creditors have to pay Experian, Equifax, or Transunion, when they are reporting you. Normal subscriptions to the credit agencies might be a client that pays on time, and has no problems in the future. If you dispute an account, the credit agencies will contact the creditor, and will initiate an investigation. The creditor spends money researching your request, and now they have to re-report the findings. Whether it's the same information or not they will need to pay the agencies to re-report you.
A lot of borrowers are constantly disputing erroneous items until they are removed from their credit file. This may cost the borrower a few postage stamps, but the cost is a lot higher with the creditor. Eventually, the creditor decides not to respond to the credit agency, and a 'credit deletion' occurs. This would be a normal Credit Repair result. Many items are generally deleted in the first round of disputes.
One of the top reasons is that these accounts are marked as 'paid', and the creditors are losing money by re-reporting you. This is why a lot of 'Credit Repair' agencies go after 'paid/closed' accounts. Another top reason, is that judgments/bankruptcies are being reported by the local/state/federal government. The federal government normally holds records for 2yrs before storing the record. When they receive an investigation notice (from the Credit Agency), they normally disregard it or take longer than the allotted time to re-report. (30days)
Remember that the Credit Agency will perform your 'request' if the creditor doesn't respond in 30days. If you 'request' deletion, they will go ahead and delete the item. You will need to look at all items on your credit file (positive/negative), before making a decision in how you would like the Credit Agency to respond. Self Credit Repair is simple once you get the hang of it.
37 Days to Clean Credit
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