Home > Credit Repair >
Bad Credit Repair > Bad Credit Repair: Can Bad Credit Be Deleted?
Bad Credit Repair: Can Bad Credit Be Deleted? |
|
Contrary to popular belief that negative credit
listings on credit reports cannot be deleted, the fact remains that thousands of such listings are deleted from credit reports every day through bad credit repair service. A few years ago an attorney from Lexington Law, a provider of bad credit repair service, met with two agents from a regulatory agency who believed the credit bureaus' claims that bad credit couldn't be deleted. The attorney asked the agents how many cases of negative listings deleted from consumer credit reports would they like to see to be convinced that bad credit could indeed be deleted. He further said that he was not talking of stray cases in small numbers but that he could show them 50,000 cases! The agents only responded with blank looks. The attorney pulled a stack of papers, six inches high, from his briefcase and said that those papers had lists of over 50,000 cases of permanent deletions in the last two years alone. The agents could not believe what they had just heard and started examining the stack of papers and asked the attorney whether any bankruptcies had been deleted through bad credit repair, as they were sure that bankruptcies could not be deleted. The attorney took the first page out of the stack and showed them numerous cases of bankruptcies being deleted, on the first page itself and asked the agents if they wanted to see any more on the subsequent pages. The agents sat back in their chairs and one of them started mentioning about an inaccuracy in his credit report and wanted to know whether that could be deleted. How is it possible? A consumer-reporting agency (CRA) is a credit bureau that gathers and sells information about whether you pay your bills on time or have filed bankruptcy to creditors, employers, landlords, and other businesses. The Federal Fair Credit Reporting Act (FCRA) regulates the information in the files of the CRAs by promoting accuracy, fairness, and privacy of information. The FCRA also empowers consumers to challenge the information on their credit reports on the basis of completeness and accuracy. When a dispute is filed by a consumer, the credit bureau has to contact the relevant creditor to confirm that the information is accurate, verifiable, and not obsolete. A simple verification of the creditor's own computer records could also be undertaken. The credit bureau has to delete the credit listing, if the creditor fails to verify the dispute within 30 days. For a proper bad credit repair and since all the credit bureaus function independently, this process should be repeated till the inaccurate information is deleted from the files of all concerned credit bureaus. Moreover, since a large number of credit inquiries in the file can affect the credit rating, you can ask the credit bureau to combine multiple inquiries from a single source. This will improve future credit ratings. It is advisable to collect credit record copies, at least once a year after solving the dispute, to ensure that there is no further credit fraud. You should assess your financial position after bad credit repair and contact your creditors instantly, if you feel that you are incapable of making even the least payment on outstanding accounts. The creditors will appreciate your predicament and suggest softer payment plans. The help of a counselor at a credit-counseling agency for bad credit repair can also be taken to obtain the best strategy to resolve your problem. You may have to close charge accounts, cancel credit cards or repay bills through the agency. You should not ask for any credit when receiving help from these organizations as they may refuse any further services and delay the process. |
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
|
|
|
|
| ------------------------ |
|---|
|
| ------------------------ |
|---|
Custom Search
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
Consumer Alerts | About | Bookmark Us | Contact | Espanol | Privacy Statement | Copyright | Terms & Conditions | Financial Widgets | SiteMap
Copyright © 2006 Credit Loan, LLC. 235 APOLLO BEACH BLVD, STE 218 Apollo Beach, Florida 33572 All rights reserved.
Disclaimer: The content provided on CreditLoan.com is for informational purposes only; do not make any financial decisions based on its content. Financial decisions are personal, based on an individual's situation. Consult with a financial professional before making any financial decisions. CreditLoan.com is not liable for your financial actions.
