Getting a settled in full removed from report?

[mindaugas]

I have a reposession that I settled in full back in 2008, the original creditor is still reporting it however. I called around and finally got someone (after some resistance) that said they will have their reporting update the bureaus. I have the settlement letters, copies of checks, and bank statements from back then. I want to have this completely removed from my credit, so my question is: Is that possible? I'm trying to buy a house and this is the one thing holding me back right now. I'm not sure a "settled" or "$0" balance is going to help me enough to get approved. Thanks for any advice!

[MarineVietVet]

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@mindaugas wrote:

I have a reposession that I settled in full back in 2008, the original creditor is still reporting it however. I called around and finally got someone (after some resistance) that said they will have their reporting update the bureaus. I have the settlement letters, copies of checks, and bank statements from back then. I want to have this completely removed from my credit, so my question is: Is that possible? I'm trying to buy a house and this is the one thing holding me back right now. I'm not sure a "settled" or "$0" balance is going to help me enough to get approved. Thanks for any advice!

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You can try GW (Good Will) letters to try and have this removed early.

Also I would talk with your lender to see if leaving this on your report would be a problem and if it is what you need to do to satisfy their particular lending requirements.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[mindaugas]

Thanks, would the GW go to the original creditor that is reporting the item, or to the buereaus?

[MarineVietVet]

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@mindaugas wrote:

Thanks, would the GW go to the original creditor that is reporting the item, or to the buereaus?

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It would go to whoever is reporting (the OC in this case). Sorry I didn't make that more clear.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[mindaugas]

No problem, thanks again for the advice and your service. I assume the USMC emblem isn't just for show or your user name

[MarineVietVet]

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@mindaugas wrote:

No problem, thanks again for the advice and your service. I assume the USMC emblem isn't just for show or your user name

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LOL. No, it's not for show and I have a 40 year old tattoo to prove it.