Rebuilding Your Credit

[missmoney-bags]

Why do credit repair companies wrap there services up in a big shiny bow?  I spoke with someone today that has a repair company.  For 400.00 he will work on it for 8 months.  He then reminded me that removing the tradeline wont delete the actual debt (internally I will still owe).  What is the point?  Is there any forms on here that I could dispute myself?  And is it true that if the CRA dont answer back within 60 days legally the tradeline must come off.  Please make it stop...lol

[dlpt2a]

Because he has no idea what he is talking about, I see some misunderstandings on your post...

First that $400 are going to get him in trouble with the FTC or some pissed off client of his, those payments in advance are illegal, even if he call it setup fee or whatever. If you want to make some easy money look for credit repair companies like that one, pay them the star-up fee and sue them in small claims for a $1000, that will help to clear up the credit repair industry, you'll make some money and provide a public service at the same time.

Second, the only legitimate way to delete an item from your credit report is invalidate it, you accomplish  this by sending debt validation requests to creditors and collectors, if they have not enough documentation they cannot enforce the debt in court, thereforth you no longer legally own that money and if it cannot be verified it has to be deleted under the FCRA,

It is amaizing how fast banks get rid of old records on delinquent accounts and how collectors buy old defaulted accounts with no docs for pennies on the dollar counting with the general ignorance on this subject to make money

Once you have the debt invalidated it shouldn't come back but if it does it will be easy to remove again

The period mentioned on the FCRA is 30 days, 45 if you provide additional information during the investigation or you dispute over a FACTA free annual credit report,   not 60.

There is a few credit repair companies out there that maybe are good, the ones not charging anything in advance, at least those are compliant with the laws that regulates their business. 

[BungalowMo]

We need a BIG sticky on the log in page that says...don't pay someone $$ for something we can help you fix (better!) for free!!

These companies are 98% hot air & deep pockets.  Bottom feeders to the nth degree!

[missmoney-bags]

where do i find these forms to send to these creditors? I was looking into a DV letter to send out, how does this work? If they cannt show proof of the bill then it comes off?

Another question, if i paid off cc or loans years ago should i keep them on my record sinc they are in good standing? I also have a couple of mortgage loans sold to new companies, should i fight to remove them? 

Last question, do you think a creditor would change some late marks over removing the hurtful tradeline?

Thank you for listening...and your help.

[BungalowMo]

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missmoney-bags wrote:

where do i find these forms to send to these creditors? I was looking into a DV letter to send out, how does this work? If they cannt show proof of the bill then it comes off?

Go to the top of this rebuilding section & read  "Where do I start......"  Dont try to repair anything until you read that!

Another question, if i paid off cc or loans years ago should i keep them on my record sinc they are in good standing?

 YES....leave them alone.  They are adding to your good history!

I also have a couple of mortgage loans sold to new companies, should i fight to remove them? 

More good credit history...leave them alone

Last question, do you think a creditor would change some late marks over removing the hurtful tradeline?

That depends.....who is it?  when did it default? 

Thank you for listening...and your help.

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