HELP! Can I get negative items removed in a week?

[RobertEG]

How quickly, or even whether you can get them removed at all based on payment of the debt, is entirely up to the creditor(s), so it is impossible to predict.

Best case scenario is that they would be willing to both accept a PFD offer and agree to an out-of-cycle update to report their deletion.

Normally, furnishers only report once a month, so there could be a normal delay in any agreed update of a month or more.

It would cost them additional resources to do an immediate update that is beyond their normal monthly reporting.

It is not "illegal" for a furnisher to delete derogatory reporting based on payment of the debt.

However, it is contrary to CRA reporting procedure, as clearly stated in their credit reporting manual and reporting agreements.

The CRAs are in business to sell credit histories, and their completeness adds to their value.  Subjective deletion by furnishers detracts from the value of their product, and if carried to extreme by the deletion of all derogs upon payment of the debt would make credit reports/histories incomplete, and thus of reduced value.

Even if the furnisher agrees to a PFD, there is no telling how long their consideratin might take, and then how long thereafter it will take to report to and be processed by the CRA.  You would need an exceptionally responsive furnisher to get removal in a week...........

[Anonymous]

I think you're over reacting. No one is going to ding you because of your credit report for this position. It will never be addressed or known.

[Anonymous]

Unless it involves money, banking, insurance or government contracts do not sweat it.  Our biz is government contracts and we cannot hire anyone for certain positions who is less than sqeaky clean again   for its only  certain positions. Those positions involve holding large sums of gov money or assets. 

[HorseTears]

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@Anonymous wrote:

I think you're over reacting. No one is going to ding you because of your credit report for this position. It will never be addressed or known.

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@Anonymous - you may be right, but this is the first director-level position I've held and the offer letter -- which, again, is probably just standard HR language -- specifically says the offer is contigent upon acceptable responses on background and credit checks.  Interpreting what  is "acceptable"  and what isn't in advance is impossible, so I'm going to err on the side of caution and do everything I can to raise those scores in a week's time.  After doing additional research, reading your responses and speaking to each of the creditors, the likelihood of accomplishing anything via this avenue is slim to nil.  So, instead, I'm working on improving my debt-to-credit ratio.  Given my period of unemployment, I was using my credit cards often.  This weekend, I've brought those balances down.  And, I've also got a family member who has kindly offered to add me as authorized user to his Citi Visa card with a $20k limit and a small $1k balance.  If -- big if -- we can get that account to show up on my credit reports that will dramatically improve my debt-to-credit ratio and, theoretically, raise my score.  Finger's crossed!  

BTW, we've been chatting about this approach in this other thread I'd started... 

[rmduhon]

What cards have you paid down? Some will do off cycle updates if you ask

[Gidgetmom]

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@rmduhon wrote:
What cards have you paid down? Some will do off cycle updates if you ask

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Who does off cycle updates upon request?  This is good information for future reference.

[Anonymous]

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@HorseTears wrote:

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@Anonymous wrote:

I think you're over reacting. No one is going to ding you because of your credit report for this position. It will never be addressed or known.

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@Anonymous - you may be right, but this is the first director-level position I've held and the offer letter -- which, again, is probably just standard HR language -- specifically says the offer is contigent upon acceptable responses on background and credit checks.  Interpreting what  is "acceptable"  and what isn't in advance is impossible, so I'm going to err on the side of caution and do everything I can to raise those scores in a week's time.  After doing additional research, reading your responses and speaking to each of the creditors, the likelihood of accomplishing anything via this avenue is slim to nil.  So, instead, I'm working on improving my debt-to-credit ratio.  Given my period of unemployment, I was using my credit cards often.  This weekend, I've brought those balances down.  And, I've also got a family member who has kindly offered to add me as authorized user to his Citi Visa card with a $20k limit and a small $1k balance.  If -- big if -- we can get that account to show up on my credit reports that will dramatically improve my debt-to-credit ratio and, theoretically, raise my score.  Finger's crossed!  

BTW, we've been chatting about this approach in this other thread I'd started... 

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I've been in your position when in the past my credit wasn't great.  I too had fears of having an offer rescinded because of credit issues.  Turned out a lot of worrying for nothing.  As others have said unless your new job would involve handling money then I'm sure it will turn out to be a non issue.  Realistically the chances of having any 'baddie' removed in a week are basically zero.  Take your time in fixing your credit so that you don't make mistakes and congrats and enjoy your new job.

[rmduhon]

I know that Discover will do an off cycle update. Lowe's, Walmart, Amazon and Sam's store cards can be forced to update by making a minor change on your profile (St to Street, or adding a second number).

[Anonymous]

Do you have an Active installment loan? If not get one. It can be for a small amount ($500 or so) and it can be very short. After the loan closes pay it down to under 9% ($44 if the loan is for $500). I Know there are ways to do an off cycle update, I just haven't done one. 

There is a huge thread that details the method to do this with Alliant. I have done it. It can sometimes take a few months for the score to go up. I am suggesting you do it locally so maybe you can influence the timing.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

A couple days after getting the loan find out when the lender reports to the CRA or if you can get an off cycle update. This should get you app. 30 points. (If you don't have an active installment account}.

I would recommend going to the thread above and read the first three posts and then copy this post and put it on that thread and see if the experts there agree with my suggestion for trying to ensure you get the loan reported ASAP. You will probably get some responses here also.

Good Luck