My sister went to a guy that told her he can clean up her credit by writting to the credit companies. Her score was 481. Three months later he was able to get her 100% financing for a new home. Has anyone had this done before?
2006-12-20 10:22:25 · 6 answers · asked by EILEEN G 1 in Business & Finance ➔ Credit
What people do is dispute every bad mark on their credit report regardless if its true or not. Example: I was never 60 days late on my Amex card. So an investigation has to be done to verify.
The creditor has 30 days to validate the account, but a lot of times don't make the deadline. So they have to remove the bad mark off your credit report whether or not is was correct or not.
If they validate it just dispute it again a couple of weeks later.
This is what all those so called credit repair companys do. Just get a copy of your credit report and use a template letter to dispute any bad marks on your report.
You can do it yourself for free and can find sample letters on the Internet for free.
2006-12-20 11:00:18 · answer #1 · answered by Tigerhead90 3 · 0⤊ 0⤋
It depends why her credit score was so low. And you can fix your credit by yourself as well, without paying anything.
She may of had some erroneous charges or collections that were mistakes, and he was able to write to the creditors to get them removed.
Either way, it's not a good idea to get 100% financing on a homeif you have poor credit. If your credit is bad, you should do your best to not only fix it, but also to change your bad habits.
And a credit score isn't the only factor that will allow you to buy a home with no money down. Your credit depth is important too. If you've got a high credit score but not much credit history, you'll be denied by banks and lenders left and right.
You need at least 3 open tradelines with 2 year history on each to be considered for an A-paper mortgage. Meaning if you don't have this credit history, you'll get grilled on your interest rate.
Start reading about mortgage and credit. The more you know, the more it'll begin to make sense.
Learn about mortgage, credit, and personal finance:
http://www.thetruthaboutmortgage.com
2006-12-20 10:38:00 · answer #2 · answered by Todd S 3 · 1⤊ 0⤋
It's possible. My guess is that this person, on behalf of your sister, was able to settle the outstanding debt, or make arrangements for your sister to start making payments again. If so, this seems similiar to what consolidation loan companies do. This would have helped clean her credit history.
2006-12-20 10:38:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
there is actually a whole industry devoted to this; i have dealt with 3 different companies and have found 1 to be the best. They can generally raise your score 90 points or so in 90 days. Email me for more info. williamsandlinn2004@yahoo.com
2006-12-20 10:49:00 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If the information on the report is accurate, and is less than 7 years old, anything they do to remove it is illegal and fraudulent. If the information is inaccurate, you can dispute it yourself at no charge. Either way, never pay anyone to 'fix' your credit.
2006-12-20 10:51:27 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
buy something expensive with a credit card and pay the bill on time.
2006-12-20 10:34:36 · answer #6 · answered by x700 1 · 0⤊ 0⤋