I was informed once that there is a way to repair your credit if you pay a certain amount of money in order to get approved for a homeowners loan. Is this true? And how do I find the repair person?
2006-12-26 01:02:22 · 6 answers · asked by Million C 2 in Business & Finance ➔ Credit
No. This is bogus. "Repairing" your credit is not a fast, overnight thing that can be done by paying a fee to someone. Don't do it. I have done this sort of thing and it does work, but depending on what the negative items are in your credit report and which credit reporting agency it is it could take up to two years (maybe even longer) and there is no guarantee it will work at all.
The process involves taking advantage of a part of the Fair Credit Reporting Act which says if a customer disputes an item on a credit report the credit reporting agency has 30 days to investigate the claim and verify the accuracy of the item in question. If the agency cannot verify the accuracy within the time period then that item must be removed. The way credit repair works is that disputed items, even if they are legitimate, are constantly disputed using HANDWRITTEN dispute letters ("This is not mine, it does not belong to me, take it off") that are sent to the credit bureau for each item disputed. The credit bureau then has 30 days, so you must wait for their results. If they verify it and do not take it off, send in another dispute letter the following month. Keep doing this until someone, somewhere along the line, slips up and does not verify the information in time. This method works with legitimate bad items as well as real mistakes. It just takes time, over a period of many months, so a year is not an unreasonable amount of time to expect something like this to take. it is NOT fast, and it is NOT immediate. But it does work if your work at it. You can do this yourself and paying someone a fee will not improve your chances at all. Anyone who says they can instantly repair your credit is just plain lying.
Negative credit items will remain on your credit report for 7 years, and a bankruptcy 10 years. These items will only be removed by the credit bureaus if they are unable to verify the accuracy of the information within 30 days of a dispute.
You need to check with the three major credit bureaus: Experian, Trans Union, and Equifax. You would be sending almost identical dispute letters to all three.
2006-12-26 01:03:29 · answer #1 · answered by Kokopelli 7 · 1⤊ 0⤋
There is nothing fast about rebuilding your credit, it even if you had the money, to pay off all your old debts today, they wouldn't be off your report for at least 90 days. The best, and fastest thing you can do is put more money down on the home your trying to buy. Other than that, not much you can do immediately. Shop around for different homeloans, with different lenders. Unless your credit is abosolutely terrible, they will find a way to get you approved, if it really is that bad, you have no buissness trying to by a house, if you can't even pay your cell phone bill
2006-12-26 01:13:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. there is nothing you can do. Pay off all your debt, open a secured credit line and pay it on time. Pay everything on time for 2 years and you shoul dbe able to get a decent rate on a homeloan. There are places out there that will approve you for a home loan with horrible credit, but I'm sure the interest rates are very high.
2006-12-26 01:55:45 · answer #3 · answered by badneighborvt 3 · 0⤊ 0⤋
You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org
I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-12 00:44:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A credit card is reported to the credit bureaus and counts on your credit historic previous and score. like another line of credit, in case you pay on time, it builds stable historic previous. in case you pay late, it hurts your credit. in case you're making plans to persist with for a private loan in the subsequent 6 months, it is not a stable thought to open ANY new lines of credit. New credit weighs against you.
2016-12-15 08:19:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Not that I know of- that's why credit is like your right arm. Take care of it so you always have it. We need/use good credit just like we need/use our right arm.
2006-12-26 01:11:02 · answer #6 · answered by Teddy Bear 5 · 0⤊ 0⤋
yes i was wondering the same.
2006-12-27 12:10:47 · answer #7 · answered by cdygrn 1 · 0⤊ 0⤋