can I legally remove negative info from my credit report without having to wait 7 years?

Question

I have bad credit I have collections on my credit report the accounts are all paid for but hey are kepping me from being approved for good intrest credit cards and all kinds of loans.

Answer 1

Are the collections paid reported to all three credit bureaus?
Review all the information for accuracy
Contact the original creditor by letter requesting incorrect information be changed using a US Mail a return receipt.
Only the original creditor can have the collection removed unless the collection agency made a mistake.
Contact each credit bureau separately by mail with return receipt for an inquiry about the account.
The bureau has 30 days to do an inquiry or they must remove the information.
This is how unscrupulous credit repair agencies work. They overload the bureau with inquiries then the agency must remove the information.
This is short lived, when the information is updated, the original negative information is returned

Improve your scores in as little as 36 months with the following:
Savings account with $1000 or more.
3-5 credit cards with high interest rates for 24 to 36 months. Pay the total balance every month.
A car loan.
Your total debt ratio is no higher than 40% of your monthly gross income.
Add credit not reported to the bureaus. This will need to be original information from the creditor that can be verified by any third party.
Cell phone accounts, private party loans, medical bills, etc.
Limit your credit inquiries to 2 for every 12 months unless the inquiry results in new credit.
When your credit score reaches 620 close high interest accounts one at a time when you recieve an A rated credit card.
Every time there is a financial change it affects your credit score for 30 to 60 days.

You can do this, it takes making yourself a schedule and do it.

I am a Real Estate Lender and have been doing this for almost 20 years.

Good Luck
Chris C

Answer 2

Ok, as I understand it you have some items that went into collections, but you paid them back.

And now you still have bad credit because even though the now say paid, they still have comments about late payments, collections and charge off's. Right?

This is exactly what I have been warning people about for months. It's so amusing to see these collection agents come here and tell people to pay their bills and their credit will be restored. Now you can help me spread the truth! First hand experience!

The TRUTH is that there are only two ways you can get a negative item removed from your credit report.

1) The creditor fails to respond to a dispute investigation from the credit bureau.
2) The creditor must remove it himself.

So here is your problem. The creditor now has your money. You have absolutely no leverage over him to help you in restoring your credit. You can ask him politely to delete the bad mark, but I have had very little luck in doing this for my clients once the bill has been paid.

What you needed to do was get the creditor to agree IN WRITING to delete the entry before you paid them a dime. Now, unfortunately, you have lost any advantage you may have had.

You can still file a dispute, but all the creditor has to do is answer back that it's correct and it will stay on your record for the required 7 years. There is a chance that the creditor may have lost your file (it's now paid...why keep it)...or just doesn't want to waste their time searching. This is how many credit repair agencies managed to get some items removed.

As for adding comments to your credit report, that will give your side of the story...please don't waste your time. Credit scores do not take this info into account when calculating them....and most creditors don't look at the full report unless it's a major purchase. And they rarely look at the comments either.

Just take this as a lesson learned, and help me pass the work about the correct procedure in paying back collection agents.

Answer 3

You can get a free report yearly, its your right. Fair credit reporting act. This includes all 3 reporting agencies.
You can contact truecredit.com and pay for your reports, $30.00 The advantage is two of these reporting agencies allow you to dispute information in your report right online, the third you will need to mail in your disputes.
If any of the information is false, or they are saying the account are not paid, which they may be then dispute it, the company you owed money to has 30 days to reply or it comes off your report.
You can also add employment hsitory and check that the date on any bad debt haven't gone past the day they should come off.
Get a credit card, if you can't get a secured credit card and buy your gas once a month and pay it off right away.
Get a small loan with a co-signer, make payments to build your credit back up.
truecredit.com has lots of info

Good Luck
God Bless, I do

Answer 4

If info is accurate, you cannot remove it. You can have an explanation added to your report that a lender may, or may not take into consideration. If you establish a consistant pattern of paying on time, your credit will begin a slow repair immediately and this can have a progressively positive effect on your rating. If you have collections on your report, you might want to consider whether or not you really want or need to take out new loans or credit cards. Trying living without using credit cards for a year. Just take your cards and cut them up. Your credit will get better and your spending habits will improve automatically, so you don't have these kinds of problems for the rest of your life.

Answer 5

Possibly, Get copies of your credit reports from all 3 credit reporting agencies. They are required to provide one free copy per year to you. Then go over them very carefully. If you see anything that is incorrect about any entry on your report you need to report it to them according to the directions on the credit report. Basically what happens next is the credit reporting agency sends a request to the company who reported the item asking them to correct it. If they do not respond in the time required, normally 30 days that item has to be removed from you report. It might be something as simple as the balance, or last payment date, misspelling. Whatever the error report it. Many times if the account is paid the company will not respond and therefore it has to be removed from your credit report by default. This may help get some entries off the report. All legitimately. You are doing this to at the very least to get the information on the reports corrected. If the companies reporting it don't reply on time, it's not your fault.

Answer 6

Beware of companies that promise to help you re-establish your credit for a fee. Their ability to change the information that appears in your credit file is no different than anyone else’s! Only your creditors are able to alter this information. Therefore you do not need to pay a third party to obtain, discuss, review or make changes to your credit report. You have the right to access your information and make changes to your file if there is an inaccuracy or if you want to include a comment.

Remember this when it comes to hiring a credit repair company

A credit bureau will not remove accurate negative information from your credit report before the legal time period has expired. Therefore, do not believe anyone who claims they can get negative information removed from your credit report faster than is legally required.

There are no "loopholes" or laws that credit repair companies can use to get correct information off your credit report.

No credit repair company can do anything you can't do for yourself. It is impossible for a third party to make changes in your file if the facts have been correctly reported. There are individuals and companies that claim they can fix a bad credit file. This is not the case. If a file includes accurate, yet negative information about your credit history, this information cannot be changed. Information will only be changed when your file contains an inaccuracy.

The only way to rectify a poor credit rating is to adopt sound credit practices for a period of time.

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Answer 7

There is a concept called "pay to delete" as in you offer to settle but only if they will remove the negative item. Many lenders will NOT let you do this. After all, removing the negative items distorts your credit history.

Answer 8

If the information is correct than you cannot remove it. Occasionally banks will allow you to provide a letter of explanation if there are extenuating circumstances so that you can still get decent interest rates.

Answer 9

There are ways to do it. There are many companies which do exactly that. The problem is that there are many who claim to, and cannot, and you do not know which.

If you want a company who truly helps, let me know. I have a friend who is working with a good one.

Answer 10

If the information is correct? You can not remove it. Only time will remove these items.