How do you clear your credit?

Question

My wife and I co-signed for my brother-in-law and he has messed up our credit. My wife has one report under her credit and I have several. Is there anyway to clear this up other than wait 7 years? can lawyers help? if so, how much do they usually charge for something like this?

Answer 1

If you co-signed, it's your credit too. A lawyer can't change that. Afraid waiting is all you have.

Answer 2

I’m sorry that you had to learn the hard way that family and finances do not mix. You co-signed for your brother in-law and now you are stuck with the dent on your credit. The only way to avoid that would have been to pay the bill when he defaulted on it. If he has still not paid that bill, the late charges are going to stay on your record until the bill is paid in full, then another seven years for the blemish to drop off your record. All you can do is keep your credit stellar and wait for the bad record to fall off. You can also contact the credit agencies and have a note put on the record for that listing to explain the reason for the blemish. It will not help your score, but will add some backing when you apply for new credit and they look at that record. However, you will still be paying for the mistake of co-signing by paying higher interest on your own debts and the struggle for new credit. Since you did co-sign if the collection agency can not get your brother in-law to pay, they will come after you.

Any company that says they will clear your credit is lying. You can not legally take that off your record unless it is fraudulent. You can only build on what you have.

Next time someone asks you to co-sign for them you will know better and say no way.

Answer 3

You have now learned the painful lessons which can come with co-signing for someone. When you co-sign, you take full responsibility for payment of the debt if the person for whom you signed defaults.

Since you apparently did not pay when he defaulted, you are now stuck with the same rotten credit your brother-in-law has.
You can only correct incorrect entries on your credit file. There was nothing incorrect here, so try your best to live with it and work to improve your credit score in other ways.

And do NOT EVER co-sign for anyone else again. If a lender doesn't want them, why would YOU ?

Answer 4

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.

Answer 5

Don't go the lawyer route when you can handle this credit repair issue yourself. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.

Answer 6

I take it you don't want to pay your brother's debt that you cosigned for. The web site given in another answer is just another con site, promising miracles. Probably created by a credit card company.

Whether a lawyer can offer much help depends on the facts, and you don't provide many. Consult a local lawyer who does bankruptcies and other credit litigation, representing debtors.

The fee will depend on what's involved.

Answer 7

It can't be done. You will have to wait until it falls off of the credit report, and it's not going to fall off until it is paid off (and then will still stay on awhile after that). So, if it's not paid off for 10 years, then it's not going to drop off in 7, although it may no longer be a negative on your report if you are paying it on time. Unfortunately, you are as responsible for it as he is. So, if he's not paying it, then you have to. And, if you aren't paying it, then it's going to be a negative on your credit report. Creditors and bill collectors can come after you, garnish your wages, put a lien on your house, etc. You will either have to pay it off for him, or face those possibilities.