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inekie.collier
Joined: 16 Sep 2009
inekiecollier's page
Posts: 1
28 Magic Points
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Subject: clean credit
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Wed Sep 16, 2009 4:48 pm
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| how can I clean up my credit....I just recenlty involuntary gave my car back to the bank |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Sep 17, 2009 6:28 am
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Hi inekie.collier,
Cleaning up your credit report is important, since it is the measure of your creditworthiness. To be able to do this, you need copies of credit reports from the 3 credit bureaus – Experian, Equifax and TransUnion. You will get the contact information of each of the bureau from their web site. After getting hold of the credit reports, you have to check out if there is any inaccurate information or negative items listed in your report. In your case I believe the repossession of the car will be listed as a negative item in your credit report.
Normally, any negative item reported stays in the report for 7 years. However, persistent effort on your part might get it removed. You call can call the creditor and ask them to remove it on a goodwill basis. You can also write a pay for delete letter to the creditor stating that you are interested to pay the debt if they agree to remove the negative listing from the credit report. You can check a sample pay for delete letter here: http://www.creditmagic.org/repair/pay-for-delete.html
_________________
All the Best 
Justin |
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andybell
Joined: 11 Aug 2009
andybell's page
Posts: 17
199 Magic Points
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Thu Sep 17, 2009 6:34 am
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| Hello Justin, thanks for highlighting the importance of cleaning up the credit report so as to maintain your credit worthiness. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Guest
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Thu Sep 17, 2009 7:35 am
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Hey inekie.collier,
You have a negative item listed on your credit report in the form of repossession. I agree with Justin that any negative item stays on for 7 years on your credit report. However, you can write a goodwill letter to remove negative listing to the creditor. In a goodwill letter you can request the creditor to remove the negative listing as a gesture of goodwill. You can also explain that the negative item is creating a hindrance for you to get credit or loan.
Keep posting!!!
deborah_richards |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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andybell
Joined: 11 Aug 2009
andybell's page
Posts: 17
199 Magic Points
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Mon Sep 21, 2009 4:53 am
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| I am not sure about the negative items that you are talking about. Could you please list a few just to explain the concept little bit. |
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