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erasemie
Joined: 30 Aug 2010
erasemie's page
Posts: 1
Location: USA
21 Magic Points
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Subject: Erase Bad Credit
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Mon Aug 30, 2010 2:36 am
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Hi, I just wanted to say that I found some good information on this site.
Do you know how to erase bad credit?
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How To Erase Bad Credit |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: erasing bad credit
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Mon Aug 30, 2010 10:06 am
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Hi erasemie,
It is actually not possible to erase bad credit. You can only clean up your credit report. According to the Fair Credit Reporting Act (FCRA) you can question an item listed on your credit report. This complaint is supposed to be investigated by the credit bureaus. The incorrect informations are to be removed.
As for the negatives you can request a "Pay for delete" (PFD) while making payments on the negative accounts with the creditors or collection agencies. However, if you have paid off these accounts before, and you had not requested a PFD during the payments, you can now send Goodwill letters requesting the creditor or collection agency to remove the negatives.
Hope this helps.
Regards,
Aaron
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Mon Aug 30, 2010 1:09 pm
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This is good information. If there are some account that are not paid and you want to clear those up then try asking for the pay for delete. Make sure the terms and the agreement for deletion is put into writing before you proceed to pay them off.
One thing about the pay for delete though is if the account has already been sold then the collection agency could remove their mark on your credit report with the pay for delete but the original creditor would still be on there showing unpaid. |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: credit repair
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Tue Aug 31, 2010 9:53 am
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Yes, fireyone this is very true. If a debt has been sold off and the debtor makes the payments to the collection agency, the CA can remove the negatives reported by them only, and not the original creditor.
Thanks,
Aaron
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