Credit Repair Questions
Consumers realize their credit report is a make or break factor when applying for credit lines. Credit Repair is imperative as credit bureaus often make mistakes or are given the wrong information and identity theft is prevalent. As you know we have been helping consumers establish better credit by disputing items.
Lately we have been asked a few questions that you may be pondering yourself. As part of our promise to educate the public about how credit works, we offer you the following information.
Questions about Credit
Q. If an item is removed/repaired is it off my credit for good or can it reappear on my report?
A. If a negative item is verified by the lender/creditor after it is removed, it may be placed back on your credit report. However this is unlikely and it is not easy for a creditor to get the credit bureau to re-list the item once it has been removed. If this does occur you can dispute the item again.
Q. If I pay a passed due bill, with that help my credit?
A. You are responsible for all bills you legitimately owe. If an item is listed as passed due, late or delinquent your score will weaken. When you do make a payment the item will be updated as “paid late” but it will still show on your credit. Your score would continue to lower if you continued to not pay. The only way to better your score is to get the item removed entirely. There is no guarantee a creditor will want to do this for you but you can try! Our effort in disputing these cases has proven to be very successful for most clients.
Q. If my spouse and I have different credit reports how can my credit improve or lower because of my spouse?
A. Even though credit reports remain separate and represent an individual, having joint accounts or sharing credit cards will affect your score. If your spouse is on time with payments you will watch you credit score increase. If your spouse missed a payment, even if it is not your fault, if your name is on the account, your credit report will list the item and your score will lower.
Q. Is it possible to remove: late payments, foreclosures, credit inquiries, etc? I hear that it is not possible for 7 years.
A. It is possible, though not guaranteed and definitely worth a try! Some items will be old and outdated, some creditors will be sympathetic and sometimes items can not be verified. Your consultant will professionally dispute any item legally and aggressively. We have seen these items removed from numerous credit reports ethically!
Q. Can my debt be negotiated and removed when in collections?
A. Some debt collection agencies want to get paid so they are willing to not only lower the debt but agree to remove it from your credit report upon payment. However they are not obligated to do either . If they are willing to work with you, you must get this in writing and then follow up to make sure they actually did remove the item.
Q. When will my child get a credit report?
A. Everyone can ask to see their credit report by using their name and social security #. Whether or not their credit has actually been established for the good or bad depends on whether or not an individual took out a loan or credit line. Usually a creditor won’t approve a credit line for a minor so upon turning 18, new adults have zero credit and can start to build their credibility with a credit card, car loan or student loan. This is usually the beginning of accumulating unpaid debts and a bad score but hopefully will lead to the possibility of building a great credit score for future opportunity instead.
- Understanding Credit:
