Is it Possible to Delete Something from Your Credit Report for a Fee?
If you have not been aware of your credit report, it is high time you started doing so since it is a crucial element in the financial life of anybody. Credit reference information is used by lenders to assess the creditworthiness of borrowers who seek loans or credit cards. Credit history reports are another common feature that many landlords also use to screen applicants. Since the credit report is such a valuable commodity you naturally would like it to be as fresh as possible.
However, at times even if you think that the information that has got into your credit report is unjust or false, such information is likely to stay on your credit report. Any type of loan that has not been paid on time, any collections, any type of credit that has gone to a collection agency, bankruptcies, and any type of foreclosure all have negative effects on credit. Perhaps, you may want to know if you can prevent those negative entries from appearing by paying to get them removed.
This is why consumers experiencing hardship turn to this option, perfectly making sense to do so. It is therefore very attractive to get a quick solution to a bad credit rating. However, it is unlawful and unwise to eliminate any non-fraudulent adverse reports with the help of payments made to creditors or credit reporting agencies. This article also explains why as well as legal ways of enhancing credit reporting.
Removing credit report information is tempting but very expensive and can prove to be costly.
In a situation where you are having severe credit report issues, it can be compelling to pay for the removal of these stains. For instance, if you faced financial problems and one day you received some high medical bills that you cannot pay, and you find a $5,000 hospital collection as one of the entries on your credit report, you would be willing to pay $1,000 or $2,000 to get the collection removed. Or if you had a painful, turbulent, stressful year with a divorce or job loss and then you missed half a year of mortgage payments, you would gladly pay several thousand dollars to have that default removed.
Not so fast. While physical money or making payments in exchange for deleting credit report dings is very attractive, then you can be pardoned if you do it in this manner, there are repercussions if one gets caught. It is illegal under the Credit Repair Organizations Act, to make or give false information about someone’s credit report. There are risks associated with people filing a complaint with the Federal Trade Commission or the Consumer Financial Protection Bureau. License revocation or getting into trouble legally and ending up being a defendant in a damages suit is also a possible outcome that can befall the credit repair agency.
Original negative information can also not be removed as a favor for you by the creditors themselves. If they are caught failing to adhere to standard reporting procedures that are mandatory under the Fair Credit Reporting Act they can be audited or disciplined.
However, you never sign papers or write contracts for these deals and you never have any paperwork documenting the other side if they fail to deliver as agreed. It is impossible to demand them to do so get your money back or force them to remove the damaging credit report item like an unpaid collection or late payment if they don’t delete it as they said they would.
LEGAL ways of getting rid of items on the credit report(disposing of credit report)
Since you are now aware of the dangers of hiring debt removal services to clear credit blotches, you may be curious about what measures you can legally employ to clean up your credit profile. In other words, YES, there ARE ways to delete specific unfavorable entries from the record or balance them with favorable data. That is all it takes, a little patience and energy.
Here are lawful techniques you can use to polish your credit:
Dispute Errors with Credit Bureaus: Recent studies have shown that anywhere between twenty to thirty percent of credit reports have been tainted by errors. If you find out that any of the information presented in your reports is misleading, wrong, or outdated, you have the freedom to dispute it with the credit bureaus including Experian, TransUnion, and Equifax. Some report mistakes include having the wrong account status such as if you closed the account many years ago but the report shows that the account is open, and having wrong payment history such as if the report shows that you paid some of your bills late while you paid them early or on time or even having wrong personal details such as getting your name spelled wrongly or having the wrong address.
According to the Fair Credit Reporting Act, credit bureaus are obligated to conduct inquiries regarding disputes within 30-45 days. They have to edit the content by deleting or changing anything that they cannot substantiate with facts. Late payments, which are the cause of many disputes, can be deleted; the balance can be lowered; or account details can be brought up to date. all credit score boosters.
Negotiate with Creditors: However, it is possible to negotiate for pay-for-delete arrangements legally with some original creditors like credit card companies or medical facilities. Instead of giving them a flat fee upfront in exchange for their promise to remove the negative item regardless, you offer to make the full payment of your overdue balance provided that they will completely delete it from the credit reports.
Always ensure that you sign any agreement before parting with your cash and ensure that you keep with the creditor receipts that show that you have repaid your full balance. Even though accurate credit history does not have to be removed, reputable companies may indeed uphold pay-for-delete situations. Just as a reminder, this approach is useful for guessing which move would be better, depending on an opponent.
Boost Scores with Positive Information: It is also self-evident that over time and with proper management of finances, credit mistakes also clear themselves. This means that as negative information fades away, it has a decreasing impact on the subject. Eliminations, late payments, and collections were removed from reports after seven years of non-payment bankruptcy.
Meanwhile, introducing fresh positive information counteracted worsening by diluting the effects of bad marks. This means ensuring that all the bills are paid in full at the due dates from the time the policy is implemented. Some things can be done to ensure that credit score is not affected by such events; one of the ways is to pay balances down to reduce credit utilization. Open new accounts selectively only to increase total credit limits and only when you close other accounts.
While new and positive data in terms of payment history and account mix keep on building up your file, this responsible credit activity helps to reverse the negative effect of old items and bring credit scores higher over time.
Call now for expert credit repair services: (888) 803-7889