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REPAIR CREDIT REPORT HISTORY



If you need to repair credit report history for youself or your family, here are some answers you've probably been looking for. A common question is:

Can Bad Credit be Deleted?

Yes, it can. You can repair credit report history despite the fervent proclamations of bureaucrats and credit bureaus everywhere, a simple fact remains: negative credit listings are deleted from peoples' credit reports by the thousands each and every day.

A few years ago, an attorney from Lexington Law. visited with a regulatory agency for a casual conversation with two agents. The Agency's office, as a matter of course, believed the credit bureaus' claim that bad credit couldn't be deleted. The visiting Lexington attorney asked, "How many negative listings would you have to see deleted from consumer credit reports before you would believe that bad credit can be deleted: ten? fifty? a hundred? one thousand?" The agents responded with only blank stares.

"How about 50,000 deleted listings, would that convince you?" continued the Lexington attorney. From his briefcase he pulled a stack of papers six inches high.

"In these pages, we have listed the permanent deletion of over 50,000. listings from our clients' files in the last two years alone," he explained. The agents pulled the stack across the conference table and began to pick through the pages, taking in the massive list.

"But to repair credit report history, have you deleted any bankruptcies?" shot back one of the agents, "we know that bankruptcies can't be deleted." The Lexington attorney leaned across the table and ran his finger down the first page.

"There's one deleted bankruptcy... and, there's another,... and another,... and another. Should I go on?" asked the Lexington attorney.

The agents sat back in their chairs. "You know," began the junior agent, "I have this one listing on my credit report that simply must belong to somebody else..."

How is it possible to repair credit report history?

The Fair Credit Reporting Act (FCRA) allows a consumer to challenge the information on his credit report on the basis of "completeness and accuracy." When a consumer files a dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete. In some circumstances, the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If, within 30 days, the credit bureau has not received verification from the creditor, then the credit bureau must promptly delete the credit listing. Learn More.



FEATURED ARTICLE
Common Mistakes Before Bankruptcy

There are many common mistakes that are often made before and during the bankruptcy process. Here is a short list of them:

  • Repaying money to relatives
    If you repay a relative anytime during the year prior to filing bankruptcy, the trustee can sue the relative to receive the money back to distribute to all of your creditors equally.

  • Not listing all creditors
    Make sure to list every single person or company you owe money to. Only if this list is completely accurate and complete will those debts be discharged at bankruptcy.

  • Transferring Assets
    Shifting assets to your children's name or a relative just prior to filing for bankruptcy is not permitted.

  • Concealing Assets
    Bankruptcy laws require full disclosure of all assets. The FBI fraud division, IRS auditors, and the Executive Office of the U.S. Trustee investigate bankruptcy filings. They will eventually find your assets even if you do not have them listed in your paperwork. It is a federal crime, a felony, to commit bankruptcy fraud. Do not take chances.

  • Credit Consolidation
    Be careful about credit consolidation companies. The airwaves are inundated with consolidation companies urging their solutions as a way to "avoid bankruptcy." However, even if you negotiate lower payments or a restructure your debt outside of bankruptcy, your credit score is still adversely affected just as with bankruptcy.

    You also should be aware that there could be income tax liability. In addition, don't be fooled, "not-for-profit" doesn't mean "free." These organizations are typically capitalized by banks and the credit card industry because they want to try to collect as much money from you as possible.

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