Nick26
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Well just got back from the mortgage place we are pre-approved for a FHA loan 30 year fixed with a 5.50% interest rate! Again thank you guys so much for all the info.
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So are all the 'credit repair' outfits just scams?
I'd like to sign my wife and myself up for such a thing, but want to make sure we get our money's worth.
Yes, I know I could dispute various items myself. I could also replace my own brake pads, but I'd rather find an honest, competent mechanic to do it.
Yes, yes they are. You can do anything and everything that they can do, except that you can do it much cheaper. You can actually do a better job by hand-writing the letters to the credit bureaus disputing the items (do not use the interwebz form). The credit repair places just send form letters to the credit bureaus and the bureaus many times refuse the letters right off the bat because they are cookie-cutter. Hand-written letters hold much more weight and will at least be investigated.
Send the letters certified mail with return receipt to the bureaus. The bureaus will then contact the creditor and ask them to provide proof of the disputed item. If they cannot or the company doesn't respond within 30 days (I think they may have 60 for the free credit reports now available from all three bureaus once a year), then the disputed item must be removed from your credit report.
Oh, one more thing...be careful of the credit repair places too, especially the ones that will negotiate with the credit companies directly on your behalf. Many of them have to (or do) report to the bureaus that you are under a payment consolidation plan which will negatively impact your credit score even more than before you went to them. Just do it yourself and save the heartburn and the points on the credit report.
Yes, yes they are. You can do anything and everything that they can do, except that you can do it much cheaper. You can actually do a better job by hand-writing the letters to the credit bureaus disputing the items (do not use the interwebz form). The credit repair places just send form letters to the credit bureaus and the bureaus many times refuse the letters right off the bat because they are cookie-cutter. Hand-written letters hold much more weight and will at least be investigated.
Send the letters certified mail with return receipt to the bureaus. The bureaus will then contact the creditor and ask them to provide proof of the disputed item. If they cannot or the company doesn't respond within 30 days (I think they may have 60 for the free credit reports now available from all three bureaus once a year), then the disputed item must be removed from your credit report.
Oh, one more thing...be careful of the credit repair places too, especially the ones that will negotiate with the credit companies directly on your behalf. Many of them have to (or do) report to the bureaus that you are under a payment consolidation plan which will negatively impact your credit score even more than before you went to them. Just do it yourself and save the heartburn and the points on the credit report.
Thanks.
I know I can do it cheaper, but don't want the hassle.
Can I just hire a legit attorney to write some letters for me?
So are all the 'credit repair' outfits just scams?
I'd like to sign my wife and myself up for such a thing, but want to make sure we get our money's worth.
Yes, I know I could dispute various items myself. I could also replace my own brake pads, but I'd rather find an honest, competent mechanic to do it.
Tear up your credit cards.
Send the letters certified mail with return receipt to the bureaus. The bureaus will then contact the creditor and ask them to provide proof of the disputed item. If they cannot or the company doesn't respond within 30 days (I think they may have 60 for the free credit reports now available from all three bureaus once a year), then the disputed item must be removed from your credit report.
Oh, one more thing...be careful of the credit repair places too, especially the ones that will negotiate with the credit companies directly on your behalf. Many of them have to (or do) report to the bureaus that you are under a payment consolidation plan which will negatively impact your credit score even more than before you went to them. Just do it yourself and save the heartburn and the points on the credit report.
Thanks to all of the contributers. This is great information. I do have a question though. What is the best way to get old marks, such as over 30 days late, off of your credit report? My wife and I have some things from when we were students back in 1999-2001. These are all at least 8 years old.
Thanks in advance.
That's a pretty easy thing to do. Make sure you have the right address for their credit department, then you write a letter, certified mail/return receipt, and you advise them that negative information remains on your credit report even though it is older than 7 years - which is contrary to fair credit laws. Specifically request that they remove it. Tell them that if they believe that is should remain on your report, you would like an explanation in writing.