Repair Credit Score

Archive for the ‘Credit Repair’ Category

Most derogatories on your Credit Report imparing your Credit Score can be deleted, but not everything.

Examples of the derogatories that can be removed are:

• late payments
• collections
• bankruptcies
• tax liens
• repossessions
• judgements
• foreclosures
• charge offs, and
• garnishments

How long does it take to delete derogatories?

Most derogatories such as collections and inquiries are deleted within the first 30 - 45 days of Credit Repair. Some negative items on your credit reports may be harder to remove such as bankruptcies and foreclosures.

In the case of bankruptcies and foreclosures, the credit bureaus may ask for more supporting evidence of the case. However, some people have had bankruptcies and foreclosures deleted from their Credit Report within a few months.

Late payments are updated on your Credit Report as 'never late'. Charge offs and collections are common items to be deleted during Credit Repair.

Some negative items on your Credit Report may be harder to remove than others. This is another reason you should choose a Credit Repair Service company that is committed to helping you remove derogatories from your Credit Report in the long run.

There are many Credit Repair Service companies that help you in the short run and soon all the negative information will be right back on your Credit Report.

Selecting a Credit Repair service is very important if you decide to not go for the do it yourself Credit Repair route.

What to look for in a Credit Repair service or Credit Repair company?

Registration certificate from the State Consumer Affairs Division

Legitimate Credit Repair service companies will have a registration certificate from the Consumer Affairs Division of the Department of Business and Industry in the state that they are in.

Currently Licensed / Bonded / Registered Bureau of Consumer Affairs

You want to look for a Credit Repair service company that is licensed, bonded, and registered with the Bureau of Consumer Affairs currently.

100% Money Back Performance Guarantee

Good Credit Repair service companies will have a 100% money back guarantee policy. If the Credit Repair agency is so confident that they will repair your credit and repair your Credit Score, they will not be afraid to offer the guarantee.

A Credit Repair service company that has been around for years

You want to look for a Credit Repair service company that has been around for sometime such as 10 years. You never know if a smaller and newer credit repair service company will go out of business while reparing your credit and Credit Score. You want to avoid paying these credit repair service companies fees and they disappear or go out of business on you.

Evidence of how derogatories are deleted from credit reports

Since you want to repair your credit and repair your Credit Score legally, you want to know that the credit repair service company is working on your Credit Report the legal way.

• What can be deleted?
• Free Credit Repair
• Dealing with Collection Agencies
• Credit Protection Association LP

Question: how long after i pay a credit card in debt collection will my Credit Score start to repair itself? and...?

will it ever be fully repaired and if so (because the rest of my bills are always paid on time), how long would it take?

Answer: Usually, a couple of years after negative items are paid off, your score will start to rebound. However, your Credit Report will reflect the negative entry (even a paid off collections item is a negative) for 7.5 years after last activity and will be seen by any future creditors who pull your Credit Report during that period. A good payment history for a couple of years after a negative will make some lenders look at you more favorably (for example, if you are trying to get an FHA home loan, your most recent two year payment history is more important than your Credit Score, but you will still need a minimum FICO of about 620 and a minimum 3.5% down payment to get any lender to underwrite the mortgage) , but not all will do so.

If you do pay off the collections account, see if you can get (in writing) an agreement to "pay for delete". That way, the collections item will be removed. However, the original charge off item will remain for 7.5 years from the time it was first reported.

Credit Repair FACTS: info from the Credit Secrets Bible