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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Credit Report |
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During college, my credit record was damaged through late
payments to creditors. What I'm looking for is advice on how to speed up the
credit repair process. I'm now married, and my wife and I make enough to pay
bills and save without too much difficulty. But my previous credit problem is
hindering our ability to do such things as buy a car or house. Can your service
help me?
Andrew
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There is no way to speed
up the credit repair process. The federal "Fair Credit Reporting Act" permits a
creditor to report derogatory information for up to 7 years. There is absolutely
nothing you, or MMI, can do to compel a creditor to remove derogatory
information before 7 years has gone by. You will just have to wait until 7 years
has gone by before your credit will be restored. That's the law.
Sorry. |
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I came across an ad in the Yellow Pages of a place that offered
to "fix your credit or your money back!" Now, I know, that generally there is no
way to "fix your credit report," but how they said they did it was curious. They
said that they send notices to the CRA's that the entry is incorrect, and
banking on the fact that some creditors purge their records after two years that
the creditors will no longer be able to prove the entry on the report, therefore
it is removed. Is this a scam? Or, would it work if your creditor does in fact
purge their records?
Maceo
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Dear Maceo,
Yes,
this is a scam. There is no legal way to remove accurate information from a
credit file. Furthermore, any attempt to do so is probably unscrupulous and
possibly illegal. Don’t believe everything you read.
Creditors and the
credit reporting agencies are aware of these tactics and are doing everything
they can to prevent them.
The only real cure for a bad credit rating is
time. Derogatory information stays on a credit report for 7 years (bankruptcy is
10). If you continue to pay your bills on time and as agreed, your credit will
improve.
You can learn more about credit repair scams by visiting the
Federal Trade Commission’s website at www.ftc.gov.
Kudos for not falling
victim,
Susan
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I graduated college with 15 credit card bills. While in college I
was excellent at paying bills on time, however after I graduated I had the money
but due to disorganization and illness I had trouble paying bills on time. It is
two years later and I have paid them off and I am down to 5 credit card bills. I
no longer use my cards and I have a steady job (teacher). I need information on
improving my credit rating to improve on late pays.
Thank you.
Melissa
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Melissa,
Pay your
bills on time and as agreed.
Hoping for more? That is really the best
advice I can offer. There is nothing you can do to “erase” what has been done in
the past. As you know, derogatory information stays on a credit report for 7
years (bankruptcy is 10). Fortunately, it sounds like you are on the right track
and your credit rating is most likely following suit.
I recommend that
you pull a credit report to see where you stand. You can obtain a copy from MMI
simply by calling 800-762-2271. It will be mailed to your door within
weeks.
Susan
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I read your replies and found usually the bad reports stay for 7
years but from what date: the date of delinquency, date of the company reported
the delinquency, the date I paid them back the amount? One of the credit
reporting agency has a wrong report against me. I have a collection account at
1994 but they are making it 1997 so it will remain longer in my file. I tried
hard to change it. I sent a letter to the creditor but nothing is happening. Can
I sue them and if I can, please let me know somebody who can help me. I shall
appreciate your help.
Best regards, Mou
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Dear Mou,
To answer
to your question about whether or not your report is wrong: It
depends.
The federal Fair Credit Reporting Act (FCRA) outlines the length
of time information can remain on file in two ways:
-On accounts charged
to profit and loss or placed for collection after January 1, 1998, 7 years from
the beginning of the delinquency that lead to the charge off or placement for
collection.
-On accounts charged to profit and loss or placed for
collection prior to January 1, 1998, 7 years from the date of last activity on
the account.
If you still feel there is an error, the FCRA does permit a
consumer to seek damages in state or federal court for willful or negligent
noncompliance of the FCRA. To proceed with such a suit, you will need to seek
the advice of a lawyer.
Good Luck,
Susan
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Is it true that bad credit is automatically erased from your
credit report every 7 years?
Kevin
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Kevin,
Seven years
is the general rule of thumb, however there are some factors that can affect the
length.
The federal "Fair Credit Reporting Act" states the length of time
derogatory information remains on a consumer's credit bureau file is:
On
accounts charged to profit and loss or placed for collection after January 1,
1998, 7 years from the beginning of the delinquency that lead to the charge off
or placement for collection.
On accounts charged to profit and loss or
placed for collection prior to January 1, 1998, 7 years from the date of last
activity on the account.
On chapter 7 bankruptcy, 10 years from the date
of entry or date of discharge.
For more information, visit the Federal
Trade Commission’s website at www.ftc.gov.
Susan
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
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