The credit deletion boom!

[artygal]

Has anyone ever used this service?  I have done my due diligence so I'm not an idiot.  I was just wondering if anybody had ever used that service or know someone who has.  I'm sure no one will admit to using it anyway.lol  I get how to clean up your credit yourself blah...blah...blah. I only want to know if any has used it. No speeches please.

[jrockfl]

I have never used that service, but I cleaned up my credit on my own. I used myfico to pull all 3 reports and then disputed online.

It took some time, but all my scores are in the 700s.

[WWProperties]

www.creditboards.com... its free information.

[gordo2417]

Jrock said it best.  I did the same thing and the inquiries fell off like leaves in the fall.  Now sitting at high 7's with me doing the work.  Do it yourself.

Nate-WI

[enricosuave]

The only, direct, online site I found that allows you to personally check off and dispute items on your report was Equifax.  Their website is: http://www.equifax.com/ .

What I did was I ordered their basic report, which got me access into their site, then kept the monthly account going for just 2 months while I disputed all the false items that had been put on my report that belonged to my brother.  After everything was cleaned up, I cancelled the account's monthly billing.

I did, however, sign up with http://www.identityguard.com so that I always get an e-mail anytime someone checks my credit or a change is made.  With them I can print out an updated view of my credit report of all agencies any time I want.

Hope that helps,

[starke]

Credit is the bain of my existence as a lender in FL.  So much on credit reports is bs...

Once you clear your report, just keep your eyes open that they don't sell the debt and the next creditor tries to reage the tradeline.... see that often after someone clears stuff.

[JOHNNY Q]

Section (609) Rules of Reporting:

Section (609) of the Fair Credit Reporting Act is a Consumers Disclosure section which is to provide for the protection of consumers against false and erroneous reporting.  This section of the FCRA places the burden upon the Credit Bureaus and the Creditor to prove an account is yours.  To positively prove an account is yours, the creditor must provide the Credit Bureau a copy of the original creditor's documentation (whatever you filled out and signed upon opening the account with the reporting creditor).  

The FCRA was enacted by Congress to protect consumers from unverifiable accounts and information from being reported on your credit report.  If you filed a suit against someone and you showed up in court with no proof against that person, what would the judge do - throw the case out of court!  Without documentation, the Credit Bureaus have NO right to list your personal financial information on your credit report.  They are required by law to verify and validate every single account on your report.  

Repair Letter-Example.

  Name
Address

Equifax
P.O. Box 740258
Atlanta, Ca 30374-0258
800-685-1111
www.equifax


Date

To Whom It May Concern:

   This letter is a formal complaint that you are reporting inaccurate and incomplete credit
information.
I am distressed that you have included the below information in my credit profile and have failed to maintain reasonable procedures in your operations to assure maximum possible accuracy in the credit reports you publish.
Credit reporting laws ensure that bureaus report only 100% accurate credit information. Every step must be taken to assure the information reported is completely accurate and cor¬rect.
The following information therefore needs to be re-investigated. I respectfully request to be provided proof that these inquiries were in fact authorized with an instrument bearing my signature, and for legitimate business purposes. Failing that, the unauthorized inquiry must be deleted from the report as soon as possible:

Acct # 1234


Please delete this misleading information, and sup¬ply a corrected credit profile to all creditors who have received a copy within the last 6 months, or the last 2 years for employment purposes.
Additionally, please provide the name, address, and telephone number of each credit grantor or other subscriber.
Under federal law, you have 30 days to complete your re-investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your re-investigation.





Sincerely,



Name

SSN#

[starke]

That's a good letter John... unfortunately, I've seen more misreporting than good reporting especially in the past 6 months here in FL where I'm dealing with the 'less than creme of the crop' because the market has slowed down.

The problem arises when someone has a month to close on their home, and they have junk there that pulls down there score... and according to lending guidelines... what is it, a 500 balance, $1000 aggregate has to be paid off for conforming lending.

I have stuff on my report that is false under the FCRA, too.  I had a Verizon bill in which they decided to change my contract and they over-billed me in the neighborhood of about $400.   >

I disputed the account, and it was removed.  They re-presented the account to another bureau... effectively reaging the account (illegal).
Now it's back on my credit.   > >

As lenders, we see many credit reports, and often bill collectors will reage accounts the moment that they purchase them (just like the example above) despite the date of delinquency being sometime earlier.

For the creditors it seems that there is little downside to reporting inaccurately.  The FCRA has limitations (I believe) for each infraction of $1000 per account.

Basically you are stuck bringing your creditor to small claims court to get the matter resolved.  If the dispute process is ineffective.

It just seems with all the commercials pushing credit reports and credit services... if the reports were always accurate, or to a high percent, there would be less of a need for credit reports/monitoring services, which might hurt their sales of credit reports and such services.  (or if we were all perfect about paying our bills  )

Here's the site where you can get your credit report from all three.  It's the actual govt site:
http://www.annualcreditreport.com

With typically mortgage lending closing in under 30 days, and the dispute process with a 30 day determination period... I find most people are stuck.  They really have to start repairing there credit reports early... creating a need to buy more reports...

ok... I'll get off my soapbox now...

[JOHNNY Q]

It good that you know about credit repair issue too.

[starke]

Sadly by first hand experience... but, I'm not skilled in repair.

I'll be copying and pasting your letter for my own purposes soon enough.   :-[

[enricosuave]

I was approached by a lender who promised a friend of mine he could 'guaranteed' scrape ANYTHING off his credit report and raise his score.  Later that week my friend came to me and asked if I knew how to download various company logos from websites.  I asked why and he said the lender needed them to clean up his credit.

I refused to have anything to do with it.  What it looks like to me is that the lender was going to fax in fake letterhead statements saying the accounts were paid in full.  

So just be careful when someone overpromises credit cleaning.. ask them how they intend to make it happen.