Credit Repair Solutions. By: Seewing Yee Certified FICO Professional (510) 552-0726 Email: [email protected] www.integratedfinancialsolutions.com. A little background. Have been doing in credit repair since 1991
directly, or indirectly through a reseller, of such dispute, the agency shall,
Very important concept!
A. They are Experian, Equifax and Trans Union and they are for-profit multi-million dollar corporations
These companies depends on the credit bureaus in order to make decisions on their customers
FICO Score range from 350-850
As a consumer, your credit worthiness is based on the above scores
From most severe to least severe:
Debt purchased by outside collection agency showing higher balance due to interest, penalty, fees, etc
You don’t show up in court, default judgment against you – another derog on the credit report
What if with the passage of time, you decided to pay off this debt? What happens to the credit reports?
Although your debts have been satisfied, the paid trade line still are deemed derogs!
Question: How soon can a derog account be disputed and deleted?
Answer: It depends.
With respect to a foreclosure, you must wait at least 24 months from the date of trustee sale.
Question: So, after the 24 months have lapsed and I start to dispute the foreclosure trade line, when can I expect the item to be deleted?
Answer: Depends. Sometimes, after 30 days dispute investigation, the credit bureau are unable to verify the dispute IAW Sec 611 FCRA, the disputed item in question must be deleted.
Caution: removal of a derog on a particular creditor derog from one credit bureau report does not necessarily mean the other credit bureaus will follow suit. Each dispute is a separate, independent event. The ultimate goal is to remove a particular creditor account from all three credit bureaus (Experian, Equifax and Trans Union).
Question: If I have a recent late, whether it was a mortgage late or a credit card late, how long do I have to wait before I can dispute them?
Question: What types of derogs whereby I do not have to wait to dispute?
Question: Let’s say I have an original creditor charge off or a collection agency account for $300.00. How easy can I dispute them several times and get it removed?
Question: What if the charge off or collections is $1,000.00 or more?
Answer: There is a small chance the derog can be deleted after several dispute investigations. But more likely, based on the high balance still due, not only the dispute may come back verified after 30 days, but it will probably trigger a aggressive response from the original creditor or the collection agency to come after you!
Answer: No. The credit bureaus will just merely update the derog to show paid charge-off or paid collection, still a derog account.
Answer: Once it show paid charge-off or collection, go through the bureau and dispute the paid derog account and the chances are the derog can be deleted after several disputes because the creditor already received their money and will not bother to investigate the account in dispute.
Answer: No. Once you have paid them it will be updated to -0- balance paid account but still a derog. Then you can pursue several dispute investigations to affect the ultimate removal of the paid defaulted accounts.
The foundation behind successful credit cleaning is based on the premise that a derog account is so old that the creditor and the credit bureaus does not have the ability to verify the dispute in question.
Answer: It depends.
Q: When can someone start the process of pursuing removing Foreclosures, mortgage lates, etc. from credit reports?
A: Depends on..
A: Not really. Perhaps negotiation or legal dispute methods
Question: How long is the time period a foreclosure before a consumer can be eligible to obtain credit to purchase a home?
Answer: According to the current Fannie Mae conventions lending guidelines for homeowners, five (5) years from the date the foreclosure sale was completed. Exception is three (3) years if the borrower has “extenuating circumstances” that led to the foreclosure. Examples are divorce, medical conditions, and job loss
Question: What is the time period after a Short Sale before a consumer can be eligible to obtain credit to purchase a property?
record or collection filed