Credit Repair Archives (2024)

FAQs

Can you pay someone to fix your credit score? ›

While working with a credit repair company can be a good option for improving your credit score, it's just one of many possible solutions, and it won't be the right fit for everyone. Outside of trying to repair your credit on your own, you can consider seeking credit counseling or a debt settlement company.

Technically, pay for delete isn't expressly prohibited by the FCRA, but it shouldn't be viewed as a blanket get-out-of-bad-credit-jail-free card. "The only items you can force off of your credit report are those that are inaccurate and incomplete," says McClelland.

Common credit sweep scams

Removing negative information immediately: Common scam services often promise to remove negative information from your credit report. This can't be done. In most cases, negative items will remain on your history for up to seven years.

Summary: “Please cease and desist all calls and contact with me, immediately.” These are 11 words that can stop debt collectors in their tracks. If you're being sued by a debt collector, SoloSuit can help you respond and win in court. How does the 11-word credit loophole actually work?

Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.

For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.

Credit repair services can be costly, and there's nothing they can do that you can't do on your own for free. In most cases, learning how to fix your credit is the best way to go. Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com.

While it may seem like a good idea to pay someone to fix your credit reports, there is nothing a credit repair company can do for you that you can't do yourself for free.

It's not possible to wipe your credit history clean. Negative items like late payments, collections and bankruptcies typically remain on your credit report for several years. However, you can rebuild your credit with on-time payments, debt reduction and responsible credit account management.

Is National Debt Relief legit? National Debt Relief is an accredited member of the American Association for Debt Resolution (AADR). It has been around since 2009 and has helped over 600,000 individuals reduce their debt. It also has an A+ rating from the BBB (Better Business Bureau).

What is pay to wipe your credit history? ›

The goal of a pay for delete arrangement is to get a collection agency to remove a collection account entirely from your credit report before the Fair Credit Reporting Act (FCRA) requires it to do so.

For the uninitiated, credit washing is the practice by which unscrupulous individuals approach creditors with false claims of identity theft. This allows them to “wash” the negative claims off their record and take out car loans at rates they aren't qualified for.

The way a credit sweep works is the credit repair company asks you to pretend that you have been the victim of identity theft so that they can get the credit bureaus to remove accurate, valid negative information from your credit report.

Watch Out for Credit Sweep Scams

Unless your client has a police report proving their identity was stolen, the term credit sweep should not even pop up. If your client says they know of a company that has a workaround or can retroactively file a police report, it's time to sit your client down for some “real talk”.

Does the 609 letter really work? If your argument is valid, the credit agency will delete the item from your credit report. However, if the credit agency can provide you with information that proves the item recorded is accurate, it will not be removed from your credit report.

In general, a 609 letter is not a legal loophole that consumers can use to remove accurate information from their credit reports. This means they can't relieve you of any verifiable debt. If a credit bureau is able to verify your debt, it will stay on your report. They also can't relieve you of your existing debt.

Note that your 609 letter doesn't need to be notarized. It is recommend sending the letter via certified mail through the U.S. Post Office. This way, you can receive a mail receipt confirming delivery.