Article Score0

I am in the process of repairing my credit report on my own. I have paid off 3 accounts listed on my credit reports this year. I noticed that everyone saying that one cannot remove negative items from their credit report and must wait 7 years for the negative items to fall off. My question is if I am trying to clean up my credit report on my own, why does it takes 7 years for these items to fall off and a credit repair company will clear the negative item off in 30 to 45 days? I am not understanding this.

15 Thoughts on A credit question?
  1. Reply
    ray of sunshine
    November 25, 2011 at 12:48 pm

    You didn’t get bad credit that fast, so it won’t go away that fast. Anyone reading it will see that these things have been taken care of and hopefully take that into consideration..

  2. Reply
    November 25, 2011 at 1:29 pm

    unfortunatlely, this is just the way it is…good luck

  3. Reply
    November 25, 2011 at 1:51 pm

    I think they can come to some sort of legal arrangement with them.dunno.sorry

  4. Reply
    November 25, 2011 at 2:26 pm

    i think they mean if you have a negative and don’t pay it stays there 7 years say i don’t pay Sky tv and ignore and avoid i think its only allowed to stay 7 years.

  5. Reply
    mystery t
    November 25, 2011 at 3:19 pm

    Open up more credit accounts and pay off on time, you credit will be improved from other company.

  6. Reply
    November 25, 2011 at 3:30 pm

    Why is my paid collection still showing on my credit file?
    When I pay off a collection, the entry should show up as paid. BUT, the entry will remain on my credit file for 7 – 10 years unless the entity that had collection filed, agrees to let the collection company delete the information due to discrepancies. Collections show up as collections EVEN after I pay in full. Updated collections show paid and still hurt my score. FTC laws say accurate information can not be changed. Inaccurate information can be an opinion, not a fact in cases such as merged, fraud, duplicate, re dated and the like. Report these to the FTC and BBB

    How do I get a paid collections account removed completely?
    Wait for 7 – 10 years, or try to contact the entity that had you turned over to collections, “PAY THEM” and ask them to prompt the collection agency to remove the entry due to inaccuracy. If I cannot find the record myself by calling, then, chances are Experian Transunion and Equifax can’t either. Print a universal credit report dispute form and send it to an appropriate bureau.

    What am I trying to get from the creditor when I ask them to remove a file?
    I try as hard as I can to get a letter saying account is paid in full, paid on time and in good standing. I use this letter to follow up on the creditors’ decision to remove inaccurate and error riddled credit reports. Many collections are improperly reported or a consumer will not been properly informed collection processes have be allocated. With late payments I look for dated checks to support my “paid on time” claim or merged, fraud, duplicate or re dated files. Report these to the FTC and BBB
    Improve credit score ratings with a Bad credit self help credit improvement tips by Bo Majors.

    Will my credit score go up if I pay a collection account?
    Generally no or not very much. The account will still show as a negative credit item for up to 7 years, this is why it is important to pay and ask for, forgiveness in a humble but persistent manner asking for management if need be. A score will go up based on 0 balance on the account and if 2 years pass. My score will not increase much.

    When disputing a merged, fraud, duplicate, re dated record.
    I send as much information on me and my spouse as possible. This ensures the bureau makes no mistakes. There is a free form above and on all my pages. Look for Free universal Dispute form.

    Use mail as the FTC suggests in the above online laws. Keep originals for safety in future endeavors. Remember once an item has been found to be inaccurate it can never be put back on my credit, so keep a copy of removals for safety. that way we all stay sane.

    Do I have to contact all three agencies for disputes?
    Most creditors report to only one or two bureaus so it is only necessary to contact those. But if, I don’t know which one reported to, I dispute at all three. If I know which bureau the bad mark is on then by all means only dispute that one as it may confuse the other bureaus or creditors and cause errors. If I read the FTC laws, I notice removals can never be put on my credit again. I get a letter for safety and bureaus have to report removal to the other the 2 others by law and remove them also. Keeps originals! Back tract everything with something in writing.

    How much will my beacon credit score increase for paying off credit cards.
    Your score can increase as much as 80 points if these credit cards have been paid on time and are above the 80% against high credit limits. Paying off credit cards that are not maxed out so to say or have only small balances or have been over 30 days late several times will probably not help you out so much. You might even benefit more to keep the balances low and pay them well for 12-24 months

    If I pay off credit and loans will it come off my credit report?
    All credit is reported for at least 7 years unless it is a disputed error and the creditor is at fault.

    I want my Credit changed NOW so I can get a Loan NOW! What can I do?
    Not much. Changing incorrect credit can be a long process leading to tedious, frustration and payments I owe. Most credit changes take at least a year or 2 if I can make one. I can speed with luck hard work and on time payment. I overnight mail my disputes and get an answer within 14-40 days. Sometimes a phone number will come with my results allowing me to talk to a REAL PERSON at a bureau.

    How can some people with a bankruptcy get a loan and I can’t?
    Sometimes a bankruptcy is better than bad credit. One way is a Chapter 7 BK erases all dept and stipulates I cannot file again for 7 years. Since I have no outstanding dept and cannot re-file, many banks view this as a “good risk”. Many times after a “7,” I will need to re-establish some small credit items. Plus, a factor with any loan is job, job time, and amount earned. If I make 3500 a month, been on the job 5 years and owe nothing, I can see how attractive this may be to a bank.

    How long do credit files stay on my record? How long does your credit report reflect your bad credit.
    7 years for bad credit, late payments, collections, charge off’s. Lawsuits and judgments 10 years or until the statute of limitations runs out in the state. 3 years for inquiries. Diminished effect on my credit score takes place at 2 years out. Good or bad! If you have not used credit in 2 years you score will be gone. Must have used credit within the last 2 years.

    When does the 7 year thing start?
    From the date of last activity stated on the account. Not from when I open the account.

    How long do inquiries stay on my credit report?
    Usually three years. 1 year diminished effect. More than 25-30 can lower my score but not by 50 points. 20-25 points max I would guess. No one knows exactly. Even the bureaus don’t give exact data about this issue on the net or anywhere else for that matter.

    How many points do inquiries count against my beacon score?
    I’ve (Bo Majors) heard inquiries can count as much as 6 points for one “hard credit hit”. AND means 6 points will carry up to 4-6 hits as long as they appear to be related to the purchase of a single item and, all the hits represent the same item. Like when I go to a car dealer and shotgun my application to 4 banks trying to get a low rate or just plain approved. Most credit reports will show 10-20 inquiries and this should be considered an average, not to worry myself about much, number. BUT. I can dispute these files and there is a possibility to raise my beacon score by doing so.

    Will checking my credit report online count as an inquiry on my credit report? credit check lower my score?
    No. Inquiries only show up for “hard credit hits” when a creditor checks my credit worthiness in order to loan me monies. If I use the internet I will not get an inquiry placed on my report.

    Who are the 3 credit bureaus that keep my credit report and how do I contact them?
    Trans Union
    P.O. Box 1000
    Chester, PA 19022

    P.O. Box 740241
    Atlanta, GA 30374-0241

    P.O. Box 2104
    Allen, TX 75013-2104

    Dispute credit by certified mail to help keep anxiety and frustration to a minimum. Keep copies, wait 40 days, if no reply, do it again.

    Negotiate with your creditors.
    The first step to successful credit improvement is to negotiate with the people you owe money to. It is sometimes possible to have negative items removed from your credit report by negotiating with your creditors.

    If you see an account on your credit report reported as a charge off then, this will mean that the creditor involved has had to zero the amount concerned in their books. It is no longer considered an asset in the companies’ books, usually after six months of no payments made to the account.

    This does not mean that you don’t have to pay. They report it as a charge off on your credit report. This will seriously harm your credit worthiness. The creditor may assign a collection agency to the case, so never consider a charge off as a debt that you don’t have to pay.

    The first step is to contact the original creditor rather than the collection agency if possible. Try to negotiate a repayment plan with them but be sure when doing this that it is an amount that you can afford and intend to pay. Defaulting on the arrangement will only result in further damaging negatives on your credit report.

    It may be possible to get them to remove the charge off from your report and replace it with “paid as agreed” and on time” by offering to pay a certain amount per month. Again, always negotiate by mail and keep copies of everything you send.

    The creditor will want their money back and may agree to remove the negative from your report in exchange for regular payments. Not all will be willing to do this but do try to negotiate before making any payments and get the agreement in writing prior to making your first payment.

    If you can’t get them to agree to remove the charge off and report it as paid as agreed, then try for account closed, paid, or settled. You could always try to get them to drop the interest too in exchange for a lump sum as first payment.

    All creditors will report a charge off as a matter of course and to them it is a black and white business step to take. They are not doing this to deliberately put a slur on your record so don’t take it personally. Develop a business attitude when dealing with your creditors and don’t try to use moral high ground as a case.

    Negotiate, keep records and copies of mail you send out and be business like. Once you make any payment no matter how small you will lose your bargaining tool. Remember that once you get in touch with an original creditor or collection agency in an attempt to bargain, you are saying in effect,? hey! Here I am, I have money, I am willing to make payments?.

    Don’t forget that they can still take you to court for the retrieval of funds owing and you will be liable for costs on top. Don’t push your luck too far when attempting to make a deal.

    Credit Repair by the law below.
    FTC: How to dispute credit errors by the law below.
    The first thing to do is to read what the government says about credit repair t and read my tips below. the FTC has 2 important pages that rank high as they are laws.
    The above mentioned element might help overwhelmed people who deserve protection from errors. Name and report them to the FTC, your governor, representative and local police.

  7. Reply
    November 25, 2011 at 4:23 pm

    It depends on what the negative item is. If it is just a collection account, after payment in full you should insist that it be removed immediately. Write both the credit reporting agencies and the debt collector. However, if it is a revolving credit account, late or past due payments will show up for around two years. It will also report for up to seven years (usually less) how many times you’ve been late and the highest balance vs. the credit line. Consumer Credit Counseling is a non-profit company that might provide you some assistance.

  8. Reply
    November 25, 2011 at 4:52 pm

    If you use a “credit repair” company it will be treated like a bankruptcy on your credit report. DON’T DO THIS!! The best suggestion I could offer is checking out “The Total Money Makeover” by Dave Ramsey. It changed my life. Do the “baby steps” and you’ll be fine.

  9. Reply
    Flower Girl
    November 25, 2011 at 5:33 pm

    You play, you pay! Why should credit company’s automatically clear your bad record? How long have they carried your debt? And while they were carrying your bad debt anyone else that uses credit paid for it by having to pay higher interest rates. It is just the way it is. So go ahead and pay off your bad debts, because it is the right thing to do, but don’t expect to have perfect credit over night. Everyone always has an excuse why they didn’t pay the debt, I was sick, I lost my job, I got a divorce, Someone stole my card, blah blah blah. Be responsible!

  10. Reply
    Daniel T
    November 25, 2011 at 6:10 pm

    By US law, they the credit reporting agencies are not allowed to keep records for more than 7 years. Otherwise, it would never drop off.

    The good news is that it is a record of credit behavior over time. If you establish good credit behavior, that pattern will also be recorded. So if you have been paying off debts for 4 years steady and need to apply for credit, for buying a car or a house, etc. You can argue that case, and point out the improved behavior. This may result in explaining away the problem.

    After 7 years, there is nothing to explain because of the laws, so things get easier.

  11. Reply
    November 25, 2011 at 7:06 pm

    Most of the companies that claim they can have something removed are scams. They just take a fee, send a letter and nothing happens.

    If you have unpaid (open) accounts, they stay open until charged off. It doesn’t matter if you pay them off or not relative to the credit report. ALL accounts show for seven years. By paying them off, you are raising the score of your report (FICO) but you are not changing the fact the account information is still there.

    Think of it as painting a room in your house. You can add new colors, borders and wallpaper, but the old, outdated wall is still there underneath. It’s going to be there. It just looks more attractive (aka higher credit score).

  12. Reply
    Donna M
    November 25, 2011 at 7:37 pm

    I’ve been cleaning my credit now for years. It is a process of disputing and negotiating bunch of items.My sister in law had credit repair business and gave me the skills. The credit repair company sometimes ain’t completely sure that they can help you but they will do anything in their power. Some companies can do more than others. Here is a piece of advice:
    1) if you want to clean late marks several times you have to dispute them and at first may get worst than better but eventually they’ll come off;
    2) if it is account you want to remove keep on disputing by saying its not yours, eventually they will either call you or the creditor may not have your file and the credit agency may have to remove it.
    E-mail me if you have more questions.

  13. Reply
    November 25, 2011 at 7:54 pm

    Paying off old debts will not just make them drop off your reports. Negative items stay on your reports for 7-1/2 years from the date of first delinquency that immediatley preceded placement for collection and/or charge-off. Paying them just gets them marked as a paid collection or paid charge-off.. still negative, still on your reports.

    You can TRY negotiating a ‘pay for delete’.. you pay IF they will delete the tradeline from your reports. Many collection agencies and junk debt buyers will say they agree to do it, but then never do and you have no legal way to make them. They get their money and run.

    You can try to dispute the paid collections and you might get some off and you might not. Paid collections are some of the hardest things to get removed. Head to for ways to dispute paid collections.

    The credit repair companies are a scam. Yes, they might succeed in clearing some negatives in 30-45 days, but there is NO guarantee that those baddies won’t return, especially if they are valid. A credit repair company bascially spams the CRA’s with disputes, which in itself is not a good thing. The disputes eventually get marked as “frivolous” and are ignored.

    Some people who’ve used credit repair companies find that they lose GOOD tradelines too.. which is NOT what you want.

    Disputing repeatedly as ‘not mine’ will also get your disputes ignored and marked as ‘frivolous’ and ‘not mine’ is NOT a sufficent dispute anymore.

    You do not want use these companies and you do not NEED to pay them. Just learn the ways to do it yourself.

  14. Reply
    chaka h
    November 25, 2011 at 8:14 pm

    Before you pay your debt off make an agreement with your creditor that if you pay your debt off in full that they will stop reporting it to all 3 credit bureaus. its called a deletion letter. Send them this letter first, then wait for their acceptance of this agreement then pay the bill. your creditor will send you a letter for you to send to all 3 credit bureaus. it wont be on your credit report anymore forever!! i did it

  15. Reply
    November 25, 2011 at 8:47 pm

    The report will still show late payments etc. However, the accounts should report the payments you have made and that the accounts are now current. Recent information has a greater impact on your score that older info. You should probably check your report to be sure the good news has been reported.

    Leave a reply

    Register New Account
    Reset Password