subject: Credit Repair Agencies - Assistance to Remove Negative Items From a Credit Report [print this page] Credit Repair Agencies - Assistance to Remove Negative Items From a Credit Report
What are the various negative items that you may find in your credit report? How can credit repair agencies help you remove the same? At the very outset, let me clarify that the removal of negative items can be done without the official consent of the lenders and the credit bureau. There are three parties to any credit transaction, the lender, the borrower and the bureau that records the information. Unilateral changes are out of the question.
The various types of negative information that you may find in a credit report include
Bankruptcy.
Settlements.
Charge-offs.
Delayed repayments.
Bouncing of check
Non-repayment of debts.
Each and every point mentioned above will have a negative impact because it shows your financial planning and management in poor light.
How can you get rid of this information? There are only two ways to get rid of negative information in your report. One is to wait for time to expire and the information to become obsolete. In case of bankruptcy, the law requires it to be mentioned for 8-10 years.
Settlement is not covered by any law but lenders invariably insist on the presence of this information for more than five years. Charge-offs and delayed repayment shall continue until you settle the debt and repay it in full.
If you opt for this approach, you will have to wait for a very long time before you enjoy any relief and improvement in your credit score. In any case, you do not need a credit repair agency to get this information.
The other option is to file a dispute and raise queries on the negative information included. Apart from bankruptcy, you can demand verification of each and every bit of information included in your credit report. The written complaint to the credit bureau will result in an inquiry and the conclusion will either be removal or verification of the same.
The loophole here is that any information that is not verified within 30 days will automatically be removed. This is a very useful advantage that people can use. If your lender is too busy to respond to these queries or if the lender does not have sufficient records, the transaction will automatically be removed.
The legality of the transaction is not under question. It is just a question whether the verification can be done promptly or not. If yes, it shall be retained. If no, it shall be removed. It is advisable to utilize this option even as you try other solutions to overcome your problem.
Credit report repair is a process that requires a plan. Making sure you achieve your goals within your time frame will result in a higher credit score and more financial possibilities. You may even get a credit report repair by reading through the report and removing any negative items through the process of disputation. Click the following link below for more information about credit repair:
