Comments on: Is Credit Repair for you?

By: Carl

Carl — Mon, 19 Jan 2009 03:26:20 +0000

Bob all those actions are perfectly legal under the Fair Credit Reporing Act anyone have the right to challenge any information in their credit reports accurate or not, the burden of proof is in the furnishers. No judge in his right mind will fine you for disputing info in your credit report, it is your right under federal law to do so.
If you are so sure about what you are saying please enlighten us with the specific US laws that support your arguments.
Pay for deletion is against the internal rules of the credit bureaus but there is not federal or state law stating that they cannot do it.
If somebody defaulted in a credit card 3 years ago and the bank wants to report derogatory information in his credit report they must have by law all kind of records to prove what they are reporting. The fact is only a few banks keep those records for more than 18 months, too expensive, so if you challenge the reporting they have to delete.
The FCRA States very clearly that only accurate and VERIFYABLE info can stay in a credit report, if they choose to get rid of those records in order to save a few bucks is not the consumer fault, they cant have it in both ways

By: Kristy

Kristy — Sat, 01 Nov 2008 16:31:23 +0000

@ Bob – I hope you really don’t believe that those actions are legal. If the information on the report is accurate, you shouldn’t be disputing it.
We could sit here all day long and argue the point, the fact is, if it were brought before a judge, you could be fined. So, all I can say to you is do what you want, but ‘pay for deletion’ of accurate information is illegal. Now, if the information is incorrect, that’s a different story. But if you chose not to pay an old credit card bill and it went to collections, it’s not legal to have that removed completely. It’s still your account. The only legal way is when it falls off after 7 years, provided the company doesn’t stick it back on. What you’re doing is fraud, just be aware of that.

For everyone else, check out the link to the FTC. The legal stuff is listed in there.

By: Weekly Roundup and Carnivals

Weekly Roundup and Carnivals — Fri, 31 Oct 2008 16:01:30 +0000

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By: Bob

Bob — Fri, 31 Oct 2008 13:56:54 +0000

“companies that suggest you commit fraud or illegal activities, such as disputing all information on your credit report, whether valid or not, or creating a new credit profile
”
FYI, disputing all of the information whether it’s valid or not is not illegal. It’s actually a good idea to do that, especially if you’ve paid something in full. In many cases, they won’t respond to the dispute and it will simply drop off.

“The fact is, NO ONE can legally remove accurate negative information from your credit file…unless you make a deal with the FBI for something, but that’s a whole other story.”

This is not true either. You can very often do a “pay for deletion” contract with the original creditor. If you pay them in full, they remove the negative information from your credit report. Google for “pay for deletion.” Nothing illegal about that at all, and I’ve done it before.