If your credit score is holding you back from owning a home, automobile, obtaining the credit card you desire. Your credit score can even hold you back from getting that job you are applying for, or renting an apartment is a problem, a higher FICO is vital to achieving your dreams. With the recent revision to the Fair Credit Reporting Act (FCRA) and new legislation being passed, it makes creditors and lenders more responsible for the information they share about you. Invalid information must be corrected or removed within a very short period of time usually they have thirty days to remove or correct any negatives on your credit report. Since most companies are very slow moving, the derogatory information is usually just removed.
The Federal Trade Commission (FTC) says that in most cases you can do your own credit repair. These are the following chances of improving your credit score. A late payment on a home mortgage that is thirty day late only one time, 80% chance of removal within 45 days. Thirty days or more than once- 80% within 45 days if you only focus on one but 65% over 90 days if we focus on all late payment from this account 60 or more days late, whether it is 1 time or several 65% over 90 days. Foreclosure are very difficult to get removed, you have a 50% chance within 35 days 60% within 90 days. Past Due balances- 100% within 35 days if you bring it current, otherwise 60% within 35 days but will get reported past due again if not brought current.
Credit cards and other loans if they are charged-off you have a 70% chance if getting the item removed within 90 days if paid, 50% if unpaid. Unpaid Charge-offs have a very good chance of getting re-reported since they still have a balance, reason being, Creditors report when it is in their best interest. Since they have money coming to them they are more likely to report. When it is paid, it does not come back because the creditors never report again after they update the account as paid because they have no reason to waste their time since they got what they wanted.
Auto late payments are the same as mortgage late payments.
Repossessions voluntary and involuntary are the same percentages, 70% within 90 days if paid, 50% if unpaid. Unpaid Repos have a very good chance of getting re-reported since they still have a balance, reason being, creditors report when it is in their best interest. Since they have money coming to them they are more likely to report. When it is paid, it does not come back because the creditors never report again after they update the account as paid because they have no reason to waste their time since they got what they wanted. An involuntary repo is when they take it from your house while you are sleeping, a voluntary repo is when you call the bank and ask them to come get the car because you canot afford the payments, both are bad although involuntary is worse.
With a student loan you have a 70% chance of removing late payments or paid charge-off student loans within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed when they are unpaid. With child support you have only 70% chance of removing late payment or current or paid child support obligations within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed and remain past due.
Collection accounts if unpaid you have a 85% chance to get removed if you are handling the settlement for deletion, otherwise 70%. Keep in mind that unpaid will usually get re-reported but be careful paying without an agreement to delete since paying a collection can reduce the credit score. Please note that settlement for deletion only works with actual collection agencies and never banks themselves since they never settle for deletion due to policy concerns, paid- 60% within 35 days and 70% within 90 days.
With judgment accounts you have 50% within 35 days or 65% within 90 days whether paid or not. Judgments DO NOT get re-reported even if they are unpaid. This is the case for any public record. Once it comes off it stays off. Liens 60% whether paid or not within 90 days. Liens filed longer than 7 years ago that still show as unpaid have a slightly better 70% chance of being removed.
Bankruptcies are very difficult to get removed from the credit report about a 15% chance within 35 days and 25% within 90 days. We have a 50% chance of removing a chapter 7 that is 7 years or older. Bankruptcies such as a CHAPTER 7 can report legally for 10 years from the date filed for Chapter 7 that are discharged, and 7 years for a chapter 7 that is dismissed. Chapter 11 and 13 stay for 7 years from the time they are filed.
BK Relisting- ( requires a copy of the clients BK papers in their entirety) 90% successful within 40 days, 99% successful within 90 days to make sure each item is showing zero due that should show zero due as a result of the bankruptcy. I suggest going for deletion first and using a relisting as a last resort if unsuccessful with the deletion. Liens can also legally be reported for 7 years from the time they are PAID, which means they can stay forever if unpaid, although most fall off after 15 to 20 years even if they are unpaid.
Dr Livingston has over 16 years in the credit industry, helping people with credit problems. C.C.E LLC, allows the consumer free information which will help them understand their rights as a consumer. PLEASE VISIT OUR WEBSITE FOR FREE CREDIT HELP.