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dixiedarlin | How to remove old negative account from my credit? |
me and my husband are trying to buy a house but his credit is showing allot of old negative things like his bankruptcy that was discharged 4 years ago and old medical bills. what can we do to clear thos from his credit?
Additional Details
most of the medical bills are charge offs! and old accounts from our old bank. |
 |
 
N K
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The only way to remove old negative acocunts (before 7 eyars) is to settle the debt and get a pay for delete letter. Before you send a single $ to any collections about any debt not 7 years old, get a pay for delete letter! If you get that letter, the collections will remove stuff from your credit report. No matter if you settle or pay in full get that letter and it will be removed. Many collections are more than willing to furnish you one as long as they collect their money. See the URL
http://www.creditliberty.com/credit-repair/pay-for-deletion-letter.html |
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bdancer222
 |
Derogatory items remain on your credit file for 7-1/2 years from the date of first deficiency (NOT LAST PAYMENT). This is per the FCRA and nothing restarts that clock. Bankruptcy and most other public records items stay for 10 years.
It is especially bad if you have a 4 year old bankruptcy AND derogatory items that were not included in that bankruptcy. That would send a huge red flag to any creditor!
Negotiate a pay for delete for those medical bills. Send the collection agency a letter offering 25% if they will remove the item from your credit file. Ask that an authorized agent ofthe collection agency sign and return a copy of your letter indicating acceptance of the settlement. Put lines at the bottom for name, date, and print name.
Keep this agreement, along with your payment proof, forever. Don't give the collection agency direct access to your bank acount. |
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SlimMick
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Accurate negative stays on your credit report...only the passing of time will remove these items....The BK stays for 10 years....However, you can make what are called Pay for Delete offers for the medical bills, where the collection agency promises to remove the item from your credit files upon receipt of the agreed-to amount. If you are not is a position to pay them back, then they will remain on your credit file for another three years.
Being that the medical debt is four years old....try offering settlements in the 25-35% range. If they accept, get all terms in WRITING FIRST prior to giving them your money. The agreement should state that they'll remove the items from your credit report upon receipt of payment. NEVER accept verbal promises from debt collectors. If it's not in writing it's worthless. |
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Jason S
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You need to dipute these neg with thhe CRA's. go to http://www.creditforums.org/f13/got-my-results-today-disputes-346/ and use that method. I had numerous collections removed with this method and saw my score raise 75 points on each of my Credit Reports. |
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lonetigerwolf
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A bankruptcy normally stays on your credit report for 7-10 yrs and there is nothing you can do to eliminate it from your credit report. |
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jsscdb
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Hi Dixie,
Just make sure you pay all negative items in full and then speak with them and write to them and request any negative items be taken off of the credit report. Your husband will have to do this since it's his credit. You can find a reliable mortgage broker (do your research) and ask him/her to run the credit, there should be a phone number listed next to the negative items, call them and speak with them and find out what has to be done to get the negative items removed. Sometimes it's paying the bill off, sometimes it's writting them a letter, sometimes they'll do it right then and there! Either way, they'll let you know. Good luck!! I'm going through the same thing right now. :( |
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src50
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You can't. They will have to age their way off. |
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chessmaster_ultra2004
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If the required have already been made, and a settlement has been done with those bills they should leave in a couple years.
The reason is that the major bureaus have a data retention period...they keep info on file for like 3-5 years till it becomes outdated and then delete it from the system. |
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G-Man
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According to the FCRA (Fair Credit Reporting Act), there are limits on how long something can stay on your credit file.
One of the common misconceptions is that a chapter 13 bankruptcy will only stay on your credit for 7 years.
That's true in one sense but if it takes you 5 years to pay it all of then it would acctually be there for 12 years.
This is because the items on your credit report stay there for 7 years from the date of LAST ACTIVITY.
Last activity is defined as when you last made your payment.
SO - if you have a 4 year old medical bill and you want it off of your credit, you have three options available to you:
1. Contest it. Sometimes the creditor won't respond in the lawfully required time (30 days) and it'll get removed.
2. Pay the bill. Expect to wait 7 years from the date you paid it off for it to drop off of your credit.
3. Negotiate with the creditor to get them to remove it from your credit in return for you paying it. MAKE SURE YOU GET IT IN WRITING!!!
4. Ignore it. In 3 years it'll fall off of your credit report. Of course, you DO run the risk of having them file a suit and then your wages getting garnished but (in my opinion) the chances of that are unlikely if the debt isn't more than $10,000. It's just not worth it for them to pursue it.
If the creditors are harassing you on the phone, get their address, write them a letter and tell them to stop contacting you on the phone. By law, they have to abide by that and if they don't there are significant penalties.
A bankruptcy can be overcome pretty easily if you've got money to put down for something.
G-Man |
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