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Erase My Credit FAQs

YOUR CREDIT:  Fact or Fiction?
 

FICTION

FACT

The law states that bad credit must remain on my credit report for a period of seven to ten years.   There is nothing further from the truth.  There is no law that states that bad credit must remain on a credit report for seven to ten years.  In fact, there is no law that states that creditors must report your credit history at all.  The law states that accurate credit may remain on your credit report for seven years.   Bankruptcies may remain on your credit report for 10 years.
     
When I pay off a past-due account, such as a charge off or a collection account, it will show as "Paid" and will no longer be negative.   The paying off of an old debt actually harms credit.  The seven-year clock begins ticking on "the date of last activity".  When an outstanding delinquency account is paid off the status changes to "Paid Charge Off" or "Paid Collection" and the seven-year period begins again.  Doing the right thing buys additional years of negative credit.
     
Some negative listings, such as bankruptcy and judgments, are impossible to remove from a credit report.   All types of negative listings--even bankruptcy and judgments--have been removed from credit reports, and have been thousands of times.  Courts do not report information to credit bureaus.  When a public record item is disputed, the credit bureaus must send an employee to the courthouse to verify such information.  Often this cannot be done within the allotted 30-day time period, and the negative items are permanently deleted from the credit file.
     
If I succeed in deleting a negative item it will just come right back on my credit report.   The Fair Credit Reporting Act clearly states that if an item is not verified within a 30-day period, that such item must be permanently deleted from the credit report.  Although uncommon, items sometimes reappear.  If that happens, those items can be removed instantly by notifying the credit bureau of their previous deletion.
     
Disputing the credit report is easy and any consumer can do it for the price of a few stamps.   Disputing the credit report is easy, but getting results from the credit bureau is difficult, complex, and infuriating.  It's no coincidence that the Federal Trade Commission receives more complaints against credit bureaus than any other type of business.
     
If I declare bankruptcy my credit report becomes a clean slate.   Declaring bankruptcy does not erase bad credit.  For their own interest, some bankruptcy attorneys may not adequately explain the effects of bankruptcy to their clients, leading to misconceptions.
     
If my credit dispute is unresolved and I file a "100 word consumer statement" with the credit bureau as suggested on the report, creditors will read the statement and take it into consideration.   A 100 word statement is an admission of guilt to creditors and only serves to verify the negatives on the report.
     
If I'm having trouble paying my bills I can go to Consumer Credit Counseling Service (CCCS) and they will help me to restore my credit.   CCCS is a non-profit debt counseling service that assists those who are in debt.  CCCS companies are controlled by the creditors and the credit bureaus.  The fact is, if you are in a CCCS program, and it is reported to the credit bureau, creditors will treat you as if you had declared a Chapter 13 bankruptcy.
     
It is illegal for a collection agency or creditor to change or delete a negative entry on my credit report.   There is no law which states that credit must be reported at all.  Collection agencies and creditors can change or even delete any negative entries.   Any disputed or incorrect negative entries can be removed.

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