Thursday, July 23rd, 2009
Will disputes help my credit go up?
Eliza W asked:
I am trying to buy a home and the lender pulled our credit reports. I try to stay on them as much as possible though the year, but this one blew me away. There is so much wrong information on it for both myself and my husband. We are in the process of disputing everything. Once things are cleared up, will this increase our scores significantly? My middle score is 592 but there are at least 10 wrong items (negative) that need to be removed.
Its not any credit cards I’m trying to close. There all these accounts that I paid in full years ago that are being shown as past due, sold to another collection company or something else negative. I contacted the banks, ect and they all told me they were reporting it as the correct positive status and I need to dispute it directly with the 3 credit agencies. And I understand that they look at what my report has, so getting rid of these negative 10 reports should help, right?
I am trying to buy a home and the lender pulled our credit reports. I try to stay on them as much as possible though the year, but this one blew me away. There is so much wrong information on it for both myself and my husband. We are in the process of disputing everything. Once things are cleared up, will this increase our scores significantly? My middle score is 592 but there are at least 10 wrong items (negative) that need to be removed.
Its not any credit cards I’m trying to close. There all these accounts that I paid in full years ago that are being shown as past due, sold to another collection company or something else negative. I contacted the banks, ect and they all told me they were reporting it as the correct positive status and I need to dispute it directly with the 3 credit agencies. And I understand that they look at what my report has, so getting rid of these negative 10 reports should help, right?
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
July 24th, 2009 at 1:19 pm
Be careful about closing credit cards.
You will reduce your available credit limits.
Also, never close your oldest credit card. This establishes length of credit history.
If you have any credit card debt, make sure it is no more than 30% of your available credit.
Be assured, mortgage companies do not go by scores.
They go by what is on your reports in detail. They make their own judgments on your reports along with your salaries and your employment histories.
Fix up your report.
If you need help, there is a book at the bookstores called
credit repair for dummies – not really for dummies – it really helps.
Always be careful of scam websites.
Additional details:
If the account in collection is over 7 years old disputing by typing. “old and obsolete – over 7 years old”.
It has passed the statute of limitations.
You will receive a clean report once these items have been deleted.
Accounts that are not that old,, you can pay the off, haggle a bit first to settle.
After that send them a money order. Never a check.
Also ask in that letter thay they do a “pay on delete”.
If you pay – they must delete off the report.
Even if they don’t delete the mortgage company will see it paid. The credit score will not go up.
That’s why its a good thing that mortgage companies do not use credit scores.
/