Bad credit items can be eliminated if we go to the proper professionals to get our negative financial past erased. If you want to secure a better financial future for yourself and your family, it’s important to take the bull by the horns so you can erase those negative details that make your credit score less than acceptable in the eyes of the “conventional” lending community. To get off the rocky road you’re on financially takes some effort but it can be accomplished if you find someone who has the expertise to erase bad credit legally.
Erasing Misconceptions
Legally, we’re told that bad credit items normally stay on one’s credit report for seven or ten years depending on the item. However, this isn’t true. The law only stipulates that accurate credit may stay on your report for a period of seven years. This doesn’t mean that erasing bad credit before 7 years isn’t an option.
Paid Charge-offs
However, one must remember even if they pay off an older account, it may be shown as a “paid charge-off” meaning this item will remain on your report for another seven years. So, paying off your older credit card debt can actually hurt you with respect to how it’s conveyed on your report.
Erasing a Previous Item
You can erase bad credit fast, even listings such as judgments and bankruptcy if you hire the right company to handle it for you. Part of understanding how to erase bad credit is noting what the Fair Credit Reporting Act says about erasing bad credit. According to the Act, if a negative item is not verified within a 30-day span of time, the item should be deleted permanently from the report. If you see an item that was previously removed appear on your report, you can have it removed immediately by alerting the credit bureau in this regard.
Declaring Bankruptcy does not Clear your Report of Negative Items
Some people believe if they declare bankruptcy that by doing so they can erase bad credit legally; however, this isn’t the case. You still have to seek the aid of a professional to erase bad credit from the report. It isn’t surprising then that the Federal Trade Commission (FTC) gets the majority of their complaints issued against credit bureaus over all other kinds of businesses.
CCCS
What’s more if you’ve opted to go through a Consumer Credit Counseling Service, you do nothing to help your bad credit situation either as many times creditors or lenders, upon hearing you went through such an organization with respect to debt mediation, will treat you no better than if you’d actually declared bankruptcy. As stated, there is no hard and fast rule in the law that any type of credit must be reported at all; therefore disputed items can definitely be erased.
To find a company to erase bad credit for free will not likely happen soon. Nonetheless, paying the cost for erasing bad credit is a necessary expenditure to make amends for your financial history.