Deleting Bad Credit
Deleting Bad Credit
It sounds illegal. But here's a simple fact: Negative credit listings are deleted from peoples' credit reports by the thousands each and every day. And it's 100% legal!
A few years ago, an attorney from LexingtonLaw visited with a regulatory agency for a casual conversation with two agents.
The Agency's office, as a matter of course, believed the credit bureaus' claim that bad credit couldn't be deleted. The visiting Lexington attorney asked, "How many negative listings would you have to see deleted from consumer credit reports before you would believe that bad credit can be deleted: ten? fifty? a hundred? one thousand?" The agents responded with only blank stares.
"How about 50,000 deleted listings, would that convince you?" continued the Lexington attorney. From his briefcase he pulled a stack of papers six inches high.
"In these pages, we have listed the permanent deletion of over 50,000. listings from our clients' files in the last two years alone," he explained. The agents pulled the stack across the conference table and began to pick through the pages, taking in the massive list.
"But have you deleted any bankruptcies?" shot back one of the agents, "we know that bankruptcies can't be deleted." The Lexington attorney leaned across the table and ran his finger down the first page.
"There's one deleted bankruptcy... and, there's another,... and another,... and another. Should I go on?" asked the Lexington attorney.
The agents sat back in their chairs. "You know," began the junior agent, "I have this one listing on my credit report that simply must belong to somebody else..."
How is it possible?
In some circumstances, the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If, within 30 days, the credit bureau has not received verification from the creditor, then the credit bureau must promptly delete the credit listing.
There is a catch to all this though. You are NOT allowed to send a blanket letter to the credit bureaus listing more than one negative item. And if you don't word the information right you could end up wasting your time! That's why it's important to get the legal help you need before you begin. Do it right the first time and within 30 days you could see your score leap up as these wrong items come off! Don’t put it off another day!
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