Credit Myth #2

Q:If I succeed in deleting a negative item, it will just come right back
on my credit report.

A:The credit bureaus have cleverly spread this myth through the news
media and government agencies. In truth, the credit bureaus will often
temporarily delete a negative listing if they haven’t heard from the
credit grantor after approximately thirty days.

If the credit grantor reports late, say after six weeks, and then verifies
the negative listing, the credit bureau will often reinsert the negative
listing on the credit report.

This is often known as a “soft delete.” Usually, though, the creditor
simply fails to respond and the negative listing is permanently deleted.

If the item is verified by the credit grantor, either before thirty days or
after, the account may still be challenged at some future time for
removal. If this rare action occurs you can have it removed it again by
re-disputing that item. The New Laws FACTA (Fair and Accurate Credit Transaction Act)
along side the Fair Credit Reporting Act makes it much more difficlut for this
to occur. Don’t let this change your mind about improving your credit with
credit correction services.

Many people avoid purchasing a home due to credit repair issues.  This week I am going to display some great blogs written by my friend Robert Montoya who has personally helped many of my clients repair their credit issues so they can purchase a home.  If you need help, contact Robert, 818-298-6894.