Need Feedback on Credit Repair Agencies

[CapitalBlvd]

Originally Posted by Stewycrew

Im using creditrepair.com right now. My score already went up 60 pts. I had a over 30+ days negative impact..It seems to be getting removed...Lets see

I worked 15 years in the credit industry.

If the ratings were correct, they will most likely return to your credit profile in a month or so.

Challenging will sometimes be a temporary fix since many credit grantors are too busy to respond within 30 days. Next posting cycle will put them back.

[BoSox 15]

Originally Posted by wheelsup

While that me be the case the main issue at play is unless it's verifiable, it shouldn't be on the credit report.

Companies use loopholes all the time, they get a free pass, consumers do it and all of a sudden you're shunned.

During the mortgage crisis banks had a nasty habit of foreclosing on people without due process or even on the wrong homeowner. If there is anything we've learned from that it's that the information being acted upon should be 100% truthful and correct.

Agree with you 100%. Unfortunately, the credit reporting agencies cater to the lenders (debt collectors, etc), not the person whose life it ultimately affects.

Verified - all that involves is the lender saying "yup it's their bill". And good luck working with the big credit reporting agencies - again they work for the lenders not you!

I had an issue pop up from college. It was something that maybe could have been mine but I didn't think it was. It was about 15 years old and the scum agency who bought the "debt" put it on my credit report as if it was a recent default. I disputed it with the credit agencies but it came back "verified". It took a court case for me to get it off of my reports.

Remember whether it's your debt or not, what matters is that it's reported accurately. And by accurately, that means amount and dates. The debtors are using the laws to their advantage as should you. (and I'm not advocating disputing something that you just don't like...I'm saying that you should dispute something that is factually incorrect)

[Irena_woman]

Originally Posted by Jkgourmet

Irene, help me understand this.

Thirteen years ago, you successfully went through BK and wiped out a bunch of debt. Okay, stuff happens. I'll give you the benefit of the doubt and believe it was your only viable solution.

Now you have a bunch of negative items on your credit report. I have to assume that you rang up a bunch of debt and didn't pay the bills AGAIN. This time, you believe you've discovered some legal loophole that will allow you to magically make all the negative reports go away? And are asking for help to find an attorney to help you?

Is that accurate?

Yes, thank you! I already found the firm who specializes in stuff like dealing with credit bureaus. As you may probably recall, back in 2008 the entire country was pretty much bankrupt. Do you remember the crisis of 2005-2008? The foreclosure rate, the unemployment rate, the collapse of a stock market? How many people of all classes got screwed? Back in 2005, I still was an immigrant and worked hard to get my credit score up to A+ ( I had 820 at that time). Do you remember 100% no documentation, no verification mortgage loans for a A+ clients? Yeah, I just like many others in this country gambled and got hit by the economy created by the Wall Street. Watch "The Big Short" movie! It is just about that. Oh well, I got through it. However, now is a completely different story. I am a surviving spouse. The negative items I have now are death-related. Those should be removed. Do you know what credit bureaus do with surviving spouses' credit score? It drops 100 points same when people got divorced. One thing is divorce, another is death, don't you think? Anyway, will keep you posted on the progress if you would like. The law said all records must be accurate. The law did not say the records must be valid or invalid, the law said " accurate" and " properly verified". Cheers!

[Irena_woman]

Originally Posted by lancers

It is still on the full factual report. What you can get from annual free or a mortgage or a car pull are not the same as a full factual. True enough baddies will drop off what you can view but if a creditor were to pull a full factual report everything that was ever on the report is still on what they can see.

Perhaps, but legally lenders cannot use it as an item of consideration. When a certain item is disputed with CB, CB marks the item as " being disputed by a consumer", drops approximately 23-28 points for the duration of the investigation and remove the item from the computation. When the investigation completed, the score goes back those points. Once the item removed ( being it recorded somewhere or not), it cannot be used in the score computation algorithm.

[Irena_woman]

Originally Posted by lancers

I have been visiting creditboards.com for the past 11 years. I have read of instances where a full factual was pulled but I can't tell you under what circumstances and what lender. I do know that items that drop off reports don't really drop.

Yes, the items dropped from the calculation. Once dropped, they cannot be used in the algorithm.

[BoSox 15]

Originally Posted by Irena_woman

Yes, the items dropped from the calculation. Once dropped, they cannot be used in the algorithm.

The person you're quoting is talking about full factual, which shows everything (things aged off, etc.). I'm not sure how it weighs into the score, but the dropped tradelines are still visible. I don't think any mortgage company is approving loans based on ONLY a score.

Also, I recently learned that there is an automotive specific FICO pull for auto financing. It puts a heavier weight on how you're treated auto debt.

Long story short, lenders have ways to get information that help them stay in business!

I'm not sure why you came on here to ask a question then proceed to tell everyone else that they're wrong...the recommendation was made to go to creditboards and try your luck there. We have a smart group of people here, but the CB community specializes in that.

[BoSox 15]

Originally Posted by CapitalBlvd

Challenging will sometimes be a temporary fix since many credit grantors are too busy to respond within 30 days. Next posting cycle will put them back.

It was my understanding that re-insertion takes more effort (i.e. "paperwork") than an original tradeline.

When you say you worked in the credit industry...what specific function? "Credit industry" runs the gamut from credit reporting agencies to credit repair and even legal professions.

[Supernc42]

Originally Posted by Irena_woman

Hi there!

Did anyone use credit repair agency/law firm/whatever to repair credit report? I am dealing with credit bureaus on the DIY basis. I was able to clear my credit with one bureau, for the other two I need a pro. I am looking for someone located locally in the Triangle. I am hesitant to use online firms as they charge monthly and there is no control of how many hours/ days they will log. Did anyone use the Maginnis Law firm? any feedback, please?

Thanks!

All credit repair company do is question a major line item on your credit. Then they have to take if off your score until they research it and give you the answer for the item In that small period of time you nay be able to get a credit card or rent an apartment. "Credit Repair" is too generous for what they actually do.

[Irena_woman]

Originally Posted by BoSox 15

The person you're quoting is talking about full factual, which shows everything (things aged off, etc.). I'm not sure how it weighs into the score, but the dropped tradelines are still visible. I don't think any mortgage company is approving loans based on ONLY a score.

Also, I recently learned that there is an automotive specific FICO pull for auto financing. It puts a heavier weight on how you're treated auto debt.

Long story short, lenders have ways to get information that help them stay in business!

I'm not sure why you came on here to ask a question then proceed to tell everyone else that they're wrong...the recommendation was made to go to creditboards and try your luck there. We have a smart group of people here, but the CB community specializes in that.

Thank you for your inputs! I appreciate your comments. I am sharing my findings while dealing with CB directly. from my personal experience. Perhaps, someone will find it helpful. There is not so much information out there that benefits the consumer. Yeah, everyone heard " you must be smart with finances" but many people learn it the hard way.

And here are the score versions:

1. FICO Score 5 - commonly used in mortgage lending. This is an older FICO score version used predominantly in mortgage lending. It may also be used by some lenders for other credit product applications evaluations ( such as credit cards, personal loans, retail credit, student loans, etc.)

2. FICO Auto Score 8 - this is a specifically fine-tuned for auto lending.

3. FICO Auto Score 2 - this is an older version fine-tuned for auto lending.

4. FICO Bankcard Score 8 - commonly used in credit card lending.

5. FICO Score 3 - commonly used in credit card lending. This is an older version.

6. FICO Bankcard Score 2 - commonly used in credit card lending. This is an older version.

7. FICO Score 9 - newly released version. Many lenders are currently evaluating this version before they migrate.

8. FICO Score 9 - newly released auto version. Many banks and auto lenders are currently evaluating this version before they migrate.

9. FICO Bankcard Score 9 - newly released fro credit card. Same here- in evaluation

10. Currently used is FICO Score 8.

Source: myFICO.com

[Irena_woman]

And also, before I forgot. For those who are interested, the PayPal Credit does not report to CB. With online shopping these days, PayPal Credit is a good alternative to credit cards. One can max out the credit line and still preserve the score. Just an interesting fact.