CREDIT REPAIR/CREDIT PRIVACY ID??? - Posted by Paul_NY

import · January 19, 2003, 1:36pm

Posted by Gib on January 21, 2003 at 18:31:23:

Please show me in this direct quote where you said ANYTHING about a closing:

“If you have bad credit and want to clean it up then pay every thing off (you may be able to settle with
your creditors for cents on the dollar) or consult an attorney about bankruptcy. It is what it is.”

You gave bad credit advice, not any advice at all about closing on a mortgage.

Gib

import · January 19, 2003, 1:36pm

CREDIT REPAIR/CREDIT PRIVACY ID??? - Posted by Paul_NY

Posted by Paul_NY on January 19, 2003 at 14:36:11:

Is anyone familiar with credit privacy ID? or These comapnies that take bad credit off your report promise to raise your score?? any info would be great!!

Thanks in advance!

import · January 20, 2003, 7:17am

Re: CREDIT REPAIR/CREDIT PRIVACY ID??? - Posted by GMann

Posted by GMann on January 20, 2003 at 08:17:04:

The catch behind what they do is that they talk to the credit bureaus and dispute the accounts. If the lender doesn’t respond within 30 days then the account is taken off the bureau completely. That’s the rule with all the credit bureaus. If they do respond and report the credit history then it stays. It’s that simple.

import · January 20, 2003, 8:24am

Re: CREDIT REPAIR/CREDIT PRIVACY ID??? - Posted by Paul_NY

Posted by Paul_NY on January 20, 2003 at 09:24:35:

Thanks for the info.

Do you know anything about these companies that create a new credit file that there calling a credit privacy # that is supposedly legal to do. and also they give a credit history? any info would be great!

Thanks again

import · January 20, 2003, 8:43am

Be carefull of fraud - Posted by GMann

Posted by GMann on January 20, 2003 at 09:43:53:

Mortgage applications state that it is illegal to provide false information about yourself. The 3rd page of the application states that it is a federal crime and is punishable by fine or a jail sentence.

If you have bad credit and want to clean it up then pay every thing off (you may be able to settle with your creditors for cents on the dollar) or consult an attorney about bankruptcy. It is what it is.

import · January 20, 2003, 6:01pm

Re: Be carefull of fraud - Posted by Gib

Posted by Gib on January 20, 2003 at 19:01:02:

This isn’t very good information. I believe one should their debts, but a paid collection stays on your credit report for the same amount of time as an unpaid one does. A paid collection also does nothing for improving your FICO score. It is just as bad scorewise as the unpaid collection.

If you are going to negotiate with a creditor, you should be negotiating for deletion of the negative tradeline on your credit report for payment.

To learn more about credit repair, I would suggest reading creditinfocenter.com Just don’t expect to clean everything up over night. It takes time, but it is possible to clean up your credit to respectability in just a few months.

Gib

import · January 21, 2003, 8:18am

Collections have to be paid at closing - Posted by GMann

Posted by GMann on January 21, 2003 at 09:18:38:

Since this is a Real Estate Forum, I look at it through the eyes of a lender. As a general rule for non conforming lenders, collections and judgements over a certain $ range and during the last 12-24 months HAVE TO BE PAID OFF AS A CONDITION OF CLOSING. The score driven lenders really don’t care how many collections you have, but the point is how much of them do you have to pay off.