Bad credit is bad credit! Everyone knows if they have
bad credit or not. What I think these companys are
doing is not necessarily erasing the bad credit items
but having improperly reported items taken off. Accurate
or inaccurate, if its not reported to the 3 B’s with
all the i’s dotted and t’s crossed, then it must be
removed. Which will improve your credit, allow you to
get loans to pay off that bad debt or finance that
first deal that will allow you to pay off that bad debt.
Hi, I’m new to investing, but have bad credit. I was told that there is a company called ICR that help repair my credit. Has anyone ever heard of them? And if so, are they a good company to use for credit repair? Can anyone tell me who to contact? Thank you.
Posted by keith hutson on March 16, 2003 at 22:27:32:
Anyone got any suggestions to bring up FICO and Beacon?
I tried the route everyone suggests, dispute and hope they drag their feet. Well in my case they were prompt, before 30 days, and to top it off it DROPPED my score 30 points. Should have left well alone.
I feel I am screwed and will have to wait or years for it to change. Most is medically related, BUT they don’t read the report, they go by the scores.
There’s a website out there called www.planetloan.com. I read through one of their articles to fix poor credit and it was really interesting. The article says that if you dispute any statements that suggest your credit is poor on the credit report, the agency has 30 days to investigate and get back to you. If they don’t within that 30 day period, the line item, by law, should be removed whether it’s accurate or not. Basically, what you’re doing is betting that the agency reporting your bad credit does not have 1) up-to-date information or 2) enough staff to handle all of the research needed for these types of requests. If they don’t have either of these things, then the line item needs to be removed.
I can say that I, personally, haven’t tried this technique due to time constraints on my part, but I’m certainly going to within the next few weeks. It’s a long process to go this direction, but if you have the persistence to go to the end, your credit, according to this article, will be cleaned up.
http://www.4-cfs.com/
Her name is Diane King. Plenty of free info for the 'do it yourselfer’to springboard from and of course you have the option of using a professional.
A friend of mine who suffers from a number of disabilities as well as a FICO score of 520 is now on the way to seriously cleaning up his credit thanks to this professional who was recommended by a friend of mine who happens to be a long time loan officer and knows Diane personally. I would recommend this sort of service only in cases where someone lacks the time,patience,expertise or suffers from some other difficult circumstance[ie:very busy with work, etc.] Good luck in your efforts whether you opt for a professional or do it yourself!
A good place to get info on what is in your credit report and why and how it is scored and how to improve those scores is www.fairisaac.com - also has info on what you can do about it is incorrect.
Posted by Bruce Lawson on March 17, 2002 at 19:02:00:
Hi Tanja,
WM is on the right track except; just because something is reported on your credit report and it appears to be accurate(ie name, S.S.# etc…)does not mean it is in 100% compliance to the FCRA. WM is absolutely correct when it was stated NO ONE can remove accurate information. Accurate information should not be removed. The question lays how do you know if things are reported correctly? The FCRA is made of 326 laws that govern credit reporting greater than 90% of the credit reports in america have inaccurate information, that statistic was provided by the reporting companies themselves to congress the last quarter of 2000.
This response is not designed for a dispute, but to clarify the misrepresentation of companies such as ICR.
Furthermore if ICR was to take the money and run then why would a rep spend the time to help guide people to the truth in credit reporting, you ask for someone to contact and I responded. You can call me just to discuss this or any other credit issue weather you decide to use ICR or not.
You can dispute items yourself but without the computer search program that ICR’s National Credit Repair uses to identify inaccurate, erroneous and obsolete entries your success would be limited. ICR does not teach you how to write letters, and we offer other financial and communication services.
ICR Services, Inc. was ranked 28th fastest growing company in the nation by Inc magazine.
Please, do not give a company any money if they tell you they can repair bad credit! The fact is if you have bad credit and it is accurate, by that I mean you were late with payments or had company’s write off your account as charge offs, then your credit record is going to show these blemishes for up to 7 years.If the imformation on your credit report is accurate it is there and can’t be removed. NO ONE can have this removed unless the items that appear on your report are inaccurate. These credit repair companies prey on uninformed people. You can do the repairing yourself by keeping up on all your payments and closing all unneeded accounts, and lower the credit limits on all of your accounts. In time you will establish a good record on paying your debts. Some of these Credit Repair repair companies would charge you thosands of $$$ for the simple facts I just gave you! Don’t waste your money…use the money that you would have paid this Credit Repair company, to pay off some of your exsisting debt. Buyer Beware!!!
I electronically requested investigation on 8 items on my credit report. 6 of them were taken off within 30 days. I just sent 6 more in, and am waiting to see what the result of that is. I am doing it at no cost, at the TransUnion web site.
The credit report is free if you have been denied credit in the last 60 days. Then after you view your report online. Goto Dispute section, enter the info from your credit report that you wish to dispute, I was told not to request more than 8 disputes at a time. Then in 30 days you will receive a dispute findings report, which shows what items remain and which were removed. Then you start all over again.
Bruce Lawson,
Please let me say I was not saying that your company was one of the companies that I
have a bad feeling about. In general, a person can obtain a copy of their credit report
and look over the credit information themselves, match up accounts that they have and
determine what is accurate or inaccurate. Your company sounds like one that will do
this for the customer for a fee. I have no problem with that. However, when some of
your competitors claim they can repair bad credit, this is where I consider fraud has or
is about to be committed. I hope that when people contact your company with the
hopes of “erasing” bad credit, you advise these people that, that simply can’t be done as
long as the bad credit is accurate. Once again I hope not to offend you or your
company, just wanted people to be educated before they act.
WM