DuckSouth.com

Any you guys got any info? Got a buddy that has let his credit go to hell. He has finally stopped the snowball an got back on his feet. How long will he be looking before his credit is repaired? 7 years or more? He did not have to go bankrupt?

I may be wrong but I think that 7 years is as long as anything can stay on your credit report. He has to stay on top of it, keep some small credit as he can get it an Pay On Time or before. He will be able to get a banker to lend him money after about 3 or 4 years if he knows him an has not had any hits on his credit in that time. I think!

Shouldnt take that long, probably less than a year or so just depends on if he missed anything. He can sign up to transunion credit monitor for 14.99 a month and you can pull your credit from all three bureas. He needs to go thru it and double check all his figures and make sure he doesnt have any kind of delequent payments like a block buster rental or old medical bills that he forgot to pay. Alot of times your address will be wrong that they are trying to send the bill to, but they have everything else correct so it shows up on your report. Also he needs to understand if he just paid something it can take up to a month or more for it update on his credit report. Once he goes thru everything and makes sure he has paid he can do the actual credit repair if he wants to.


Now here is where the credit repair portion works, and this is really how it works for the credit repair places that you can pay up to 500 dollars for. Basically the way it works is, you dispute every account you have regardless if its active or not whether its wrong or not. After 30 days, the company you have an account with doesnt dispute your claim or confirms that it is correct. It automactically drops off your credit report. If it drops then the company that had the account can not add any additional data, and no one else can see the account anymore. There is some danger to erasing your credit if you had a account for a long time so be careful, but if you have a account with a finance company that has closed its doors and you had negative reporting against you and the account is closed, then it can benifit you. If you have a closed account and you were never late, leave it alone, it establishes credit for you. You have have to be pickly and decide if it benifits you losing that particular credit, and also it might be a waste of time if they have someone to check the disputes cause they are usually right about 99% of the time.