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Bad Credit, such as chargeoffs, judgments, and other negative listings can be deleted and removed from your credit report.
The Fair Credit Reporting Act (FCRA) allows a consumer to challenge the information on his credit report on the basis of "completeness and accuracy." When a consumer files a dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete. In some circumstances, the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If, within 30 days, the credit bureau has not received verification from the creditor, then the credit bureau must promptly delete the credit listing.
If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in a higher payment.
The following chart illustrates this:
Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit.
Lexington Law is a law firm that specializes in credit report repair and has successfully deleted negative credit including:
Eighteen months ago I was unable to even get approved for a credit card.
Just last week I purchased my first new car...what a GREAT FEELING!!!
- Marlene H.
I remember how embarrassing it was to be rejected for a car in front of my girlfriend.
Now, we are shopping for our new home, with an A+ credit score I might add!!!
- Doug M.
I used to get several calls a day from banks and debt collectors. It was embarrassing to try to explain to my friends who were calling.
I am so glad I decided to take action and repair my credit!
- Joanna R.