Credit Tips: Removal of Negatives on Credit Report

Posted On: March 1, 2006

Author: dazednconfused
Posted: Mon Jun 28, 2004 8:54 pm
Post subject: Removal of Negatives on Credit Report

9/9/2002 7:02 am CDT

I have a friend who has filed for bankruptcy in the past. I was telling him about a company that I am having problems with. I told him that I was going to hire a lawyer to sue them/get out of my contract. He tells me that he thinks the company will remove the derog. once I’ve paid them in full. I know that they are repsonsible for reporting the account status to the credit bureaus but I don’t know if they would actually say anything to help get rid of the derog.
I am wondering if there is any truth to what he is saying, b.c. paying them in full might be cheaper than getting a lawyer. I still intend to consult a lawyer and find out how much all of this will cost, but I’d like to know all my options first.
Can anyone confirm or dispute what my friend told me? Thanks.

Author: Ira
Posted: Mon Jun 28, 2004 8:56 pm
Post subject: Removal of Negatives on Credit Report

9/12/2002 9:30 pm CDT

Your friend is dead wrong. The only way an item can be removed from your credit report is if it is in error. If you were 60+ days late, you were 60+ days late; you can’t suddenly not have made the late payment(s). Unfortunately your late payment record will stay for 7 years. Let it be a lesson - pay on time!