Stanley’s plan on Debts and Credit

It is a well-known fact that negative entries hurt credit score. Consumers should always try to prevent negatives enter credit report because once these entries are there; it will be for next 7 to 10 years.

People often try to retouch their credit file to obtain a higher score. There is nothing wrong in it. However, FCRA does not offer any room of thoughts that correct negative entries can be removed from credit report. If you have declared bankruptcy, no one can remove this from your report. It will go off automatically according to FCRA bad debt reporting time.

However, some credit repair agencies claim that they are able to remove bankruptcy from your credit file by exploiting some loop holes of law. If an item in credit report cannot be verified with the creditor/bankruptcy court, it cannot stay in the report.

Often bankruptcy court fails to verify the entry and credit repair agencies insist bureaus to remove it from credit file. But if any day, bankruptcy court verifies the case, chances are it will be re-inserted in your file. Credit bureaus should inform consumers five days in advance that the removed info is going to be inserted again.

Personally I cannot see anything bad in dealing with creditors or collection agencies and get the credit file cleaned. Charged-off accounts can be updated as ‘paid charged-off’ if debtors can make some payment arrangement. ‘Paid charged-off’ is definitely better than a ‘charged-off’. If you are a very good speaker, you can also convince your creditor to report the account more favorably like ‘paid as agreed’.

So before paying your hard-earned money, do some research and think twice. If anything seems too good to be true, be cautious.

Hi, this is Stan. I joined Debt Consolidation Care Community September 30, 2005 and got immense support from this board. I started reading the threads minutely. One day I found, I can answer to the query posted here and I put my points. This way I started my journey, so casually. Now this is an addiction, trust me. I cannot stay off of this site for long.

Today, I came here and found myself as a Moderator. It was a great feeling. I will try my best to help others with my expertise. Now it’s a challenge

I have tried all the features offered by Debt Consolidation Care. I frequently use the software, I read the e-books, I have written my story, I watch the video and today I have created my blog. I have been trying to contact my local news paper to visit this site and publish a coverage, so that more and more people come to know of this place.

I am thankful to all of my forum friends. It’s such a great feeling to get together with you. Let’s celebrate the success with some cream-