How to remove DELINQUENCY from credit report?

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futurewealthy
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How to remove DELINQUENCY from credit report?

Post by futurewealthy » Sun Apr 02, 2017 4:28 pm

So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.

Has anyone dealt with a similar issue and had it removed?

mhalley
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Re: How to remove DELINQUENCY from credit report?

Post by mhalley » Sun Apr 02, 2017 5:01 pm

I don't think it is possible. By definition, you were responsible. Is the delinquency now showing it is paid in full? These usually stay on your credit report for 7 years. The only thing you might do is put the explanation on your reports, but that may not help get a loan.
Since it is paid in full, you don't have any bargaining power. In the future,
"You should never settle a debt without first obtaining a written guarantee from the company stating it will remove any and all negative information pertaining to the debt from your credit history. This written, signed letter must be received before giving them a dime"

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Teague
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Re: How to remove DELINQUENCY from credit report?

Post by Teague » Sun Apr 02, 2017 6:33 pm

I also think you are stuck with this until it drops off after x number of years of being non-delinquent. Could be worse - people co-sign for houses for others with the same result, just add a few zeros to the amount you'd be on the hook for.
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David Jay
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Re: How to remove DELINQUENCY from credit report?

Post by David Jay » Sun Apr 02, 2017 6:46 pm

As others have said, you took out the lease and some lease payments were delinquent. There is no error in your credit report.

On what basis do you believe that the report should be changed/altered/removed?
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powermega
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Re: How to remove DELINQUENCY from credit report?

Post by powermega » Sun Apr 02, 2017 11:19 pm

The question is whether the credit report is accurate or not. In this case it sounds like the credit report is accurate. Negative information on your report will fall off the report after 7 years (longer for a bankruptcy). Negative marks happen or has happened to most of us.
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Re: How to remove DELINQUENCY from credit report?

Post by Carefreeap » Mon Apr 03, 2017 4:04 pm

How long ago did this happen?

The real problem is likely not the initial late payments but the voluntary repossession. Have you looked at your credit report? What does it say?

If it's been a couple of years and all the rest of your payments are current you might try again but be upfront with the problem. You may need to try again in a couple of years. The severity of the negative report will lessen over time.

futurewealthy
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Re: How to remove DELINQUENCY from credit report?

Post by futurewealthy » Mon Apr 03, 2017 5:13 pm

there was only late payments, I wouldn't have it in me to continue on without paying in order to hope they will negotiate and it then being sent to collection. I didn't say the reporting is inaccurate but maybe take in consideration that there was a written contract and this person did not keep his promise. AND then I taking over and making the account up to date until it was returned for early termination. maybe have some sympathy, just maybe. I mean I was responsible enough after being aware of the situation to take control and fulfill the obligation. Just a little credit is all I was asking for. It was not labeled voluntary repossession because I did end up paying the total lease amount of the contract up to 3 years. So it says PAID AS AGREED. But with that late payment of 60+ days, whenever there is a credit pull, the credit bureaus will label my credit report as serious delinquency. it happened feburary of last year so I have 6 years to go I guess :sharebeer

ABQ4804
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Re: How to remove DELINQUENCY from credit report?

Post by ABQ4804 » Mon Apr 03, 2017 5:47 pm

duplicate
Last edited by ABQ4804 on Sat Jan 20, 2018 8:23 pm, edited 3 times in total.

Palatineman
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Re: How to remove DELINQUENCY from credit report?

Post by Palatineman » Mon Apr 03, 2017 5:50 pm

Try to file an online dispute with each credit reporting agency and select the option for which you have nothing to do with it. The lender has 30 days to respond. If not, it's gets deleted from the report.

Worth a try.

Carefreeap
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Re: How to remove DELINQUENCY from credit report?

Post by Carefreeap » Mon Apr 03, 2017 7:27 pm

futurewealthy wrote:there was only late payments, I wouldn't have it in me to continue on without paying in order to hope they will negotiate and it then being sent to collection. I didn't say the reporting is inaccurate but maybe take in consideration that there was a written contract and this person did not keep his promise. AND then I taking over and making the account up to date until it was returned for early termination. maybe have some sympathy, just maybe. I mean I was responsible enough after being aware of the situation to take control and fulfill the obligation. Just a little credit is all I was asking for. It was not labeled voluntary repossession because I did end up paying the total lease amount of the contract up to 3 years. So it says PAID AS AGREED. But with that late payment of 60+ days, whenever there is a credit pull, the credit bureaus will label my credit report as serious delinquency. it happened feburary of last year so I have 6 years to go I guess :sharebeer
Give it two years and make all your other payments on time. You will be surprised at how quickly your credit will recover. You can subscribe to a service like Credit Karma and you'll get monthly estimates of your FICO score.

The banks are not in the business of being sympathetic. They issue credit based on risk models. If they think you're a good risk they'll lend.

Treat this as the valuable lesson it is. Most of us have made financial mistakes at some point in our lives. The key is to learn from them and not repeat them! :beer

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Re: How to remove DELINQUENCY from credit report?

Post by guitarguy » Tue Apr 04, 2017 9:04 am

Carefreeap wrote:
futurewealthy wrote:there was only late payments, I wouldn't have it in me to continue on without paying in order to hope they will negotiate and it then being sent to collection. I didn't say the reporting is inaccurate but maybe take in consideration that there was a written contract and this person did not keep his promise. AND then I taking over and making the account up to date until it was returned for early termination. maybe have some sympathy, just maybe. I mean I was responsible enough after being aware of the situation to take control and fulfill the obligation. Just a little credit is all I was asking for. It was not labeled voluntary repossession because I did end up paying the total lease amount of the contract up to 3 years. So it says PAID AS AGREED. But with that late payment of 60+ days, whenever there is a credit pull, the credit bureaus will label my credit report as serious delinquency. it happened feburary of last year so I have 6 years to go I guess :sharebeer
Give it two years and make all your other payments on time. You will be surprised at how quickly your credit will recover. You can subscribe to a service like Credit Karma and you'll get monthly estimates of your FICO score.

The banks are not in the business of being sympathetic. They issue credit based on risk models. If they think you're a good risk they'll lend.

Treat this as the valuable lesson it is. Most of us have made financial mistakes at some point in our lives. The key is to learn from them and not repeat them! :beer
Credit Karma gives a VantageScore which is all but worthless...not a FICO score.

For your FICO you can get that free from several major credit card companies if you hold certain cards. I also think Discover provides it free to even non-customers...but not positive on that. I get mine from Chase and Amex.

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dm200
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Re: How to remove DELINQUENCY from credit report?

Post by dm200 » Tue Apr 04, 2017 9:26 am

futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.
Has anyone dealt with a similar issue and had it removed?
From your narrative, the delinquency reported is 100% accurate.

YOU signed the contract for credit, so you were responsible for the credit being reported. You also knew what you were doing (I presume).

Neither did you verify that he was paying so that this could have been nipped in the bud.

If the creditor agreed with what you want, they would then be reporting false information.

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8foot7
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Re: How to remove DELINQUENCY from credit report?

Post by 8foot7 » Tue Apr 04, 2017 9:31 am

dm200 wrote:
futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.
Has anyone dealt with a similar issue and had it removed?
From your narrative, the delinquency reported is 100% accurate.

YOU signed the contract for credit, so you were responsible for the credit being reported. You also knew what you were doing (I presume).

Neither did you verify that he was paying so that this could have been nipped in the bud.

If the creditor agreed with what you want, they would then be reporting false information.
I have helped some family members with situations similar to this and I have found some limited success in writing the executive office of whatever institution is in question and asking for the entire tradeline to be deleted. Many offices balk at changing a negative to a positive because it (indeed) does affect the integrity of the whole credit reporting process. But there is no law that says every experience must be totally reported to a bureau, and simply deleting the entire line and not reporting anything removes the delinquency, which is what you want, without asking the reporter to "lie" about what happened.

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dm200
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Re: How to remove DELINQUENCY from credit report?

Post by dm200 » Tue Apr 04, 2017 10:17 am

8foot7 wrote:
dm200 wrote:
futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.
Has anyone dealt with a similar issue and had it removed?
From your narrative, the delinquency reported is 100% accurate.
YOU signed the contract for credit, so you were responsible for the credit being reported. You also knew what you were doing (I presume).
Neither did you verify that he was paying so that this could have been nipped in the bud.
If the creditor agreed with what you want, they would then be reporting false information.
I have helped some family members with situations similar to this and I have found some limited success in writing the executive office of whatever institution is in question and asking for the entire tradeline to be deleted. Many offices balk at changing a negative to a positive because it (indeed) does affect the integrity of the whole credit reporting process. But there is no law that says every experience must be totally reported to a bureau, and simply deleting the entire line and not reporting anything removes the delinquency, which is what you want, without asking the reporter to "lie" about what happened.
We disagree. My understanding is that if a creditor reports to a credit bureau, it must report all accounts accurately. I describe what you peopose as a "lie".

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8foot7
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Re: How to remove DELINQUENCY from credit report?

Post by 8foot7 » Tue Apr 04, 2017 10:30 am

dm200 wrote:
8foot7 wrote:
dm200 wrote:
futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.
Has anyone dealt with a similar issue and had it removed?
From your narrative, the delinquency reported is 100% accurate.
YOU signed the contract for credit, so you were responsible for the credit being reported. You also knew what you were doing (I presume).
Neither did you verify that he was paying so that this could have been nipped in the bud.
If the creditor agreed with what you want, they would then be reporting false information.
I have helped some family members with situations similar to this and I have found some limited success in writing the executive office of whatever institution is in question and asking for the entire tradeline to be deleted. Many offices balk at changing a negative to a positive because it (indeed) does affect the integrity of the whole credit reporting process. But there is no law that says every experience must be totally reported to a bureau, and simply deleting the entire line and not reporting anything removes the delinquency, which is what you want, without asking the reporter to "lie" about what happened.
We disagree. My understanding is that if a creditor reports to a credit bureau, it must report all accounts accurately. I describe what you peopose as a "lie".
Many business credit cards are issued by the likes of Citibank, American Express, etc. are not generally reported to credit bureaus, whereas personal cards from those same issuers are, so surely there is not an automatic requirement. In personal relationships I can understand the "lying by omission" deal, even if I don't agree with it, but in a business to business situation, you're correct that we disagree that not reporting--effectively saying "no comment"--is a lie. I don't believe saying no comment is a lie.

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dm200
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Re: How to remove DELINQUENCY from credit report?

Post by dm200 » Tue Apr 04, 2017 6:17 pm

Many business credit cards are issued by the likes of Citibank, American Express, etc. are not generally reported to credit bureaus, whereas personal cards from those same issuers are, so surely there is not an automatic requirement. In personal relationships I can understand the "lying by omission" deal, even if I don't agree with it, but in a business to business situation, you're correct that we disagree that not reporting--effectively saying "no comment"--is a lie. I don't believe saying no comment is a lie.
I am near certain that a lender must report all personal (not business) lending to a credit bureau if it reports anything. Intentionally deleting and not reporting a borrower in this situation, in my opinion, is a compliance violation.

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Re: How to remove DELINQUENCY from credit report?

Post by jmndu99 » Tue Apr 04, 2017 9:17 pm

OP, look at this as the price of education. The credit reporting agencies and loan departments do not care that you are such a great friend to have signed a loan to your friend.

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Re: How to remove DELINQUENCY from credit report?

Post by JGoneRiding » Tue Apr 04, 2017 9:47 pm

you could try disputing the claim with the credit report company that you are/were "delinquent" they have 30 days to confirm. Some have gotten negative marks removed that way. right or wrong can be debated.

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Re: How to remove DELINQUENCY from credit report?

Post by White Coat Investor » Tue Apr 04, 2017 11:29 pm

futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.

Has anyone dealt with a similar issue and had it removed?
Wow. That's quite a mistake. Oh well, we all make them.

If that's the only thing wrong with your credit, you can probably buy a house 2 years later. You can probably refinance your student loans even sooner. Are you sure that's all that's wrong with your credit?
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Re: How to remove DELINQUENCY from credit report?

Post by Seoulseeker » Tue Apr 04, 2017 11:39 pm

Having had some experience working for a company that provides auto loan/lease financing, using your credit to secure financing for someone else is considered fraud. Most contracts for consumer transactions include a provision that you agree that the vehicle is for your personal use (allowing for use by immediate family etc) but there is a clear expectation that the payments are to come from the borrower. You did the right thing and stepped up to the responsibility for the debt, but now your don't want the consequences of the slow payment. Your credit bureau reflects the choices you have made and there is a clear risk to a future lender that they may expereince delinquency (including the higher collection costs and everything that goes with it) if they lend to you, since you may not be the one actually making the installment payments. I applaud your making good on the obligation, as you were contracturally obligated to do, but do not see why they would remove the delinquency. Either the obligation was yours or not. If it was not, you committed fraud. If it was, you were correctly reported for the delinquent payment(s).

futurewealthy
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Re: How to remove DELINQUENCY from credit report?

Post by futurewealthy » Wed Apr 05, 2017 12:33 pm

8foot7 wrote:
dm200 wrote:
8foot7 wrote:
dm200 wrote:
futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.
Has anyone dealt with a similar issue and had it removed?
From your narrative, the delinquency reported is 100% accurate.
YOU signed the contract for credit, so you were responsible for the credit being reported. You also knew what you were doing (I presume).
Neither did you verify that he was paying so that this could have been nipped in the bud.
If the creditor agreed with what you want, they would then be reporting false information.
I have helped some family members with situations similar to this and I have found some limited success in writing the executive office of whatever institution is in question and asking for the entire tradeline to be deleted. Many offices balk at changing a negative to a positive because it (indeed) does affect the integrity of the whole credit reporting process. But there is no law that says every experience must be totally reported to a bureau, and simply deleting the entire line and not reporting anything removes the delinquency, which is what you want, without asking the reporter to "lie" about what happened.
We disagree. My understanding is that if a creditor reports to a credit bureau, it must report all accounts accurately. I describe what you peopose as a "lie".
Many business credit cards are issued by the likes of Citibank, American Express, etc. are not generally reported to credit bureaus, whereas personal cards from those same issuers are, so surely there is not an automatic requirement. In personal relationships I can understand the "lying by omission" deal, even if I don't agree with it, but in a business to business situation, you're correct that we disagree that not reporting--effectively saying "no comment"--is a lie. I don't believe saying no comment is a lie.

So how would I go about trying to have the whole account deleted from my credit report? From what I have heard from my wife (which works at a business management firm with high end clients) is that it can be removed , and it has happened with some of the clients they have. Same situation and all. I just question how some institutions are willing to help out a celebrity but not a non celebrity. Yea the writing is on the wall, they are known and I am not. But that defeats what some have said on this forum, reporting accurately

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Re: How to remove DELINQUENCY from credit report?

Post by prudent » Wed Apr 05, 2017 12:46 pm

IMO the best place for advice on removing negative information from a credit report is the creditboards.com credit forum.

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Re: How to remove DELINQUENCY from credit report?

Post by bertilak » Wed Apr 05, 2017 12:46 pm

I was unable to remove a delinquent mark on my credit report.

It came about due to both the Credit Card company and I changing addresses the same year. I didn't see the bill until late and they didn't see the payment until even later because I sent it to their old address. I use a bill-paying service and neglected to give them the new address because I didn't even notice it. The CC was only used once per year for a single purpose so it was easy for us to get out of sync.

They eventually cashed my check, but it was still late so I got dinged.

It took, I think, 7 years to slowly fade away. The negative effect lessens as the bad mark ages.
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Re: How to remove DELINQUENCY from credit report?

Post by dm200 » Wed Apr 05, 2017 12:49 pm

So how would I go about trying to have the whole account deleted from my credit report? From what I have heard from my wife (which works at a business management firm with high end clients) is that it can be removed , and it has happened with some of the clients they have. Same situation and all. I just question how some institutions are willing to help out a celebrity but not a non celebrity. Yea the writing is on the wall, they are known and I am not. But that defeats what some have said on this forum, reporting accurately
The technique commonly tried and used is to file a formal dispute and hope that the creditor just gives in and removes the adverse (but accurate) information. I regard this as dishonest. BUT - opinions differ.

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Re: How to remove DELINQUENCY from credit report?

Post by futurewealthy » Wed Apr 05, 2017 1:06 pm

White Coat Investor wrote:
futurewealthy wrote:So I am trying to refinance my student loan but I was rejected because of a delinquency on my closed Volkswagon account. Short story behind this. I was trying to help a friend, so I took a car lease out for him under my name. We had a written contract and signed by a notary. 2 years into the 3 year lease he stopped paying for it and left me unaware of the situation. When I was finally aware of it, the damage was done. I ended up taking possession of the vehicle and returned it to the dealer. I had to pay the remaining balance and early termination fee. :oops: on top of the 6,000 extra miles he went over. :oops: :oops: I sent a letter to the consumer credit department explaining this but they stated it was still my responsibility and will not remove the DELINQUENCY.

Has anyone dealt with a similar issue and had it removed?
Wow. That's quite a mistake. Oh well, we all make them.

If that's the only thing wrong with your credit, you can probably buy a house 2 years later. You can probably refinance your student loans even sooner. Are you sure that's all that's wrong with your credit?
Im positive thats the only thing that would be wrong with my credit report. I was getting rejected on refinancing my student loan with a 730 FICO score (it showed on the report explaining why I was rejected. 730 with almost perfect payment history aside from the late payments from VW and I am getting rejected? Thats unfortunate but I did get approved for refinancing on my car loan for, 15,000 for 60 months at 3.49%. So Ill start paying double maybe triple payments on my student loan. FYI 21,000 at 6.125% student loan.

futurewealthy
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Re: How to remove DELINQUENCY from credit report?

Post by futurewealthy » Wed Apr 05, 2017 1:22 pm

prudent wrote:IMO the best place for advice on removing negative information from a credit report is the creditboards.com credit forum.


Thank you Ill look into this.

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Re: How to remove DELINQUENCY from credit report?

Post by futurewealthy » Wed Apr 05, 2017 1:24 pm

dm200 wrote:
So how would I go about trying to have the whole account deleted from my credit report? From what I have heard from my wife (which works at a business management firm with high end clients) is that it can be removed , and it has happened with some of the clients they have. Same situation and all. I just question how some institutions are willing to help out a celebrity but not a non celebrity. Yea the writing is on the wall, they are known and I am not. But that defeats what some have said on this forum, reporting accurately
The technique commonly tried and used is to file a formal dispute and hope that the creditor just gives in and removes the adverse (but accurate) information. I regard this as dishonest. BUT - opinions differ.
Yes Ive tried 2 times already. Once last year and once this year, but nope they seem to be right on it. Ill keep trying different ways until then. If OJ can get away with murder, I think I can get away with a little misstep. :happy

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Re: How to remove DELINQUENCY from credit report?

Post by johnubc » Wed Apr 05, 2017 1:45 pm

Note to self - never, ever, ever co-sign a note for someone. And if you do, have the bill sent to your home.

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