How to Fix Credit Problems in 30 Minutes

Richard Yes people have to realize they have to have some short term pain and work to get out from under debt. In the long term they will save tens of thousands, rather than doing nothing and having nothing for the forseeable future

Hi Richard

I have a question for you

I have a 100k small business line of credit (unsecured) with
union Bank of California

We are about 45days late
We would like to settle for 20-35 % but have not broght it up with them yet.

What percent do you think we could settle for ??
We are sole propietors and still in business (barley)

sincerly
mac

Thanks for secret on why challenging this works!

Hello Richard and thank you for this helpful information. I'm not quite to this point in my journey and I'll try to remember this stuff, but just in case I don't, will the e-class I purchased from you include this info? Also, I left a message on your message board, but I don't recall how to access it. If you respond to this, please use my email addy and not the board, cause I can't get there from here.

with appreciation,
Jim

Me again. On my last response I said I needed a way to get to your messge board, and to contact my email. Only after sending did I take a chance and click on the little 'blog' button and wah-lah! there's the message board. I will look for the 'blog' button on your future offerings. Looking forward for my e-class to start. Got my legal pad and sharpened #2 pencils ready!

take care
Jim

Hi Richard,

Thanks for a great tip, I'm sure this is very helpful to many right now.

How do you erase inquiries?

Great info that I didn't know!!!

Thank you for the info just received this should help in a big way. Thanks!

Richard this some good information, but I'm wondering how this works if you are challenging these lates and BKs on your credit as an individual? I thought only a licensed credit repair firm could challenge more than ONCE on a negative item?

If they affirm the negative item the first time, isn't the game over?

No, you can simply do it again.

–Richard

What happens if the lender does respond to the investigation by saying that you settled for less money than what you owed. Does that take off all the lates and other negative stuff off your credit report? Does that improve your FICO?

Brandon

Richard,
In that I am a bit "anal", I feel the need to ask where/how can I get details regarding how/what I say to the credit bureaus to get my impending bankruptcy expunged from my record.
There is a fellow around here that charges $600 (with no guarantees) to handle the process, but I really need to save that money if possible.
(I am looking for exact wording of letter to credit bureaus. IE: Do I say that the bankruptcy is not mine, or do I begin with just one creditor debt and follow-up, one after the other, until they are all gone (and then assume the "bankruptcy" will disappear)
Any help you can provide will be greatly appreciated,
jj

Hi Rich-

Can you give an example of what you should say when challenging credit card debt? Should you say something like I'm disputing the dollar amt/balance, or this is not a valid debt, or what?

My question is at what point do you talk to the bank that you have the late credit card debt with and what do you say? Do you let them call you for ninety days and then answer there calls?

Thanks for any help, we really need some direction .

Richard,
I got a free report from one of those online deals. I've got about 6 derogatory things on my credit file, all minor collection accounts(score 454), and it looks like they're all from Transunion. Can I send Transunion one certified letter telling them all those things aren't me, or do I need to send them individual letters for each one? Thanks.

Richard, would that it was that simple. Your method may work with BK's and foreclosures which are public records maintained by beaurocracies who may not respond in the 30 day period.
First, if your account is still with the original creditor, in other words has not been turned over to a collection agency, your chances of getting a sweet, "10 cents on the dollar are between nil and none. The reason is that when they turn over your account to a collection agency, they get a tax credit from the IRS which closes the books on that account as far as they are concerned.

You can get a good settlement with a collection agency, especially if the account is 2 years old or older. Collection agencies regularly buy the debt for pennies on the dollar, so they have a lot of room to settle and still make money.

But as far as dealing with banks and retail creditors, the credit bureaus have a clever automated way to verify disputed information with them.

They no longer wait for letters to go back and forth. When a dispute comes in, the credit bureau clerk goes online to the creditor and verifies the information the credit bureau has on file with what the lender has previously reported to it. This information is online for instantaneous access. Obviously, this information has not changed and they report to you that they have verified the information they have on you. If you have a legitimate dispute, you can challenge their verification, but if you are just bluffing, you will be out of luck. And as far as filing repeated challenges, they can legally ignore you once they adjudge your complaints as "frivolous."

Also, most lenders will not erase derogs, called a "Delete", or agree to report them simply as "Paid"-

"Settled" is about the best they will do which will still damage your credit. However, my clients have had some success with "Bribing" collection agencies by making a slightly higher settlement offer in return for the "Delete."

I think this sounds good, but will it work in all cases. I "settled" one card 13K for 4K but I didn't do everything that you said. I noticed a 1099 in the mail the other day from the card company. I will work on doing further settlements with what you said. Is there any way to fix the one I didn't do completely right?? If there is please let me know. Thank you.

Richard,

After the credit report is cleaned up of all derogs per Fair Credit Act
creditors still have the right to put them right back on again unless they
have specifically agreed not to? after 60 or 90 days?

So absent some agreement to permanently remove or not answer investigation,
the derogs would need to be challenged regularly to keep the FICO score high?
Is that correct?

Hi Richard how are you i hope you see this email, I am interesting in loan mod and repairing credit and remove forclosure, thank you very much and have a great day