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CAN BAD CREDIT BE DELETED? Despite the hype, the proof is in the results, negative credit items are deleted every day. The United States Congress has enacted a set of laws that protect the consumer and provide that only verifiable, accurate information appear on a persons credit report. This same law details the rules for how negative information must be investigated and treated should it be challenged. We at Centurion Law Firm are experts on the law and have developed effective strategies that will help you achieve your financial goals. We will be your advocate to ensure that the credit bureaus comply and provide you with the protections that the law demands. CAN YOU TRUST CREDIT REPAIR COMPANIES? As with any industry there are those companies who provide legitimate services, delivering real measurable results, and there are those who will tell you what you want to hear hoping to make a quick buck off of you through fraud and deceit. Beware of those frauds who make unrealistic promises. The reality is that we can provide a valuable service and help you achieve your goals, but any particular outcome can never be guaranteed We at Centurion Law Firm can only guarantee that we will work with you to help you enforce the rights that have been provided for you by the United States Congress. These rights are broad and expansive giving the consumer the tools needed to ensure a fair and accurate reporting of their credit. We guarantee that we will keep working your case until you are completely satisfied. WHAT DOES IT COST TO HAVE BAD CREDIT? In determining whether to retain Centurion Law Firm you may be wondering how much bad credit really costs you. Our examples will show you that the cost of bad credit is far greater than the cost of our services. If using our services can help you get better credit and save money, then the investment is well worth it. Credit Cards Most “regular” credit cards are not available to consumers with bad credit. The options then for obtaining a credit card are limited to other types of secured debt. These secured cards often require large setup fees, recurring monthly fees, very low credit lines and secured cash deposits. Even worse, most of these cards do not even report the positive activity to the credit bureaus. Auto Financing Your payments on a car will likely be between $5,000 and $9,000 more with bad credit over the life of the loan. This extra amount occurs because of the higher monthly payment. If you buy a $20,000 car paid over 5 years:
Home Mortgage While bad credit can significantly impact the cost of an auto, this is nothing when compared to what bad credit will cost you when financing a home. You may end up paying between $50,000 and $130,000 more in interest when buying a home with bad credit If you buy a $100,000 home paid over 30 years:
CAN YOU REMOVE BANKRUPTCIES AND FORECLOSURES? Any type of negative item can be removed from a credit report, assuming the right circumstances exist. Bankruptcies and foreclosures are definitely more difficult to remove from the credit report only because of the systems the credit bureaus use. They are however removable as are every other type of negative item. CAN I GET A “DO OVER” BY DECLARING BANKRUPTCY? BEWARE!! Bankruptcy is one of the most damaging things you can do to your credit rating. When you file for bankruptcy, every account that you have will become “included in bankruptcy”. Also, the bankruptcy filing and discharge listing will appear in the court records section of your credit report. In sum, just about every item on your credit report will become a negative item. Removing all traces of the bankruptcy is extremely difficult. WHAT ABOUT CHANGING MY SSN OR GETTING AN EIN? Some unscrupulous companies and individuals may try to sell you on the idea of changing your Social Security Number or getting an Employer Identification Number to set up a new credit file with the credit bureaus. BEWARE of this scam, it is not only very difficult to do, but in most instances it is also illegal. DO NEGATIVE ITEMS HAVE TO REMAIN ON YOUR CREDIT REPORT FOR 7 YEARS? This is a nonsense myth propagated by credit grantors, collection agencies, and credit bureaus. The law mandates that negative listings appear on your credit report for no longer than seven years. This means that the credit grantor, lender or credit bureau can choose to delete the negative credit listing whenever they see fit. WHAT IS THE FAIR CREDIT REPORTING ACT (FCRA)? A full copy of the FCRA can be obtained directly from the Federal Trade Commission’s web site. The FCRA is the main law that has been passed by the United States Congress giving the consumer certain rights and ensuring that the credit bureaus follow certain procedures to ensure the integrity of the consumer’s rights.  ^ back to top |
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