Anyone with information on repairing credit reports and scores?

Asked by Rachel, 60517 Sun Jul 8, 2012

I have been in the process of trying to repair my credit reports and scores since April. I have researched the dispute process for months, and have not gotten very far. I have also tried working with Lexington Law to help repair my credit, but it was extremely expensive and not very helpful, so I canceled their services. I am trying to get my scores high enough to obtain an FHA mortgage as soon as possible. I have done everything possible that I can do on my own. I have paid off every single late and collection payment (caused by health issues) that I had, and have paid the accounts I have on time. Is there anything else I can do? Does anyone know of anyone that can help me with improving my credit score as soon as possible? Any help is greatly appreciated!

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Suzanne Hamilton’s answer
Suzanne Hami…, Agent, Orland Park, IL
Mon Jul 9, 2012
I have pretty much given up on these types of credit correction people too. I have tried to learn a lot on my own to help my clients along with my mortgage lender to get people going at no extra cost. Sounds to me like what you may need are some positive trade lines to help your situation. You also may be hurting your credit without even knowing it by having your credit cards work against you. Please feel free to give me a call or email and I would be happy to give you a few pointers for your specific situation.

Suzanne Hamilton
Managing Broker/owner
RE marketing consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed May 29, 2013
Good afternoon Rachel,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote
Bradley Neum…, Mortgage Broker Or Lender, Franklin, TN
Mon Oct 13, 2014
I have a company that I have seen first hand help clients go from denied to qualified. Please call or email if you want the name and details.

For mortgage help, call (855) 893-1177 or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmortgagebn.com. We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 893-1177.

Brad Neumann
Branch Manager
Crosscountry Mortgage Inc.
Phone: (855) 893-1177
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes
Sonia Mansour, Agent, Downers Grove, IL
Fri Aug 22, 2014
I know of a very good mortgage broker that does credit repair. She will help you reach your goals and qualify for a mortgage. Please call me and I will give you her info.
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Wed May 29, 2013
I know of a great place out of Plainfield that does great work. Let me know if you would like contact info.


Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
*FHA down to 600 Fico Scores
*USDA no money down loans
*$100 Hud Purchase Program
*Pre Approval letters in 24 hours or less
*Unlimited LTV on Fannie Freddie Harp Loans
*203k Specialist
*Jumbo Loans to 90% LTV with no mortgage insurance
0 votes
Jimish S Des…, Agent, Wheaton, IL
Tue May 28, 2013
I would check out Sky Blue Credit Repair.

They are reasonable, effective, and give you a 90 Day money back guarantee.
0 votes
Terry Kauffm…, Agent, Lisle, IL
Sun May 19, 2013
I recommend getting a copy of your three credit reports and reviewing them for incorrect and outdated information. If the credit information is older than 6 years, request that it be removed from your reports. If it is incorrect information, you can demand the removal of this information. You can also add your comments to a credit report for creditors to see when evaluating your credit worthiness. Making these change should help improve your credit score immediately and without cost to you. Hope ths helps. Good luck. Feel free to call me at 630-788-9298 if I can be of any further assistance.
0 votes
Jeff Kincaid, Mortgage Broker Or Lender, Warrenville, IL
Mon Jul 9, 2012
We refer our clients to Jim or Kevin at Illinois Credit Services, Inc. http://www.illinoiscreditservices.com/. They are a fee-based service but I believe are much cheaper than Lexington Law and we've always had good luck with them.

Paying off collections can actually hurt your score in the short-term since it shows a current reporting date on a derogatory item.

Have you tried calling the hospital / medical profession to see if they will remove the collection as a courtesy since they are paid in full? I recently had a large suburban hospital remove 2 collections from one of my client's credit report as a courtesy. It raised his score from 575 up to 660 so he had no problem qualifying for an FHA purchase loan. I called on the borrower's behalf and only took a few minutes once I got transferred to the right person in client accounts.

You can also check out the website http://www.creditinfocenter.com/. There is a lot of clutter on this website and they're trying to sell product but there is some good free information if you can sort through the clutter. One method that I've seen work very effectively in the past is debt validation (it's a link on the left side of the webpage about half way down). You can click on this link to go directly to that section: http://www.creditinfocenter.com/rebuild/debt_validation.shtml. The idea with deb validation is that you challenge the collection agency to prove that they are authorized to collect the debt. If they don't respond within the legal time frame they have to remove the information. Most collection agencies are not going to bother responding if the collection has been paid in full since they've already been paid.

I hope this helps.

Thank you,
Jeff Kincaid
Avenue Mortgage
630-470-6722 office
jkincaid@avenuemortgage.com
0 votes
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