i have no bankruptcys but i have collections out the @#! anyway, these collections are from companies that keep updating my report as though I am late this month when in fact it’s from 2000, i’ve paid credit repair companies to fix it and they just keep coming back and updating every month, in turn my score remains around 500, is there anyone that can help me, oh i have written all 3 credit bureaus about this.
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Sat, Mar 20, 2010
March 20th, 2010 at 6:25 am
sorry you won”t get a loan with that score and open collections.
March 20th, 2010 at 6:25 am
no they won’t.
if you have collections right now and a really low score they won’t.
companies that claim to repair credit are a waste of money, you got duped. Ask that company for your money back since they obviously didn’t help your score.
March 20th, 2010 at 6:25 am
There is a statute of limitation for all debt, but you would need to talk to someone experience about this. If the credit repair agency did it right, they should be following up with these companys to make sure or find out why they are updating this information even after the 7-7 1/2 year time period. This is the reason why I said you need to talk to someone who specializes in this. Also, right now you can’t get a loan from anyone, because of your score, and past debt. Once you work on that and get that taken care of depending on other criteria, you may be able to get one.
March 20th, 2010 at 6:25 am
They can only update the report if you make a payment or admit to it. The SOL is over now get your report and dispute each and everyone of them stating a debt cannot be re aged. If they call and or write dispute, if they take you to court state the statute of limitations has run out and it will be dismissed, If they are re aging your debt illegally you can file suit against them per the PDCPA rules for $1000 per issue. Go after them
March 20th, 2010 at 6:25 am
Keep in mind that it’s 7 years from the "date of last activity".
March 20th, 2010 at 6:25 am
File Chapter 11!!! OR dispute the hell out of everything on there, eventually it will be removed because they have to pay someone to investigate this, and will simply get tired of investigating it! try to dispute everything, you can only dispute 1 thing per month, so dispute everything this month, and keep doing it on the 1st of every month, make it a habit to do that. IT WONT FIX OVER NIGHT! so dont expect to see instant or fast results, it sounds as though it may take you a good year and a half to see some good results. Good luck and I hope you get everything straightened out, cause I know how hard having a low score is. In the case of buying a home, there are lots of options for people with low scores, but expect a 7.5 or more % rate, and maybe even a 15 year note.
March 20th, 2010 at 6:25 am
No mortgage company will finance a mortgage for someone with a credit score that low. You need to work on improving your credit and then a few years from now, you may be able to buy a house.
March 20th, 2010 at 6:25 am
sorry no one will touch you!!!
March 20th, 2010 at 6:25 am
Focus on fixing your credit first before applying for a mortgage. Write a letter to all the credit bureaus with copies and dates that will prove that the statute of limitations is expired on the collections. They have 30 days to reply to you. If in 30 they either don’t reply or refuse from removing the item(s), contact the FTC immediately.
Refrain from applying for any loans during this time. Your score is really poor and especially with the real estate slump in the US, you’re very unlikely to be approved for anything.
March 20th, 2010 at 6:25 am
I have been in this same situation, check this site out, the advice is free……………………
http://www.expert-credit-advice.com/affiliate/redir.php?id=118