Is Credit Standing In Your Way Of A Home? Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered - part 2

By
Real Estate Mortgage Broker with Peoples Home Equity, Inc. NMLS-274839 NMLS 274839

How much money are you leaving on the table?????Part 2 "Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered" explains specifically WHY negative items are successfully DELETED from a credit file enabling the credit score to jump by leaps and bounds.

The Fifth Amendment of the U.S. Constitution reads, in part, "No person shall be ... deprived of life, liberty, or property without due process of law ..." We often hear that the United States Constitution guarantees that an accused is "..innocent until proved guilty.."

It is evident that the credit industry is drumming to their own beat!

Fact or Fiction????? - If a negative item is successfully deleted from my credit report, it will just come right back on my report.

The credit bureaus have cleverly spread this myth through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item has been disputed. Should the credit grantor submit verification a week or two later, it will be re-inserted. (This is called a soft delete.) Most of the time the creditor simply fails to respond and the negative item is permanently deleted. If the creditor verifies the item the account may still be deleted later in the process as the challenging process is intensified.

There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report. Not True -

According to the Experts. there is no type of negative listing that has not been removed from a credit report thousands of times.

Before I continue; It is very important to point out that the purpose of this information is not intended to defend those who habitually do not pay their bills.  My intent is to educate and provide solutions to a growing problem that is keeping many good people from getting ahead in life.

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

Unfortunately today, we live in a society that determines our net worth and value as human beings by our credit file. If your credit report is good, chances are you will partake in many of the better things in life. The complete opposite is true if your credit report is bad. Did you know that very few creditors will extend fair credit with blemishes on a credit history.

What if it wasn't your fault? What if you had to make the simple choice between eating and making a car payment? What if a job lay-off, medical emergency, or some other personal crises prevented you from making a timely payment? Should you be forced to pay for this for the next 7 to 10 years serving a credit prison sentence? I don't think so! Yes, there needs to be accountability,but not a decade or life sentence!

Think about it; How is a system like this allowed to operate in our democracy? The credit bureaus have placed themselves in the position of both judge and jury in relation to the consumers credit file. Do not forget one very important difference... A judge will give you a chance to defend yourself before ruling. We are supposed to have the opportunity in America to face our accusers before judgment is passed. This is entirely untrue when it comes to your credit records.

The truth is creditors and credit bureaus have been swapping information about behind the backs of comsumers and may I add, without permission, for a long, long time. In effect, it is hearsay and can cause severe economic hardship. Just look around. I see it every day.

The current system does not give one the opportunity to defend themselves before inscribing the credit file with negative and damaging information (even if it is not verified). Their perspective is that you must prove to them that the negative information on your credit report is incorrect, invalid, erroneous, or otherwise non-verifiable before they will remove it. In other words, in the eyes of the credit bureaus... you are guilty until proven innocent.

We are brought up to believe that one is innocent until proven guilty. Why we are not extended the same courtesy by the credit bureaus? Why do they not give us a chance to defend before placing  negative information on a credit report? The simple fact is, consumer rights cost them money.

The sole focus of credit bureau companies is profit.

Your credit file is their product. Did you know that contrary to popular belief, the credit bureaus have no government affiliation, with the exception of spending millions on lobbying efforts. These private corporations sell your personal financial information to anyone that will pay for it...and the recipient generally accepts the information as gospel, and then reciprocate by giving back to the bureaus any information that they may have on you. . . and the cycle continues.

I hope this information has been useful and please look for the next article in this series titled :

"Is Disputing a credit report is easy --- And, Can any consumer can do it themselves? part 3

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

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My team works with each client to determine the best finance package for every scenario; Not only the impact of the loan on their finances today, but 5 and 15 years down the line. Need Credit restoration; We can help. Click Here for a no cost ~ no obligation pre-approval or consultation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. http://www.WisconsinLoanTips.com or http://www.WisconsinVetLoans.com she can also be reached for comment or to answer questions via email at gwenntanvas@gmail.com

 

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Topic:
ActiveRain Community
Location:
Wisconsin Outagamie County Appleton
Groups:
1st Time Buyers
All About Mortgages/Mortgage Networking
Midwest Rainers
More Referrals: Strategies & Tips on Getting More Referrals
True Mortgage Professionals
Tags:
first time home buyer
credit
credit scores
credit restoration
tips
mortgage qualification

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Rainmaker
18,893
Khash Saghafi
Mortgage Loan Officer, Cleveland Ohio
Proficio Mortgage Venture, LLC

Hey Gwenn,

  Now that was an impressive post!  Well thought through, well written and very easy to follow.  So many loan officers out there have absolutely no idea how to properly advise or direct a customer on credit.  Knowing what you know also helps you work with those difficult loans in which you have to properly position the customer to give them the best opportunity to get approved.  Very nice post!

March 15, 2009 02:27 PM
Rainmaker
66,956
Gwenn Tanvas
The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
Peoples Home Equity, Inc. NMLS-274839

Khash - Thanks for the kind words. In my book, Credit Is King. A proven strategy is a necessity in this market. Often times it is very time consuming, but the rewards for all is unmeasurable.  Clients are forever greatful and I am greatful for the friendships that are forged in the process.

March 15, 2009 03:12 PM
Rainmaker
563,696
Robert Rauf
HomeBridge Financial Services (NJ)

Gwenn.... OHHHH I KNOW!  that one point difference can not only be the death of a loan approval, it can also be a huge swing in rate and or PMI !!!

Thank  God for FHA.  As an industry, did you ever think we would groan when we saw a 680 credit score? 

March 16, 2009 10:27 AM
Rainmaker
598,554
Donne Knudsen
CalState Realty Services
Los Angeles & Ventura Counties in CA

Gwenn - Great post!  Like you, I am also very concerned and passionate about helping my clients not only improve their score but also preserve it once they have improved it.  It's so vital to get this kind of info out to our clients and the consumer.

April 17, 2009 11:42 PM
Rainer
157,019
Dave Sullivan
The Real Story on Your Credit Score - TheCreditGuy
www.TheCreditGuy.TV

Great information I did some testing on the MYFICO estimator and found the best level to have your revolving balances and it is not $0 check it out here http://www.thecreditguy.tv/how-to-pay-bills-in-a-way-to-maximize-your-credit-score/

March 14, 2012 04:35 AM
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Rainmaker
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Gwenn Tanvas

The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
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MY MISSION: 1 - Looking to network with Wisconsin Real Estate Agents... share really great tips and help friends BOOST their business! Help me contribute to the industry in a whole NEW way!!
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