Debt Recovery
Find a Conversation
Debt Recovery
| Wed, 06-22-2005 - 5:26am |
Hi again, one last thing. Has anyone ever used a debt recovery service? We just enrolled in it they go through your credit report and remove old stuff, and try and get your credit scores back up. If so has it worked for anyone???
Thanks,
-Cindy
Thanks,
-Cindy

I haven't heard about Debt Recovery. However, I have heard that there is no company out there that can repair your credit report.
MYM
If you can cancel your subscription to this "service" I highly recommend you do so. I have heard nothing but bad things about these guys (not this particular company necessarily, but anyone who claims to do this).
They *may* be able to get some of your credit blemishes cleared up, but you could do a much better job yourself for the cost of a few return receipt letters.
Check out www.goodmortgage.com. Click on "learn" at the top. Go to the section on "Understanding your credit score," then go to "Credit reporting agencies." Scroll down, read, then click on "next article."
That section tells you everything you need to know to do what the credit repair companies claim to do, only it's more effective and cheaper if you do it yourself.
Of course, the best thing you can do for your credit is to get your accounts up to date, pay regularly, and bring your debt down.
Good luck. Either way, let us know what you do and how things go.
BLessings,
Heather
I agree with the other posters.
All my best,
Danni
Well... this is true... sort of. Actually, it *is* possible to have even legitimate black marks removed under the right conditions. I'm not saying you *should* or that it's a good idea, or that it's right. Just that it *can* happen.
If you contest something on your credit record, the credit bureaus are required by law to investigate. The creditor who put the blemish on the record is then required to provide *written proof* that the record is correct. If they are unable (or don't bother) to do that within the legislated time, then the mark will be removed.
Frequently, older debts, especially those that have been paid for a year or more, are kept on record only in an electronic format, or not at all. Since creditors are required to provide proof *in writing,* they are often unable to meet the requirement and marks can be removed even if they are accurate.
I know this because we did it. We had a collection item and a charge-off on the record that we had paid in full, but that were still showing as unpaid. When we challenged the items, we did not claim to have ever held the account, we simply said that they were being recorded incorrectly (which was true) and requested to have them removed (which was our desire though not necessarily our right--but it was our right to at least have them recorded correctly). Because the creditors were unable to prove that we had ever owned those accounts, they were removed from our record altogether. All we really needed was to have the accounts updated, but we didn't complain when they were removed altogether.
This is most likely to happen, though, when an individual does the "leg work" herself, not through an agency. See, the credit bureaus are used to dealing with these "credit clean-up" agencies, and they aren't happy about it. So they will go to great lengths to maintain the integrity of credit reports against the agencies. But when the occasional individual asks for the same thing, they are less likely to bother going to great lengths, and the record is more likely to be removed.
Additionally, and I'm sure the agency didn't mention this, when someone else pulls your credit record in order to "clean it up," the act of their pulling your record goes on your file and damages your report. Every time a third party pulls your report with your permission, it is called an "inquiry," and too many "inquiries" looks bad.
I know this information is not generally talked about, because people think it seems kind of sleazy or dishonest, but I think it's important to know. The credit companies and bureaus know the ropes, and sometimes it can seem like they have all the power. And they certainly don't pull their punches. So it's helpful for us to know our rights and how to work the system too.
Blessings,
Heather
I, too, have had experience removing a negative item from my credit report.
All my best,
Danni
Talk to you soon,
-Cindy
I will certainly keep you updated...
Thank You
-Cindy
Thanks. Let us know how it goes!
Heather