How to delete negative item from credit report?

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I have two negative items in my report that was reported 4 years back.. One negative item is due to wrong billing of a phone company. I disputed this charge; however they did not accepted it.

The other is the apartment owner; they charged very unreasonable amount when I moved out after the lease expiry. They charged hefty amount for carpet replacement and other cleaning charges. I paid the reasonable cleaning fee and disputed the other charges.

Both went to collection agency. However, these the charges were disputed by me in letter to respective collection agencies. This happened before 4 years before. After that, nothing has happened and I ignored it. These two negative entries still remain in my credit report. Now I am having tough time in mortgage loan as my score is 660 only. Now I want to delete these two negative items from my report. What should I do? I am even considering paying the disputed amount (though it was not at my fault). What is the quick and easy way to delete these negative items and get the score improved? How long it will take to fix these and to reflect the improved score in my credit report?

During the summer we completed the purchase of a new home. Our existing home which is in move in condition in a great area and being marketed at a competitive price has failed to sell because of the time of year and for no other reason. We are now committed to buy the other home however the sub prime mortgage market has collapsed in the meantime meaning that raising the bridging finance is proving next to impossible. We have 3 weeks to raise 150,000 pounds (I am in the UK). Our IFA is working hard to find a suitable mortgage product but the changing market conditions are making this very hard. We have no rich relatives. The issue is mostly that we were going to borrow on the 200K+ equity on our existing home self cert to do the bridge but the loan to value available has been dropped dramatically as lenders play safe, leaving us stuck with a problem in the meantime. Help! What is the quickest way to raise this money?
Can I just emphasise that I am in the UK, so need a loan in sterling. Also anyone who replies offering finance but without a phone number and website and some means of verifying themselves will be ignored.

  1. Reply
    February 6, 2011 at 7:52 am

    You cannot delete them just because you want to or you don’t agree with the debt. They will now have to age their way off your record.

  2. Reply
    February 6, 2011 at 8:50 am

    Since they are already on your report you need to dispute them with transunion, equifax and so on. You send a letter (i have the letter and you fill in the blanks if you want them) make sure the account number you are disputing and the credit report number or date you pulled your credit report is on there state why you are disputing that item. The creditor has 27 days to respond to you if they come back and say it is yours then I have another letter you fill in your information and send to the creditor that request written proff that the debt is yours. If they can not prove the debt is yours they have to take it off. Once you have done all of this you can request a credit score update and within 24hours your credit score will be updated.
    The mortgage companies look at the middle score say you have a 620, 598, 660 they will take the 620 so make sure on all of your reports that your personnel information is the same and that even old address are yours and such because even this can stop you from getting a mortgage. You can also use the letters I have to take off unauthorized inquiries on your report which also helps when getting a mortgage. Since you only have two things you need off I say you can get it done in 30 to 90 days

  3. Reply
    stan c
    February 6, 2011 at 9:42 am

    If you want to clear the accounts, you want a pay to delete from the 2 agencies. Get it in writing and send them a money orders only. It will than take about 12 to 18 months to boost your credit score

  4. Reply
    jeremy j
    February 6, 2011 at 9:45 am

    1. If you want to make comparisons using very accurate data, get quotes from different lenders or brokers on the same day. Mortgage quotes change daily. At times, they even change several times in one day.

    2. When you compare terms, compare mortgage quotes for similar lock periods. A lock period is the specific span of time that guarantees implementation of a certain rate. As a rule of thumb, longer lock periods have higher rates. Lock periods are generally offered in increments, like 15, 30, or 60 days.

    3. Compare mortgage quotes that have the same points, such as zero or one. In the mortgage business, a point is the term given to a rate. Three points, for example, means three percent. Mortgage quotes follow a tiered pricing. This gives you the opportunity to buy the rate and bring it up or down. How? It’s very simple. To make the points decrease, increase the mortgage rate. To make the points increase, reduce the rate.

    4. In the quote you ask for, ask that the quote loan be separated from associates fees. Property taxes, home insurance, and pre-paid interest are not lender’s fees. What falls under lender’s fees are the following: standard title, appraisal fees, and processing or underwriting charges.

    5. Compare mortgage quotes of the same type. There are many types of mortgages. There is a buy-to-let mortgage. Then, there are also self-build mortgage, right-to-buy mortgage, and reverse mortgage. The terms of your mortgage could change along with the type.

  5. Reply
    February 6, 2011 at 10:23 am

    I remember having such a problem sometime ago, but my experience was that the cheapest and quickest method for raising the necessary cash was official channels through the bank for a bridging loan. If you find this prohibitive, I personally can’t think of any other way that would prove less expensive, unless your solicitors can negotiate on withholding a percentage of the purchase price of your new property, but I suppose, as you say you have completed, this is already gone and presumably, solicitors have taken their charges. Only other quick way of raising some cash, but how much you could get is another matter, is to rent out your old property.

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