Bad Credit Needing help! - Posted by Sammy (ATL)

Posted by Bruce Lawson on October 16, 2003 at 12:42:28:

Hi Sammy,

Two of the easiest things to repair on a credit report are late pays and repo’s, therefore if you dispute those lates they must be investigated and 99.9% of the time the creditor can not produce any evidence of those payments that were late. The Fair Credit Reporting Act states “if an inaccuracy is identified and brought to their attention they must delete or correct the information immediately”. Late pays will not be deleted as long as you have an open account but it must be corrected to paying as agreed and never late.

Feel to contact me for any information on credit reporting.


Bruce Lawson

Bad Credit Needing help! - Posted by Sammy (ATL)

Posted by Sammy (ATL) on October 15, 2003 at 18:27:14:


I have much less than perfect credit. This is primarily due to my default status on my student loans. Is there anything that I can do to have these defaults off my credit report (while paying down the debt on time?).

When I called my lenders, the following were my options:

  1. Pay 1% of total balance ($60,000) = $600/month for 12 mos and have all the lates off my credit report at the end of the 12 months.


  1. Consolidate all my student loans, and have a new lower payment ($285/month) but the lates will remain for another 2 years (that’s 7 years from the date they started reporting).

I’m thinking of going with option 1 and be done with it, and then do everything I can to make sure I have 700 scores by beginning of 2005.

I was thinking of going with the consolidation option and then dispute the lates like a (&?*$&**#) madman.

What do you think?

I appreciate your inputs in advance.