Posted by Ed Garcia on April 21, 2002 at 12:39:43:
John,
A place that I’d like to send you to is http://creditinfocenter.com/. There you will find everything you need to remove information from your credit report. They will give you generic example letters to send to the credit beau, tell you your legal rights etc.
Ed Garcia
Mr. Garcia - Steps to re-scoring credit please - Posted by John
Posted by John on April 19, 2002 at 17:59:45:
Mr. Garcia,
I rehab homes and then sell to buyers who usually get an FHA or conventional loan from a mortgage company. The problem is I have to go through 30 wannabe buyers to find one that is financeable. My thought is to use the bad credit wannabes as a future source of buyers after I clean up their credit. What steps are required to remove old derogatorys from past collections, judgements, and bankruptcies. Are there standard forms to submit to the credit bureaus? A loan officer was telling me he can re-score a buyer’s credit by paying him a fee and that it can be done in a few weeks. Does this sound right? Also if there are legitimate collections and judgement on a report, do they have to be paid off before a loan will be approved or does it depend on how long ago the derogatorys were put on the report. Can a debtor agree to a re-payment plan for these with the creditor to satisfy the lender. I know I am asking a lot in this post but any guidance you can give me would be greatly appreciated. Perhaps there is a web site that explains lenders underwiting guidelines?