A borrower’s credit score can dictate what they can and can’t do when it comes to borrowing money. Have you made some poor financial decisions in your younger years? Getting a home loan when you are older and ready to settle can be difficult. You may never want to borrow money or check interest rates. Doing this will require a credit check and past employment verification. In most cases, your score may not even matter to you. So, you wonder if you should go through the process of waiting for negative items to fall off. Let’s take a look at how these scenarios could unfold and how they may impact you.
If you need to borrow money sometime down the line it’s important to stay on top of your payment history. Sometimes, a credit score applies to more than a loan too. Some companies will not let you sign up for home Internet plans or cell phone plans without you having a minimum credit score. They also need to know that the consumers can pay back the service fees. Rightfully, they reserve the right to check all their applicants.
The time that it takes to repair your credit score can vary depending on how many items you have listed and how serious they are. There are many strategies available to repair your FICO score. Most credit restoration companies will get in touch with the credit bureaus listing your negative items. They will request that all available information be appealed. A third-party bureau has a 30 – 45 days grace period to respond to this inquiry and if the appeal is successful, it can be amended within a further 3 – 5 days. This means that you could be waiting up to 50 days for one negative listing to be removed. Credit repair companies can make more than one appeal at a time. Most can submit appeals for all your negative listings at the same time. So you could have all of them removed within this time frame.
Are you patient and don’t mind playing the waiting game? Most advisors want you to play a game of cat and mouse with debt collection agencies. Then you can wait for the negative items to fall off. A negative item listed with a bureau expires after 7 years. From the point that it originates or has been last paid. After this time expires, it must be removed by law from your credit history. Sometimes, this doesn’t happen, but you can request for it to be removed if this time has expired and the credit bureau must oblige. These companies also need to report accurate information like finance terms and interest rates.
The 7 years listed above are when a negative listing expires and falls off. There are still the statutes of limitations that vary from state to state that will still enable debt collectors to pursue you. The statute of limitations will range and go up to 15 years depending on which state the debt originated in. Another option to consider is to go with a service that fixes your past payment history. if you’re on this site you’ve no doubt seen the top credit repair reviews. Finding the best firm to repair your credit history isn’t too difficult. But it will cost you money at the end of the day.
After reading everything above, how important is your credit score to you now? Do you think that you will one day need to do something that requires a credit check? Unless you earn an above-average amount of money and can afford to pay for things outright, you may struggle in the future trying to borrow money. Even then, you still might not even be allowed to have a cell phone plan or home Internet plan regardless of income and expenses. The process of going through credit repair companies to rebuild your credit score will also cost you money.
While most of these services are quite affordable, the cost can add up if you have a substantial amount of negative listings that are hard to remove. The first place to start when looking for the highest rated credit repair companies would be our homepage. Not only do we detail the benefits and drawbacks, but we also do our best to give impartial information about the specific company. Many have been proven to be very effective at removing negative listings for people.
Have you decided to wait for your negative items to fall off? There is no need to do anything which requires a good credit score. Your biggest problem is dealing with debt collection agencies. Yes, your negative listings will be eligible to be removed after 7 years. But a debt collection agency can pursue you for that entire time and try to get you to pay or take you to court. Hiding from them is not something we condone or advise you to do. It is, however, your choice as to what course of action you will take.
Remember, 7 years is a long time and debt collectors won’t forget about you if you choose to apply again down the road for another loan. Enlisting the services of credit repair companies is your best option. Your negative listings could be resolved a lot sooner than waiting for them to expire. Check out our directory of creditor companies that can help you with all aspects of fixing your problems.