Can you Erase Bad Credit?
Is this really possible - to completely erase the bad credit reports that you've been having for years?
The US government says 'No'... here's a link to Erase bad credit article. Just in case we provide the government text here:
The ad claims, "Erase bad credit or reduce payment to your creditors!" What’s true and what’s hype?
I'm Shirley Rooker for the Federal Trade Commission.
No matter what the ad states, a poor credit history can’t be erased...but there are some things you can do.
Under the Fair Credit Reporting Act, you can question an item in your credit file and your complaint must be investigated. However, the negative information will be removed only if an investigation determines it’s incorrect. A credit repair company, no matters what it claims, cannot compel the credit bureau to remove negative information from your file, if that information is accurate.
Some companies claim they will work with your creditors to consolidate your debts, or reduce the size of your monthly payments. Before you pay large sums of money to these companies, call our office for referral to non-profit counseling services that provide free or low-cost help.
I'm Shirley Rooker, director of WTOP radio's Call For Action for the Federal Trade Commission.
January 2002
But what's possible?
There are things you can do to clean up your bad credit report... You cannot erase bad credit but you can clean up your bad credit.
