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how do i remove bankruptcy

Date: Sun, 02/10/2008 - 23:34

Submitted by anonymous
on Sun, 02/10/2008 - 23:34

Posts: 202330 Credits: [Donate]

Total Replies: 28


I had filed bankruptcy two years back at that time i had no option and to tell you the truth i was not that financially educated that i could think of any other option than filing for bankruptcy to clear my debts. Now I have realized what a fool i was to declare myself bankrupt. I am not being able to get a home mortgage at a decent rate as my credit report has a black mark named bankruptcy. Its been two years now and iam sick and tired of knocking at the doors of lenders. Though i know that it will stay on my report for 10 years but surprisingly one of my acquaintances told me that she had it removed before ten years. though the process took 5 months to complete but now her report is free from bankruptcy! So, I called up the office and personally had a talk with the owner and he assured me that he would remove it legally. Iam here to ask should I go for it or not?

Please help me fix my problem.


Hi weary and tired

Morningstar is absolutely correct.......any third party who advices you that they can remove accurate negative info from your report is actually lying. You must be very careful while dealing with such phony companies that advertise themselves as credit repair clinics and claim that they can clean all the blemishes in your credit files. May of these companies advice consumers to apply for an EIN by providing false and fake information. Many of the consumers do not know that they might face fines or even a jail sentence for falsely getting the EIN.

I can very well understand your situation....but by falling into the traps of such crooks will dig you deeper into trouble. Please be careful friend.

Take care and keep us posted
nelly


lrhall41

Submitted by Good Nelly on Mon, 02/11/2008 - 21:58

( Posts: 2846 | Credits: )


weary and tired, have you though about or tried to get an FHA loan? Here are the general qualifications for them, check into it.

You will need to have 2 years of steady employment. Not necessarily by the same employer but it is preferred.
Your income should be similar or increasing for the past 2 years.
You should have less than two 30 day periods of late payments on your credit reports.
If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.
Foreclosures will also need to be older than 3 years and have good credit since then.
Mortgage payment should be about 30% of your gross income.


lrhall41

Submitted by ramj70 on Tue, 02/12/2008 - 09:11

( Posts: 193 | Credits: )


I may be wrong and I know credit is getting much harder these days...but I know people who have bankrupted and two years later have several credit cards..qualify for financing on homes cars etc....
in my business ..interior decorating ..home furnishings...if bankruptcy is on file in past 7 years finance company we go through automatically declines applications..
guest...my opinion only from what I have seen...
if you have bankruptcy..a good interest rate will not be there..but because you have removed yourself from all debts...you are still a good risk for some creditors..(sometimes a much better risk than someone else with a much higher credit score)....
because you now have less debts and obligations than others....I would just once again encourage you to heed awesome Goodnelly's advise....be careful!!!!!


lrhall41

Submitted by socksfullofrocks on Thu, 02/21/2008 - 22:02

( Posts: 488 | Credits: )


Credit bureaus do not investigate public records.. so you can dispute a bankruptcy. You might have to fight over and over monthly about it but it can be done. You dont have to lie about any negative items on your reports, but you can make the credit companies verify that its true and accurate. Just the same as bankruptcies. Almost all public records have to be received in person. Credit Bureaus might say they got it electronically. They cannot do that. They dont even check it. One Credit Bureau of the three is harder to get it off and they have been sued the most because of it. By law they have to verify it and if they cannot they have to remove it.


lrhall41

Submitted by anonymous on Sun, 02/24/2008 - 09:18

( Posts: 202330 | Credits: )


A friend of mine filed BK, in 1999...to 'gt a new start ( so-to-speak). She filed in the state of Pennsylvania. She was told, " this would come off her credit, by 2008." Well......a few years AFTER the BK, she started getting alot of 'pre-approved' offers (credit cards, lines of credit, etc.). Well.......She ran up SOO much, of this 'credit', she just can't pay all of it anymore. She's trying to negotiate with this companies. Just seems like, her filing for BK was meaningless. The BK is STILL on her credit, too. WOW!!


lrhall41

Submitted by sdchargers_63 on Mon, 03/03/2008 - 05:23

( Posts: 1798 | Credits: )


Even if the BK is removed from the CRAs you have to be aware that when you apply for any loans, and some credit cards they will ask you. Lying about not filing BK can get you into a LOT of hot water like mortgage fraud.

Getting it magically removed from your CRAS may increase your score, and help you build some credit, but keep in mind that it won't go away that easily, and will still be there and can be found outside of checking your credit reports.


lrhall41

Submitted by Shayla on Wed, 03/05/2008 - 13:40

( Posts: 25 | Credits: )


I am disputing information being reported on my credit report on Transuinon. They are requesting I send them pretty much all my paperwork on the bankruptcy. How should I respond? My biggest issue is that when I have sent Transunion info in the past they disregarded it saying they only take information sent to them from the creditor or person reporting on the credit bureau.
_________________


lrhall41

Submitted by anonymous on Thu, 03/13/2008 - 17:47

( Posts: 202330 | Credits: )