Just know this up front. Every creditor is going to tell you they can’t change your credit history. Just let them know that you know better. Occasionally, this situation will require that you demonstrate some knowledge of how this is done by suggesting possible methods to execute the change, In other words, don’t allow them to play dumb. Don’t allow anyone to con you into thinking that “we can’t do that.” They may tell you that they can’t change credit history. And occasionally, even the person with whom you’re talking won’t even know every method at their disposal.

Although the FTC distributes a great deal of good consumer information, they have slipped (or been misled) in this one area by buying into the credit bureaus false PR statements that “true and accurate” information cannot be removed. This is just not so. Congress has repeatedly voted otherwise. One shining example is the area of student loans where the law specifically allows repayment of a defaulted student loan to trigger the removal of all indicators of past debt from one’s credit file.

This program labeled by congress as Rehabilitation is an undeniable precedent of accurate information being deleted after the debtor fulfills a predetermined payment plan. Perhaps the FTC should corner the credit bureaus’ hired lobbyists long enough to read to them what the law actually says, instead of letting themselves be used as a censoring force to serve the bureaus’ agenda.

Remember that your goal is to improve your credit file as much as possible. Damage control now will save you many headaches in the future. Be a tough negotiator. Don’t be intimidated, but don’t be belligerent or abusive in any way. Instead, understand the motivations of, and try to create empathy with, the person with whom you are negotiating You can discuss any of these methods by which your credit history can be updated or even have the entire reference deleted.

1. Correct the creditor’s monthly report: Your creditor reports the timeliness of each customers payment to the bureaus on a monthly basis by sending the information stored electronically. You can ask your creditor to update (change) this information upon receipt of your agreed settlement.

2. Electronically:The creditor can pull your record from the bureau for review, then send a change of information slip to the data acquisition department of the credit bureau. Your file can be changed with this method at any time of the month.

3. Manual form: The creditor can change the information by sending a completed update form to the consumer relations department of the credit bureau.

4. Don’t Verify Dispute: The creditor can agree not to verify the information when a reinvestigation is initiated by you. This requires that they do absolutely nothing. When you send in a dispute form to the credit bureau requesting verification of that debt, the creditor does not respond and by law the record has to be removed from your file after 30 days.

Collection Agencies always enter into an agreement with the, creditors that gives them a LIMITED POWER OF ATTORNEY. With this power, comes, certain rights. Their job is to collect money. PERIOD. Nothing else. They could give “two hoots” about your credit, your dog’s diet or even how Uncle Fred is going to pay his bail for back child support. BUT, when there is money involved, you have the POWER to negotiate your terms. When some idiot comes up with the remark ” we can’t do that” you can always bet that it is around the first week of the month and their bonuses are not even a part of the equation.

If it was towards the end of the month, and the village idiot knew she/he was going to get a $1,000 bonus for that month if they collected a certain amount, then you tell me what motivation they have. They will most always accommodate your terms IF it means they are close to bonus time.

Respectfully, Regis Sauger

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