Repairing Your Credit

Repairing Your Credit

Question: Can any credit repair company legally remove bankruptcies, repossessions or wage garnishments off of your credit report? If not, how long does each of the above stay on your credit report?

Answer:
The quick answer about any company repairing your credit is – No. Not if the information is accurate.

But, first it is important to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments, charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history.

If you are looking to 'improve' your credit, there are several paths to follow, but to your specific question... if the item on your credit report is accurate, you are not supposed to contest it. All items remain on your credit report for up to 7 years. A bankruptcy may remain on your credit report for up to 10 years.

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed.