Skip to main content

Should you delete the account or have it corrected?




Do you have accounts that you're not too certain about? Should you remove it or should you have it corrected?


Is there a formula for figuring this out? It isn't that complicated!
Let's say that you have the following accounts:

Open accounts:
  • NFCU - account still in use; late payments reporting in comments and status
  • Capital One - account still in use; late payments reporting in comments and status


Closed accounts:
  • Chase Card - collection
  • Comenity Bank - charge-off
  • Bank of America - $0 balance; late payments for 3 months


Bottom line:
We can remove the negative account whether it is open or closed. If you are still using the account and would like to keep it, we would not delete it. On your next payment, the account would report again. If you do not wish to continue using it, we are able to remove it completely. We can update the negative comments to reflect positively, meaning that the negatives (more than likely late payments) are removed. 

If the account is closed and negative, we would just delete it. If there is a $0 balance, updating the comments may be the smartest option, as it would be useful in calculating your score and illustrating your account history. If a balance is due, the account should be removed unless you are willing to pay the balance and then have us update the comments. 

As for the accounts listed above, this is what I would recommend:

Open accounts:
NFCU - account still in use; late payments reporting in comments and status
Update account comments
Capital One - account still in use; late payments reporting in comments and status                               Update account comments
Closed accounts:Chase Card - collection 
Remove account
Comenity Bank - charge-off
Remove account
Bank of America - $0 balance; late payments for 3 months
Update comments


I do hope that this was explicated to one's satisfaction. If there are any questions, please do not hesitate to contact me for more information. 




Comments

Post a Comment

Popular posts from this blog

Tips for my brokers; Craigslist, Facebook, websites, advertising and more!

I work 90% with brokers, 10% with clients, and I actually prefer to work with brokers, as I have contact with only one person instead of 300 clients. So considering there are 528 of you brokers, I figured that I would post some tips and tricks for my brokers. I will break it down into sections to make it easier reading, and if you have any questions, comments or suggestions, let me know! Advertising Advertising can be a serious pain in the butt, and it is utterly necessary for a business like this one. I will give you a couple of suggestions that work for me. I am mostly just word of mouth now and do not need to advertise, as I have thousands of clients, but there are days when I do put my business out there again for new clients. Craigslist It is quite difficult to advertise with CL now, but there are tons of ways to get around being flagged or to prevent it from happening. CL is the 4th most visited site in the  world , so that right there should tell you that you need...
Post a Comment
Read more

3 Resons why you should wait to apply for new credit

Applying for new credit before all derogatory items are deleted: My advice to my clients is always the same: wait until you're done with your credit repair or credit sweep program, but have a strategy to move forward from there. Here's a few reasons why: #1 you may be denied if you still have 1-2 items remaning and will end up with new inquiries that will drop your score #2 it may hinder the process of removing the last few items and can add 1-3 months to the timeframe #3 you may be approved with a very low limit and would have to wait 3-5 months prior to requesting an increase. In comparison, you can wait til everything has been completed and obtain a higher limit right off the bat. Here's a real-life example: I have a client would only has 4/86 negative items remaining and he wanted to move forward with his mortgage. I advised him to wait because (see #1) it would add inquiries and he may not be approved. He'd mentioned tha...
Post a Comment
Read more

How to Fight "Verified", "Frivilous" & will not reinvestigate" Responses

https://www.expertcreditsweeps.com/book-online to schedule your free consultation! Are your disputes coming back as verified, frivilous or they won't reinvestigate? Are you going to accept stall tactics, scare tactics and denials? NO! What you need to do is look at your credit repair or credit sweep process and figure out the cause for these responses because you shouldn't be receiving them if you're doing this correctly! Are you sending in template letters? Disputing all of your derogatory accounts in 1 letter? Using generic dispute reasons? Using a credit repair company that's doing any of these things? One of these can be the reason you're encountering this and you need to stop right now. What can you do? #1 Don't use dispute templates #2 Dispute based off factual info from your credit report #3 Find out HOW the items are being "verified" #4 Fight them on the "frivilous" response #5 Make complaints #6 Don't take "NO...
Post a Comment
Read more