Your Questions About Credit Reports

Donald asks…

My fam need something free, fast and easy What is the best site for free credit report?

My family looking for a free credit report online. Preferably a service which provides instant results and is easy to understand. Can anyone recommend the best site to use? Something like a free credit report comparison would be awesome or even just somewhere that I can get more information about free credit reports.

John answers:

If you are looking for the best credit report online site, check out this site

Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating.

Hope this help,

Michael asks…

After how many years do collection accounts disappear from credit report?

I read that after 7 years certain accounts on your credit reports will be removed. When does the “countdown” start for collection accounts that are both paid and unpaid? From the Date Assigned, Date of 1st Delinquency or Date Reported?

Thank you for your help!
I noticed that some accounts that were opened in 2006 are showing that the Date Reported is this year. I read that some companies will do that to keep their account on your credit report and that it is illegal. Yet, I just don’t know from what date this countdown to the 7 year mark starts for collection accounts and other negative accounts.

John answers:

If there’s a judgment involved, you have a more serious problem than worrying about a chargeoff or collection account dropping from your credit report. Pay them off, negotiate a settlement, or file for bankruptcy.

Richard asks…

How do I get a free annual credit report?

I’ve heard that you can get a free anuual credit report online. Is that true? and if so, which companies provide these free credit reports online?

John answers:

Try this site
you can get free credit report from them.

Lizzie asks…

Is there a difference between the credit report a creditor sees and your full report on file with the 3 CRAs?

Correct me if I’m wrong but when you “pay for deletion” you are paying for any record of the debt to be 100% removed from the report that a potential creditor would see (like when you buy a car or credit card) .

–BUT the debt is never actually deleted from the credit report that you and the CRA have access to.

So, there are actually 2 forms of credit report: one that potential creditors see, and one which only you and the CRA see.

Is this correct??

I am asking because in previous answers to my “pay for deletion” questions, alot of people are saying that debts are never 100% deleted from credit reports.
So that makes me wonder what the phrase “pay for deletion” means exactly?

John answers:

When you request pay for delete, you are requesting full deletion. That means the tradeline will be deleted to where even “you” cannot see it. But, the CRA’s will still hold onto the information.
Yes in a way there would be 2 forms of credit report. One with all of the regular information on it that you and a creditor would see and another that “only” the CRA’s see……..unless…..hold on, I’m gonna confuse you some more lol…..

The only time that old or deleted items may possibly be seen is if a full factual report is pulled. You cannot pull a full factual and the general creditor or collection agency cannot pull a full factual. Generally it is only a mortgage company that can pull a full factual. And, (as far as I know) it is not done often.

If you apply for a mortgage that is 150k or more, then a full factual “may” be pulled.

Way back when it was rare for the average person to apply for a 150k mortgage, when a person “did” apply for that high of a mortgage the mortgage company had probably pulled a full factual report.

Now 150k mortgages are common and full factuals are not pulled as much as they had been.

Full factuals can contain information that is old and outdated and past the reporting SOL and may also contain newer information that had been removed for some reason before the reporting SOL had expired.

Sandy asks…

How to get a LVNV Funding to delete collection from credit reports?

LVNV is reporting a collection account on all three of my credit reports. Not only is this account past the statute of limitations for my state, but they are also not licensed to do business in my state. I called this morning to negotiate and settle for 25% and delete the account from my credit reports. They told me that it is not their process to send me a letter stating they will delete this, but once I pay, they will request for delete. I know this is bogus and they won’t delete it after I pay, which is why I requested this in writing. I would assume they would settle this debt since legally, they can’t even collect it! I just want it off my credit report. Any suggestions?

John answers:

You don’t. This is a legitimate negative and it will remain for the balance of the 7 year reporting period. That’s per the FCRA.

Your state Statute of Limitations (SOL) has no bearing on the reporting period. The SOL is the time frame to bring lawsuit.

Also, pay for delete agreements are very hard to come by. They only work for single entry items like medical or utility bills. They won’t work at all for regularly reported debts like credit cards. Collection agencies can only remove what they report. The original creditors charge off remains. Most collection agencies now comply with the credit bureau policy to not remove legitimate items.

By the way, a business license is not required to report a debt to the credit bureaus. Most states do not require collection agencies to have a license to collect. Your other info is incorrect so you may be wrong about your state’s requirement for a business license to collect in your state.

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