SHOCKING Secrets of Credit Repair – Webster’s dictionary defines credit repair as “…the process of fixing a bad credit report for whatever reason it deteriorated in the first place…”. I don’t know, in all honesty, if that is in fact Webster’s definition because I don’t have a dictionary and I can’t be bothered Googling it. That definition is just what I know credit repair as, and you should trust me as your credit repair dictionary because it’s my job. That brings us to today’s topic; I am going to spill two shocking secrets about your credit file.
The first secret is really gonna be an M. Night Shyamalan-esque twist – repaying the debt does not repair your file. Now, you might be thinking “What, no way??”, but yes way. Now, it’s bit of a dick move that your bank doesn’t remove the default even after you pay off your debt, but that’s okay; that’s why we’re here, to help you.
So, now you might be thinking, “Wait, so I have to pay off the debt before you can help me?” but the answer to that question is no, bringing us to the second secret of the day; you don’t need to repay the debt before repairing you file and here’s why. You see, when there are errors made in the reporting process of your default – regardless of circumstance – that default is considered marked in error and therefore can be removed with or without paying off the debt. Now, you will have to pay back the money you owe but for now you can get that black mark removed so you can get that loan you need. Assuming it’s a loan you need.
So that’s the first two secrets. To summarize: Firstly, you’ll still have a pesky black mark in your credit file even if you pay off your debt. Secondly, you can have your file cleaned up before you even pay off the debt.
That’s all I have for today, stay tuned for part 2 coming out soon. If you ever need me, I’m just a ping away.
Hey, just wondering… if I pay off my debt and my file is repaired, does the default stay on the record?
Hi Joseph. I think I get what you mean but do you think you can elaborate?
Well, say I wanted to get a loan for a car – would whoever I’m getting the loan from be able to look up if I’ve had a default in the past?
Ah yeah, that’s a very good question! I was going to address that in-depth in my next blog post, but I’ll settle your fears now. No, they will not be able to look up if you’ve had a default in the past. After your file is repaired, the black mark’s wiped off the face of the planet.
Cool, thanks Mitch! You wanna tell me that other secret too? 😉
You’ll just have to wait for the next post. Or you can just head over to the app and check out the audiobook.
But I don’t have the app 🙁
Guess you’d better go get it!
https://play.google.com/store/apps/details?id=com.creditrebootau