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- Past Due balances - 100% within 35 days if client brings the past due balance current, otherwise 60% within 35 days, but it will get reported past due again if the past due amount is not brought current
Credit Cards and other loans that are not Mortgage or Auto related
Same answers as mortgage late payments except for the following:
- Charge-Offs - 70% successfully removed within 90 days if the charge-off is paid, 50% if unpaid. Unpaid Charge-offs have a very good chance of getting re-reported since they still have a balance; reason being- Creditors report accounts when it is in their best interest. Since they have money coming to them they are more likely to report. When it is paid, it does not come back because the creditors never report again after they update the account as paid because they have no reason to waste their time since they got what they wanted, PAID!
Auto Late Payments
Same answers as mortgage late payments except for the following:
- Repossessions - Voluntary and Involuntary are the same percentages. 70% are removed within 90 days if the account is paid, 50% if unpaid. Unpaid Repossessions have a very good chance of getting re-reported since they still have a balance because the creditor is still owed money. (An involuntary repossession is when the bank hires a repo-man to take your car from your house while you are sleeping, a voluntary repo is when you call the bank and ask them to come get the car because you can't afford the payments. Both are bad although involuntary is worse on the credit score.)
- Settled - 70% chance of removing settled notation within 90 days
- Student Loans - 70% chance of removing late payments or paid charge-off student loans within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed when they remain unpaid.
- Forbearance - If client is being reported as currently late while they have a forbearance agreement, we are 80% within 35 days and 90% within 90 days
- Child Support - 70% chance of removing late payments or current or paid child support obligations within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed and remain past due.
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Testamonial
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