Will adding a 100 word consumer statement to a person’s credit report help to improve their credit?
Posted in Credit on 11/23/2007 04:15 am by admin
John G asked:
My friend needs to improve his score.
JESUS
My friend needs to improve his score.
JESUS
11/25/2007 at 3:39 am
No, the contents of a consumer statement don’t factor into the scoring models.
Depending on the circumstances, a written statement may sway an underwriter, though.
12/01/2007 at 8:07 am
Mockingbird’s answer is right on the money.
12/01/2007 at 7:07 pm
No, only removing errors by the creditor will EVER improve someone’s credit scores. Tell your friend it will take MONTHS, if not 2-3 YEARS to fix your credit report. Creditors are not really motivated to help fix these problems. It rarely benefits them. Even when you make payment arrangements with them, they are relucant to remove these items. If you friend has errors or payment settlements with creditors, your friend should get it in writing that the creditor will remove the item from all credit agencies. Your friend then should continue to follow-up until it is cleared….Good luck.
12/04/2007 at 1:17 pm
No. But it is great for explaining derogs on your report. Examples I’ve seen are: cosigned for brother for wireless phone and brother didn’t pay. Spouse died and wife had to learn to take care of bills so a few were late. Employer went out of business.
12/06/2007 at 4:24 pm
No it won’t.
qoute:
You have the right to present your side of the story in a brief statement (100 words or less), which the credit bureau must attach to your credit file. Your statement should be used to clarify inaccuracies, not explain reasons for delinquency. Anyone requesting a copy of your credit report would also automatically receive your statement (or a summary of it), unless the credit bureau decides that it is irrelevant or frivolous.
emd qoute