Patriot Funding can’t help you with your credit reports. Patriot Funding is under review by Crixeo, the popular news and reviews site, for being part of a long-running debt consolidation scam. According to Crixeo journalist, Ed Miles:
“The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to My Patriot Funding website. More than likely you will not qualify for one of their credit card consolidation loans and they will try and flip you into a more expensive debt settlement product.”
Ed Miles, Crixeo
Recently, Patriot Funding, was profiled by Crixeo. Apparently, it is part of the same collection of web sites involved in a long running debt consolidation scam.
The worst thing about a bad credit report is that it slows down financial progress. If you want a loan for a new house or some new equipment or a new business, you’re out of luck. Sure, there are agencies which will give you loan offers with bad credit, but wouldn’t you rather have a good credit score?
Well, there are some great ways to cleanse your credit report.
How Long Do Negative Items Stay in the Credit Report?
It depends a lot on what the item is. However, whatever it is, it will fall off after seven years. That said, you may want something removed earlier than that. If you’re looking to invest in something and you need money through a loan, seven years of waiting doesn’t help you.
However, before you lose hope, you should know that the impact a negative credit report has lessens before seven years. All you have to do is maintain good financial behavior for that time period. The lessening can start in a few months for a minor mishap like a 30-day late notation. However, it can go to more than a year for a serious issue.
Can You Remove Negative Items Before They Fall Off?
It’s generally not possible to do this. You may have heard differently, but it’s not. Accurate and timely data is a matter of record in your credit report. That’s the entire point of the report. It judges you on how financially responsible you are. If you’ve defaulted on a loan or a credit card and seven years haven’t passed, that’s going to stay put. A negative credit report won’t be that easy to scrub and you will likely need credit card relief.
This includes items which may be beyond the statute of limitations. Items too old to be collected in court which are less than seven years old will appear on the report. It’s very important to realize that any legitimate debt has to be paid. You will still have to owe it even if you can’t be sued or if the debt has fallen off the credit.
That being said, you can remove mistakes from your credit report. And, yes, those mistakes can happen.
How Much Does Your Score Improve When Negative Items are Removed?
This is dependent on two major factors:
- The length of your experience using credit
- How serious the negative item is
Longer credit histories won’t have as big an impact from a single negative item. However, very small credit histories will have a greater impact from a negative item. If small enough, those credit histories can turn your credit report into a negative credit report. Those records which can be influenced easily are called “thin files”. The higher the score is in that situation, the bigger the effect.
However, credit scoring at times mean a few points ensure that you move into a higher tier. Those points make a huge difference to a negative credit report. Those points can be the difference between a few hundred dollars and a few thousand dollars you need as a loan.
Disputing Credit Report Errors
You can remove credit report errors and get back to a higher number. The first thing to do will be to get credit reports from all three credit bureaus. Equifax, Experian, and TransUnion will supply you with credit reports without any damage to it. You can also get it for free at a few websites.
You should look for accounts that you don’t recognize. At times you may be surprised at how many accounts there are. Your report will list negative information for seven years and positive information for much longer. You may see accounts, which are referred to as trade lines, which you have forgotten about. You may even see some that you didn’t realize you had.
The next thing you should do is verify account numbers, balances and dates for opening and closing. If you’ve found errors, you’ll need to document them. When you show this in writing to the bureaus, they will correct your reports through the dispute process. Do this for every bureau and clean out all your reports.
If the same error appears on three reports, you should report it only once. The source of information can make a change as a result of the dispute and alter your negative credit report.
You can file a dispute online and the bureaus offer confirmation through the process. Remember to save or print the documents throughout the process. That ensures a paper trail. Online disputes can less time and are much more secure.
You can also file a dispute for your negative credit report the old fashioned way and write through mail. Remember to highlight the issue and enclose a copy of the credit report. Circle or highlight the items in dispute. Provide your complete name and address and tell the company what action you want them to take (correction/deletion).
Asking Creditors to Remove Negative Items
You can actually work with some creditors to remove negative items if they’re small. This doesn’t work all the time, but if you’re a first offender, it may. This depends on your relationship with the creditor. If you’re a good client, they’ll cleanse your negative credit report since they want to keep your business.
However, if you’re 90 days late, that may not be enough. You may need to ask a supervisor for that one or strike some sort of deal.
Adding Positive Data to a Negative Credit Report
Adding positive data to a negative credit report is the best thing you can do. Negative information counts for less anyway as time passes. Hence, in order to rebuild your credit faster, you should just start being more financially responsible.
Credit reports don’t just identify your spending practices or your financially practices, they show how responsible you are. A bad credit score reflects on whether you pay your bills on time or give back loans on time. A good credit report isn’t something you can just replace.