A HUGE credit repair myth is that paying a bill will remove it from your credit. In fact, paying an old delinquent bill can actually hurt your credit. “Ronald” is struggling with a repo on his credit report and asked these questions:
Thanks for all the awesome info. I have been reading through all the emails that I get daily. I do have a couple of questions for you.
1) I went through a divorce a few yrs ago and I have a repo on my credit. Other than paying it off how can I remove it from my credit. If I send in a dispute letter how can I word it correctly?
2) My ex wife added me to one of her credit cards as a user, and now she has defaulted on the account and its on my report as a 4,600$ charge off. I did not open this account and in fact she opened it before we got married. Am I responsible for this?
Thanks for all the info and I look forward to your communication.
Respectfully,
R.
Dear R.,
I’ll answer the second question first.
Your wife’s credit card charge off shouldn’t impact your credit. So long as you were only an authorized user, none of that bad credit is allowed to be used against you. (After all you never signed the contract and had no legal obligation for the debt).
As for the repo on your credit, actually paying the repo won’t remove it! It will change the listing from “unpaid” to “paid” but won’t actually help your credit.
Unfortunately lenders view repossessions nearly the same whether they are paid or not. The best thing you can do is to file a credit report dispute. This will place the burden of proof on the creditors involved.
You don’t just have to live with the high cost of having a bad credit. Take action today to improve credit score!
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Tags: get repossession off credit, remove repo, remove repossessions