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I am planning to purchase a house but have not received a pre-approval yet. This is because I have 2 adverse claims on my credit report that I'd asked for a goodwill adjustment. I was wondering, since I have these adverse items on my report for 2 years now, would it help if I also had a letter from the creditor mentioning that the delinquency was brief and that I've been up to date with all payments? Can the bank "correct" my score for the pre-approval if I can provide them with this letter?

jerry · Posted: Tue Jan 17, 2012 1:42 am Post subject:

Hi Kim,

The bank won't be able to correct your score. Unless you settle off your debts with your creditor and they report the status to your credit bureaus, the credit score won't improve. Though you were up-to-date with your payments, the negative information will remain mentioned in your credit report.

Thanks,

Jerry

jameshogg · Posted: Wed Jan 18, 2012 10:09 pm Post subject:

Hi Kim,

Any adverse/negative item will remain in your credit report for 7 years. However, it is a fact that if you have paid off those adverse/negative items, then with time, the affect of those items on your credit report will get lowered. However, I agree with Jerry that your bank won't be able to "correct" your score.

Thanks

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