If a negative item is on my credit report I must wait until the creditor takes it off.
No you have a right to request an investigation for any negative or positive item on your credit report that you believe to be reporting inaccurately. If the creditor or the credit reporting agency finds that the item is not correct it must be removed regardless if you owe it or not.
On my credit report it states that a negative item will be removed on a specific date…will the credit reporting agency automatically remove it on that date.
Most of the time they will but sometimes they don't and it will negatively affect your credit score. We've seen items such as: bankruptcies, liens, collections and repossessions that should have been removed on a specific date and the credit reporting agencies neglected to have the removed.
What if the negative item is removed but the creditor or debt collector contacts me for payment?
We will request that they provide you with all the proper documentation proving that you owe the debt. If they provide the appropriate documentation we will show you how to initiate a discounted settlement offer for the debt.
My 'Credit Score' isn't important when it comes to getting approved for a loan?
Your 'Credit Score' is important but it is not the only thing that a lender considers when approving or denying you for a loan. For the most part your 'Credit Score' will determine how much it will cost you to get the loan. The lower your 'Credit Score' is the high the interest rate a lender will charge you for approving a loan.
Some lenders such as mortgage companies require a minimum credit score to approve a loan. If your 'Credit Score' falls below their pre-determined score you cannot apply for the loan.
Can I have a negative item removed off of my report if owe money to the creditor or debt collector?
Regardless if you owe the money or not you have a right to challenge the negative item(s). Every creditor / debt collector must follow the law when adding negative or positive items on your credit report. In the event that a creditor didn't have the appropriate information about your account the negative item must be removed or updated with the proper information by law.