Question: I am in process of rebuilding credit. All debt is settled. IRS paid in full lien released. Credit cards settled for lower amounts and have zero balanced. Have now qualified for low amount credit cards that I pay in full every month. Credit reports show many late payments from past. Working with Lexington law firm to help with negative credit entries. Been in good standing only 3 years. Have great income low credit rating. Still have 30 negative listings. Credit score only 700 now. Am I doomed for another 4 years. Trying to get good mortgage rate. Response: Unfortunately, with 30 negative listings in your profile, it may take more than four years for your credit to recover. Generally, all derogatory information in your file should fall off after seven years. So, realistically, you should give it seven years for your credit to recover regardless of what you have been told by a "credit repair company."
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).