A couple years ago when I started getting interested in credit repair I helped a couple who had credit scores in the low 500s. They had a previous bankruptcy and there were a bunch of accounts that they had included in the bankruptcy which were still reporting as if they had balances on them.
The couple had no idea what to do. They were just hoping that one day all this stuff would just go away. Eventually, it would. But, they didn't want to have to wait 7 to 10 years to buy a house. So, I helped them with the letters they needed to do their credit repair and they sent them all out in the mail. Over the next 60 days, they got a lot more mail back than they sent out.
On a fairly regular basis, they were getting letters from the credit bureau reporting agencies confirming that the items they were disputing were being looking into. Then, the items were getting updated. The balances that were supposed to be zero, became zero. Some items were even getting deleted off their report. Wrong names were being removed. Time flew buy as they waited for the next piece of good news to show up in their mail box.
Like I said, they started in the low 500s. Their credit was so bad, I remember their embarrassment when I talked to them on the phone. I cannot remember the reason for the bankruptcy, but these were honest people. They had not gone out and run up a bunch of credit cards and then claimed they could not pay them. (Unfortunately, in my years of lending I have run into folks who have incurred a bunch of debt that they could pay off if they wanted to, but they decided to file for bankruptcy and get all the debt wiped out while they kept all the nice toys the credit cards allowed them to buy. Thankfully, the bankruptcy laws have changed and this kind of behavior is no longer tolerated.)
Of course, I did not judge my customers. I am thankful that I have not had to go through anything that put me in a position where I would have to make the decision whether or not to file a bankruptcy.
Finally, the day came, after all that mail, when I was able to get this couple a USDA Guaranteed Rural Housing loan. They were elated. The couples' scores had come up over 620, and everything worked for the house they wanted to get.
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