Does the 100 Word Explanation Work?

As far as I know, the 100 word statement is useless. It only serves to verify somethings that you might not want to have verified.

 

Nobody reads them...MOST credit approvals are done by scoring...

If they actually "LOOK" at your credit report with their EYES...they most likely WON'T look at your 100 word statement...

 

Try "NEVER LATE" with the CRA...

After 2 or 3 times it MAY be gone...

 

Re: Does the 100 Word Explanation W

LOL! You must be under the delusion that these companies actually care about us as individuals and actually take time to review our application. Well, wake up and smell the greed, buddy.

99.9% of the time, all of the evaluating is done by a computer. And the computer could care less how many words you add to your credit report. In fact, the computer more than likely isn't even looking at your credit statement. It's looking at your credit score and adding the other information you provide to it (e.g. income, whether you rent or own, what accounts you have, etc.) in order to make it's decision.

My question is why would you want to add a statement? It's so easy to get stuff off of your credit report! I am not doing mine myself. It was just too much work and too cumbersome. But I hired a [local] company to do the credit repair and am watching their actions and progress carefully. They are blowing my mind! They routinely get things like Judgements, tax leins, charge-offs, etc. to fall off of my report every time they file a dispute (which is about every other month). It seems to me that almost everything can be taken off your report if you know how to do it.

 

Re: Does the 100 Word Explanation W

I tried to reply to your email by my reply was rejected for some reason and came back. Anyway, here's what I wrote in that email....

I am using the Credit Team.

http://www.credit-team.com/

They have been AWESOME! My wife's report is almost 100% cleared up now, after only 6 months. Mine will probably take them at least a year. But they are very effective. And the pricing structure is great too. If you have any questions about them let me know.

 

Re: Does the 100 Word Explanation W

I am using whyspers! Whyspers corrected everything on all three reports in eight months and it didn't cost me a dime outside of costs of CRRR and filing fees, all of which I got back plus some in settlements.


<chuckle>


L

 

Re: Does the 100 Word Explanation W

Kenny,

As GEORGE & jymlewis pointed out in previous post, most credit applications are score driven and processed by computer. Therefore the 100 word statement is useless.

Your best bet is to dispute. If not, you can always request a potential lender to reconsider your application due to certain circumstances and provide them directly with a statement.

Good luck.

 

Re: Does the 100 Word Explanation W

Advertisements for little-known credit repair firms notwithstanding, lol, here's my two cents about 100-word statements:

100-word statements are useless at best, and they are harmful at worst.

Here's why:

Sometimes it takes more than one try -- or more than one method -- to get a tradeline removed or to have it revised from negative to positive. If you have attached a 100-word explanation that verifies the entry IN ANY WAY, then you've just made the possibility of tradeline deletion or revision a lot more difficult. This is true ESPECIALLY if you are relying upon traditional tradeline disputes sent directly to CRAs.

Consider this scenario. Let's say you have a nasty Sears tradeline on your Trans Union report. Let's further say that it takes an average of 4 "not mine" disputes sent to Trans Union before some nice minimum wage dispute processor just goes ahead and deletes the line. But, in your case, let's say you've added this typical 100-word message: I was never late with this account. I was diagnosed with cancer and then was laid-off and sent my payment toward the end of the period, so the Post Office is responsible for this erroneous late report. Uh-oh, your friendly processor now sees that the "not mine" claim is a lie because you just admitted in your statement that the account is indeed yours. Is he predisposed to delete? Uh, no. They don't care about your cancer or layoff. Given human nature, it's likely that some of these dispute processors regard anybody who inserts a 100-word statement as a troublemaker or excuse-giver (or, worse, an excuse-maker-upper) anyway. Time for deletion upon request? Again, probably not. What if the creditors and/or CRAs generate a few violations of your federally-guaranteed civil rights under the FCRA while you interact with them? (Sorry, I love typing that, lol.) And, let's say you decide to take them to court. Do you want some 100-word statement speaking on your behalf and perhaps clouding your good intentions before the court? (A 100-word statement may imply that you are more concerned with appearances than with substantive rights violations.) Again, no you do not.

Plus, as has been said here before, the 100-word statements don't impact your FICO score one whit anyway, and practically all credit-granting decisions are based upon the numbers. We've seen a few Creditnet participants who basically got out of the 100-word statement business when they discovered that these excuses never helped them at all when they applied for credit cards or mortgages anyway.

If you have inserted 100-word statements on your credit bureau reports, those should be the first things you dispute. Get them off of there. Write them and say, "Please remove the 100-word statement I originally provided because I just noticed an error. I don't want any 100-word statement on that tradeline." After that, go to work using the many different CRA-direct and creditor-direct techniques we discuss on this board.

Doc

 

Re: Does the 100 Word Explanation W

She means she uses herself. Best results.

 

Re: Does the 100 Word Explanation W

I DID IT MYSELF...