how to go about fixing credit report?
Posted by admin | Under Fix Credit Report Sunday Feb 28, 2010my husband has 3 negative marks on his credit report, we tried to get in touch with the creditors and after what seemed like hours on hold, we finally got in touch, exchanged information and they said they would send over the bill, we’re still waiting and nothing has arrived so far. How do we fix our credit if the creditors won’t work with us? Is there a central agency or something where we can just pay off the debts and remove the bad marks off the report?
1. Never talk to a collection agency and/or creditor by phone. Only
in writing. Send them a validation letter if its a collection agency.
If its the original creditor, then maybe a pay for delete letter.
2. How old are these debts? If they are old, most likely the original
creditor has written these off or sold them to a collection agency.
3. Paying these old debts will actually hurt your credit, since it resets
the date of last activity.
4. You can do a simple dispute online as "No knowledge of account".
You will find that they will delete many times because its so old
the original creditor wont waste the time verifying it.
5. Fixing your credit is easy but time consuming. Visit the website
below. Its provides all the information you need to know to
repair your credit.
Depends on what you mean by "fix." If the negatives are true, you can’t remove them.
References :
Paying derogatory items will not get them removed from your credit report or improve your score. In fact, it may initially decrease your score. The older the item, the less impact on your score. When you pay old debt, it becomes a current transaction and counts more in your score calculation, including the negatives.
However, paid old debt always looks better than unpaid old debt. Creditors look at your whole report, not just the score.
You are probably dealing with collection agencies, not the original creditors. Phone conversations are not a good idea. Send the collection agency a letter. If you are sure the debt is legit, you can just make a settlement offer. If the debt is over 3 years old, offer 25%; 2 to 3 years old, offer 50%; less than 2, offer 75%. Lump sum gets the best deals. Payment plans have to be very short termed.
Ask that an authorized agent of the collection agency sign and return a copy of your letter to indicate acceptance of your offer. Put lines at the bottome for signature, date, and print name. When you get the signed copy, send them a money order. Do not give them direct access to your bank account.
The collection agency may respond with a counter offer. You may want to make your initial offer on the low side and see what they come up with. Just be sure you have the agreement in writing and keep it, along with your payment proof, forever.
References :
1. There is no central agency where you can just pay off the debts. You can pay off the debts only to whomever is owed the money.
2. Paying off the debts will not immediately remove the bad marks. Once the debt is not paid on time, that fact may remain on the credit report for 7 years, even if the debt is paid sooner.
References :
1. Never talk to a collection agency and/or creditor by phone. Only
in writing. Send them a validation letter if its a collection agency.
If its the original creditor, then maybe a pay for delete letter.
2. How old are these debts? If they are old, most likely the original
creditor has written these off or sold them to a collection agency.
3. Paying these old debts will actually hurt your credit, since it resets
the date of last activity.
4. You can do a simple dispute online as "No knowledge of account".
You will find that they will delete many times because its so old
the original creditor wont waste the time verifying it.
5. Fixing your credit is easy but time consuming. Visit the website
below. Its provides all the information you need to know to
repair your credit.
References :
http://www.creditboards.com/forums
The bills are probably not his and may be errors. They probably sent the bills to either an old address or someone else with the same name. You should just fix this using simple credit repair. Check out the source website and their free evaluation form. Good luck.
References :
http://www.totaldebtsolutionsllc.com