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helping_user
Joined: 31 Mar 2006
Posts: 661
Location: Hawaii
123.27 Dollars($)
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 Posted: Wed Mar 19, 2008 3:06 am Post subject: RE: collections on your credit report |
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Hi Patricia,
You need to settle the debt after which the FICO score will increase by 40-100 points depending upon the number of collections. For this, you'll have to send the collection agency a letter offering to settle the debt for a certain amount.
To keep your score up to the level, see that you have good payment history for 2 years after the settlement. Also the debt to available credit on your credit cards should be below 30%.
If you've paid off the collection accounts, then simply dispute them off your report.
Thanks. |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Wed Mar 19, 2008 8:07 am Post subject: |
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| Will they automatically take them off after you have paid them if you file a dispute? I have like 3 that I have paid off and would like to have them remove from my report. Have you had that happen, will they remove them? |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Wed Mar 19, 2008 8:21 am Post subject: |
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| I just went to my report with experian and diputed the ones that I have paid in full. |
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adonis
Joined: 22 Oct 2005
Posts: 1184
Location: ALASKA
97.57 Dollars($)
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| Posted: Thu Mar 20, 2008 5:29 am Post subject: RE: remove accounts disputed |
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OK, if you have paid them and they still exist, then request the bureau to remove it. You may to write a letter for this. But in general, such accounts are automatically deleted once you pay off the debt.
_________________
Procrastination is the enemy of your financial sucess |
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patricia
Joined: 16 Jan 2008
Posts: 133
0.92 Dollars($)
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| Posted: Thu Mar 20, 2008 1:24 pm Post subject: |
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| It was actually my son's credit I was thinking of. He had a cell phone and lost his contract because he lost his job.They turned it over to collections. As of yet he still cannot afford to pay the what they charged him for ending his contract before it ran out.I really don't know if they put it against his credit I am assuming they have.Was wondering if he settles it would they take it off if it was indeed on there. If you pay a settlement and not what was the actual cost will they still take it off? |
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fireyone_02
Joined: 20 Mar 2008
Posts: 292
58.78 Dollars($)
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| Posted: Thu Mar 20, 2008 3:03 pm Post subject: |
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| First your son needs to pull his report and see if it is there. Even if it isn't he should try to make some payment plan with the company before it does appear. I think once its on there they still list it but it will also say account paid. It still shows as a negative which isn't helpful. I know it costs alot when you terminate a contract. I hope he can work something out to his benefit. |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Fri Mar 21, 2008 3:29 am Post subject: |
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| Quote: | OK, if you have paid them and they still exist, then request the bureau to remove it. You may to write a letter for this. But in general, such accounts are automatically deleted once you pay off the debt.
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I have things on there that wer paid a long time ago, they show paid, but they are still there. I am trying the dispute way first. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 292
58.78 Dollars($)
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| Posted: Sat Mar 29, 2008 5:17 am Post subject: |
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| I thought they still stayed part of your credit record? Are you getting anywhere with the dispute process Jbarto? |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Sun Mar 30, 2008 4:18 am Post subject: |
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| Just got back some results on my husbands disputes, they say updated on the paperwork that i got in the mail, but nothing has changed on the report, it is still showing one month late on the same bill that it shows under positive as never being late and paid off, does not make any sense to me, I think I am going to have to write them a letter on top of the dispute. |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Tue Apr 01, 2008 4:02 am Post subject: |
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| Do they do a seperate update or is what is there now, the only one that I will see? |
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fireyone_02
Joined: 20 Mar 2008
Posts: 292
58.78 Dollars($)
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| Posted: Tue Apr 01, 2008 3:29 pm Post subject: |
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| I have no clue on this jbarto. You think it would have reflected on the credit report immediatley. It sounds like a real hassle. You would think the dispute would have cleared it up. |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Tue Apr 01, 2008 7:28 pm Post subject: |
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| I just talked to someone today and he told me that he used lexington law firm to clean up his credit, he said that they wrote all these dispute letters on his behalf to the credit reporting agencies and they removed alot of his negative items. I don't know how this would be any different than when the regular consumer disputes, but he said that it works. Has anyone done this. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 292
58.78 Dollars($)
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| Posted: Fri Apr 04, 2008 7:44 am Post subject: |
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| Never heard of them. Its good though to see someone is getting some positive results. Any price quote on them? |
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jbarto65
Joined: 04 Nov 2007
Posts: 522
8.43 Dollars($)
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| Posted: Sun Apr 06, 2008 5:19 am Post subject: |
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| I have heard the name, I am just curious about what they charge, especially since credit repair has become so popular. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 292
58.78 Dollars($)
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| Posted: Mon Apr 07, 2008 4:56 am Post subject: |
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| Credit repair is definately popular. This is why I think people need to be very careful when choosing this option. Look at how popular junk debt collectors became and then look at how many of them are actually creditable. When the good and bad become a mixed bag it quickly becomes a maze. |
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