Repair Your Credit
What is the best way to repair your Bad Credit ?
My balance is not that high but it is in collection probably the most is 1500-2000 from olddd Credit Cards .. but how do i get the information to pay off these balances now … i need help to repair my credit but those councelors are not much help either .. how can i do it myself ?
Well, first you want to gather all your credit reports from all 3 agencies. Truecredit is a good site to pull from all 3 agencies. You can do a free trial, and then it’s $14.95 after that. I’ve gotten a tri-merged report, which is a report from all 3 bureaus, and I was able to get the information of who’s holding the debt, but their telephone number and address. This way you can get recent reports and continue to monitor your credit at an affordable price.
Once you’re able to get the information you need about the debts, you should determine how old the debts are before you go and settle. If it’s closer to 7½ years, you might as well wait and let the Fair Credit Reporting Act do its thing and they’ll stop reporting, however if they’re 5 years or less, then you may need to take action. And what I mean by that is to negotiatng a payment in exchange for getting them removed from your report alltogether. What you might want to know before you try to contact the collectors, is that Credit Card debt or Open accounts have a statute of limitations. What this means is that the collector has a set period of time according to the laws of the state that it was open to pursue the debt in court. So for example, if you live in California, the statute of limitations would be 4 years. After that a collector would not have any legal right to the debt even though they would still try to take you to court for this. The first link I posted lists all the states and the statute of limitations.
Chances are, if these debts are old like you say they are, the statute may have expired and you may be able to settle for much less in exchange for getting them removed from your report. The next 4 links I’m posting gives you more detailed instructions on how to get this done.
http://www.creditinfocenter.com/debt/settle_debts.shtml
http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml
http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml
http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml
There’s a lot of information on here, but I’m confident that the links I posted will be more than helpful to you.
Thanks for reading and good luck
Bad Credit? How to repair your credit report in 45 days