If $26000 of bad debt is about to fall off my credit report in a few months. Will my score jump instantly?

Question

I have a $13000 repo on my credit from the original lender. Also $13000 from the collection agency the original lender sold the debt to, for a total of $26000. (Dont think they should both be on there) However they are both scheduled to be removed from my credit report in the next three months. How quickly and dramaticly will my credit score go up?

Answer 1

Hi,

I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. I came across this company on NBC News Special Edition.Check it out here:

http://memurl.com/furetu

Answer 2

Depends. If this is the only negative mark on your report then it will jump dramatically. You will have to dispute with the credit bureaus to have this removed. If you have other negative marks, you might not see a huge gain.

Answer 3

I don't know if it will go up.  I paid off the balance, but didn't close the account on a credit card.  One month later, I received notice that my credit score had dropped. I had paid my bills on time, if not earlier than the due date (paying on line is great) and always more than the minimum amount.  So why did my credit score drop? It is unknown to me and my correspondence to the credit bureau goes unanswered. I really don't worry about it, as I have switched to a debit check card and don't use the credit card at all.  However, this is not what you asked. I don't believe they can legally double the debt for collection.  Either someone made an error in the amount, or a possible scam by the collection agency.

Answer 4

The credit bureau will not automaticaly take things off your credit report you need to go in and dispute them yourself for them to get off. Because not all companys will tell the credit bureaus that you paid the debt off. You score may increase but if you have late payments on other things that you aren't paying off it wont go up that much. My suggestion is to go dispute them yourself. They will come off MUCH faster than if you wait for the the company to do it.  Here are the links to the 3 credit bureaus to do this. Good luck.

But you must do this with ALL 3 bureaus. You will have to have a bunch of information about your account numbers and stuff like that for security reasons. Also you will need a credit report number to even start the proccess. I will place all the links to each credit bureau below for you. Let me know if you need any other help.

Experian Credit Bureau

http://www.experian.com/disputes2/index....

Equifax Credit Bureau

http://www.equifax.com/answers/correct-c...

TransUnion Credit Bureau

http://annualcreditreport.transunion.com...

Answer 5

N K is correct, first even though it may be scheduled to come off, that doesn't mean that it will, so you will probably have to dispute this information off, and any other negative information that is negative.  Once they are removed then it may take awhile to see the improvement/increase in your score.  I don't know how much of an increase it will be, but it will be an increase.  Also, hopefully you still have some credit that is in good standing, for if the negatives fall off or is disputed off, and you don't have any good/positive credit, you don't have much of anything.  You will be starting back at square one, so if you don't have any positive/good credit, please try to get some.

Answer 6

The older the item, the less impact on your score.  After 7 years, this derogatory item has very little impact on your score -- it really is only one item, the original creditor charge off and the collection agency.

Your score will go up but not really that much.