If I dispute all bad items on my credit, even if some are owed... will they fall off?

Question

I have some things in collections that are destroying my credit. One is Sprint that has me in collections and American Family insurance is one also. Do I just ignore these and let them fall off and just pay attention to the ones that are in good standing? I have 2 auto loans that are perfect. I have found companies that will take the items off even if they are owed. But not sure how well that will work. Any advice I can get to get things going better is much appretiated.

Answer 1

Don't pay someone else for what you can do yourself for free.

1. Order your credit reports from the 3 bureaus

www.equifax.com

www.experian.com

www.transunion.com

If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.

2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info

3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.

4. If they will not remove something that is not yours or too old (> 7 years) as them for a debt validation. This may take an additional 30 days.

5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.

6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.

7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.

8. Problem with just letting them 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.

For the 2 collection items...pay them but get a 'pay for delete' from the collectin agency in WRITING...they'll delete it after you pay and it will help your credit score.

Answer 2

Yes you can file a dispute with the CRA's regarding those debts, but the CRA's will contact the creditors to validate the debt, and if it is validated, then it will NOT be removed from your report.

If you file too many disputes, the CRA's can consider it a frivilous dispute and do nothing.

The only time you would file a dispute is if the debt is not yours, stolen identity, or the creditor has re-dated the debt which is in violation of 15USC1681s-2]  Ã‚§ 623. Responsibilities of furnishers of information to consumer reporting agencies

If these debts are time barred (beyond your states SOL to pursue legal action, then yes you could just let it ride untill they are no longer reported.  If they are NOT beyond your states SOL, then you could wind up in court.

Check your states laws at the following web site

http://www.bcsalliance.com/statute_of_li...

Answer 3

Some people here need to read up on the FCRA.

- The FCRA states that tradelines must be listed accurately, but it doesn't say that they MUST be reported at all. Reporting is purely optional.

- Delinquent accounts can be reported for a MAXIMUM of 7 years from the date of first delinquency. After 7 years they can no longer be reported.

There are all kinds of methods you can use to get negative marks removed. Disputing with the credit bureaus, demand to validate letters and pay for delete agreements are your best bets. You can check the links in my profile for some good information.

Answer 4

You can use credit repair agency to fix your credit - for example this one - http://freecreditreport.deep-ice.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 5

You're mistaken. Your bad debt that you're never going to pay doesn't just disappear from your credit.

Answer 6

look this is the facts. as bad as you may not want to hear it. The Fair Credit Reporting Act states every lender must report you account accurately. If they are factual they are not going to remove them. If they do for just one cycle I promise you they will come back in the next. There is no company that can guarantee you that they won't.

I am a mortgage banker in Tn & KY

Answer 7

Nothing just "falls off"-bad credit stays with you for life---you can make debt go away by bankruptcy and that is about it---and why would you want to take something off that you owe? i dont know what you mean by that-that would be a bankruptcy-

the only things that i guess you could say "fall off' actually are credit card debts that have gone to collections and after 4 yrs- they can no longer pursue collecting them-but it still ruins your credit-good luck to you though, and if you get your credit even to a average point try and keeo it that way:)