What are some tips for clearing up credit?

Question

I made some very bad decisions 4-5 yrs ago that destroyed my credit, I have been working really hard trying to reestablish credit and get my score up, my biggest question is I have a few seperate accounts that are listed on my credit report by 2 if not 3 differant companies, the orginal creditor and collection agencies, is there anything that I can do about that? I have no problem with it showing negitive on my credit I messed up and need to correct it, but how can 3 seperate companys show it as valid which they have when I have disputed it, it then drops my score lower each time a "new" company gets it plus it looks like it extends out the 7 yrs for the orginal debt becuse it is showing a new "start" date with the new collection agency. I have 1 account that is over 5 yrs old but a new agency got it and now it is showing less the 60 days old and 2 late/missed payments. any advice??

Answer 1

pay of your debt an then dont take out any kind of loans and don't use a credit car at all to by either use cash check or debit

Answer 2

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

Answer 3

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.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://twurl.nl/8pk4ux

Answer 4

Every Time You get Credit Card Bill Pay it at Once in FULL

4 a LONG time

Answer 5

This article, http://www.monitorbankrates.com/how-to-b... lists several tips on repairing your credit score and credit file

Answer 6

Debt is sold on the open market just like stock. I am assuming these collection agencies are calling you. Next time one calls you ask for something in writing stating the balance and a way to either pay in full or settle the account. They will send you a letter with a dollar amount and a date. Pay them the money and then ask for a letter stating the account is settled or paid in full. Once you receive that letter the account no longer exists. If a collection agency hassles you in the future, fax them that letter and a cease and desist letter. Also, there is a 7 year statute of limitations regarding debt. That means if you opened a credit card 7 years ago and never paid, no one has the right to collect money from you.

Answer 7

The credit reporting agencies (the big 3: Experian, TransUnion and Equifax)) should investigate and correct the information if you notify them in writing of the errors. They are in violation of state and federal debt collection practices laws if they do not. You are at the end of the statute of limitations for most debt, but 1) now they will start suing you to get a judgment good for 10 or 20 years and 2) the credit bureaus can report debt for up to 7 years, and if you make any payments on any of them, the time period starts all over again from the next missed payment. Stop believing the nonsense you get on CNN, MSNBC and other financial news outfits sponsored or owned by credit industry defenders and see a bankruptcy lawyer. The interest and penalties will stop, everything will be counted from the date of filing, all creditors will be treated alike, and in less than 6 months you will have your discharge and fresh start. True, the credit bureaus will report the bankruptcy for 10 years, but you will have to worry only about the one date. And you can always repay one or any, without having to and without restarting the statute of limitations.

Answer 8

You need to pay these debts if you haven't already. They might be preparing to sue you...especially if you are still within the statute of limitations for these debts (hard to say since I don't know what state you live in).

If you don't care about how they report, then all you need to do is dispute the debts with the credit bureaus until they can prove they own the debt. That way you don't pay anyone a dime until they prove they own it.

Then you contact those who were able to prove they owned the debt and arrange to make payments or arrange to pay them off in full. Communicate in writing only and stay off the phone. Any agreement must be in writing too, or you're asking for trouble. They will lie and lie and lie and lie and lie.

If you are in a position to pay them in full, you might be able to negotiate a pay for deletion agreement, which is basically where you pay them in exchange for removing the items from your reports. That has the added benefit of repairing your credit as you pay them off.

I have a website that has some information on how to do credit repair yourself for free. Check my profile for the link if you're interested.

Good luck!