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tc1033 · Posted: Wed Feb 06, 2008 8:21 am Subject: Im Confused

How can you dispute an account? And what does that mean? My credit score is 562 and how can i bring it up. I want to pay off some collections but will that bring up my score? I am confused I am new to this and need some help?

Posted: Wed Feb 06, 2008 8:52 am Subject:

Hello tc...welcome...you can dispute a report from a creditor on your credit report through the bureaus. Experian, Exquifax or Transunion have all that information on their websites once you view your credit report. You are entitled to a free report at least once a year. That's a beginning...maybe someone will come along and give you some more advice.

Posted: Wed Feb 06, 2008 10:47 am Subject:

I am pretty sure that if the negative info is removed from you cr it should improve your credit score, however I am not totally sure but someone will be along shortly to advise you.

Posted: Wed Feb 06, 2008 11:23 am Subject:

To be perfectly honest with you, the option to dispute an account online through the CBs rarely works. You need to get the creditor or CA to validate the debt, and if they can't, then you let the CB know. (Certified Mail with RR always!) Normally (at least in my experience) when you dispute a debt, the CB write to the company saying "Mr. Smith disputes the validity of this debt." The CA or creditor says "It's his" and that's about it. The CB will NOT investigate it further--they go by what the CA or creditor is reporting. sun

MeowingMaryJane · Posted: Sun Feb 10, 2008 5:07 pm Subject: Pay off collections

Someone asked if paying off collections would help repair their credit. I paid off all my collection accounts, which included a retail credit card and several medical bills. I made a settlement with the collection agencies to get a "paid in full" letter and I assumed incorrectly that the items would be deleted off my credit report. The items now show a zero balance, but are still listed as negative items on my report and my FICO score went down one point.

Any comments on what I should have done? Seems like paying these off didn't make a difference at all in my credit repair. Could that be true? I called Equifax and asked the customer service representative and he said paying off the balance of a collection account may or may not affect your FICO score.

Posted: Sun Feb 10, 2008 8:19 pm Subject:

Meowing,you should have tried working a "Pay for delete" deal. You offer to pay X amount, they delete the entry from your CR. Not all companies will do it, some will say they cannot do it (which is BS), if you are negotiating a payoff you'll pay more if you try a PFD (I offer to pay the whole balance if they'll give me a PFD)

Posted: Sun Feb 10, 2008 11:22 pm Subject:

Hi meowing

Paying off your collection accounts does not indicate that it will be removed from your report. If you are not able to negotiate the deal the way LoneGunman said then it will appear as Paid or Paid collection. But you have to remember that having this collection paid is unquestionably better than unpaid.

Take care
Nelly

Posted: Mon Feb 11, 2008 3:07 am Subject:

also ..the Fico score will eventually go up (in clearing these debts )and hopefully the retail credit card you paid off is still an active account..your retail credit card with a zero balance (if it is still open) should actually boost your fico if I'm not mistaken

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