I am new to forum, question about removing CO accounts on CR
Date: Wed, 01/17/2007 - 12:32
I am new here, and this may have been covered in previous posts, if it has I am sorry to repeat the same question.
I will be having a settlement coming and want to clean up the bad marks on my credit to be able to purchase a house.
I don't have any active open accounts most all of my derogitory credit is from charge offs.
Besides the written letter requesting removal in agreement to pay a reduced amount, what is the best way to deal with COs. Also how does the statue of limitations and the disputing work in regards to this type of report.
One company, a very popular discount store, used the lie that I had reported my card stolen, several times over the years to keep my account from going past the statue of limitations. They have now listed it as being in good standing with a zero balance, but then also have it listed in another entry as a CO.
I know all this takes time, but am curious, with the money to negotiate, can the process be sped up any?
Thanks for all the great info, I have found it before but never had the income available to do anything about fixing it at that time.
Also if someone could send me a link to anyplace online that has sample credit repair letters for various things, that doesn't charge, I thank you in advance.
Kindest regards,
LL
Welcome to the forums. I personally can't answer your questions
Welcome to the forums. I personally can't answer your questions as that is not my area of expertise. But, I did want to let you know that I am sure someone will be responding shortly and give you a more complete answer. Different members are on at different times of day. I like to welcome people, even though I can't always answer their questions.
What is the present status of the accounts shown in your credit?
What is the present status of the accounts shown in your credit? Care to pay those accounts that are recently delinquent. The debts that are past the SOL period and are nearing the seven years reporting time will be automatically removed from your file. You don't need to be worried about those items.
Make arrangements on those accounts that are recently delinquent. Call the creditors and negotiate for a lower pay off. Request them to report your account in a fair way. "Settled" will hurt your credit ratings. Anything like "Paid" or "Paid as Agreed" will be viewed nicely by your future lenders.
I can't tell much because of the limited information given here. Talk to a debt consultant about your options. He will analyze your present financial situation and go through each account. Take his suggestions and move ahead. Credit repair is a lengthy process. Your credit will improve gradually after creditors update your file with the bureaus one by one.
Thanks for the welcome and comments.
Hi,
Thanks for the replies. How do I know who is legitimate debt counselor and which are scams?
There seems to be quite a bit of help for a fee on how to clear credit and it makes me skeptical of who to trust in this department.
For example a public housing agency refered me to a credit counseling service, and they wanted 25 dollars just to pull and analyze my report, and if I brought in the ones I printed for free from online they would have to charge me $40 just to read and interpret it. That doesn't seem like an agency that a government office should be recommending to clients. It hardly seems like non profit. But that is just my opinion.
I would like to do it myself, I have enough inteligence, but need some links to places like this one, who can help me from people who have been through the same type of problems.
What more specifics do you need? I have left out my name, as I wouldn't want creditors knowing I am coming into a settlement of money :lol:
LL
Sounds like you can take care of your credit with the best of yo
Sounds like you can take care of your credit with the best of your knowledge. You don't need to hire any outside help. Pull your latest credit copy from the three bureaus and compare each of the items thoroughly. Dispute any item that doesn't match in the reports and highlight it to the bureau doing the reporting. Your scores will go up once incorrect negative items are removed. Most of the times, the bureaus report such incorrect items because of handling zillions and zillions of files. Regarding all those accounts that are reported correctly, call your credit companies and place a settlement deal. Make a couple of payments on the account so that they are convinced of what you say. I am hoping there will be some benefits for you in the process. You will get a lower interest rate and with most fees waived off. Whenever you have queries, post it right away. Good luck!
Having the money to pay off your debts or settle will give you a
Having the money to pay off your debts or settle will give you alot more leverage if you choose to go the settlement route. If you choose to settle for less and its not past the SOL but close to it they will more then likely settle for alot less.
Just like you said do not tell them that you came into some money.If doing it yourself at first they will play hard ball telling you that they can only settle for something like 70% of the balance.I'd tell them you have to look into your finances and will get back to them in a few days.When you call them back tell them you just cant swing that and could they check with their supervisor to see if they can lower it. I think the normal is usually around 60% but if its been delinquent for a long time sometimes they go as low as 40 or 50 %.
Check your local BBB if your not sure about a particular debt counselor or agency.
Also remember if you settle for less that particular creditor may send you a 1099 to claim the reduced amount as income on your taxes.
Good Luck in whatever you choose to do!!
