New member - Need help!!!
Date: Wed, 02/07/2007 - 08:28
In short, my husband and I have very poor credit for many reasons. Particularly since I have been on medical leave this past year. Unfortunately, I have charge off's, collection accts and a lot of multiple late payments on mortgage and car note.
As of today, all of my mortgage finally is current as well as my car payment. I am considering going with a credit counceling service to help me with some of the unsecured debt. Can this help my credit? Will my credit report be tagged with the CCCS on it? I heard that it hurts your credit or it looks as bad as Bankruptcy.
We chose this (because we were approved for a Chapter 13) but we don't want to go that route. We want to pay and improve our credit.
I have also started to look at my reports. How can you dispute a late payment or negative if in fact it is true. I heard of people who do this even if they are in the wrong and their FICO jumps up a bunch of points.
Any help with this is appreciated.
Thank you.
Hi, with all those negative remarks like charge off's, collectio
Hi, with all those negative remarks like charge off's, collection accts and multiple late payments, your credit report is already screwed. At this point, any effort you make to show the accounts as "paid" will be counted. debt consolidation will not hurt your credit reporting. It will say that you are using the program and the payments are done through it. Anyone viewing your file will understand that you were taking care of your responsibilities rather than leaving them delinquent. The consolidation will stay in your file as long as you are enrolled in it. Once the program is over, it will be removed. This program will help to catch up your payments. Don't delay this move. This is not seen negatively like a bankruptcy.
Bankruptcy is the last option to be considered when all other avenues are closed. If you can improve your credit with some debt management program, go for it.
Under the FCRA laws, accurate negative items cannot be removed from the credit report before seven years. Only inaccurate ones can be disputed to raise the scores.
