repairing old entries
Date: Sun, 02/11/2007 - 15:09
I have a few collection accounts on my credit report related to unpaid credit cards in 2001-2002 due to a divorce.
Recently, I'm trying to repair my credit to get a business loan, but don't know where to start, knowing that the statue of limitations (4 years in Texas) is over for those debts.
Do I need to ask for debt validation after all this time, or just start negotiating with the collection agencies for a portion of the debt? What about the charge off notes from the
original creditors on my credit report. Will those be taken care of when I settle with the collection agencies, or is it a different story?
I would appreciate any guidance or reference you can provide. Thank you in advance
Chad, First lets keep the thread on one topic.If we see multipl
Chad,
First lets keep the thread on one topic.If we see multiple threads with same topic name,it gets real confusing.
Ok here is my opinion. If you are absolutely sure all your debts are out of sol,I see no reason to pay anyone.
No for the bad news sol for reporting to credit bureaus is 7 years from date of first delinquency. So unless you can find some ways to dispute these tradelines off your report,they will stay there.
If you decide to pay anyone usually what happens is tradeline would update to a paid collection/chargeoff which is still a major negative.
Maybe you will find a little luck.Some people have had luck contacting creditor and arranging a written contract to pay debt in full for a positive tradeline report or for a deletion of tradeline from report.Remember if it is not in writing,it is not worth your time.Also remember if you sign an agreement like this,make sure you pay it because you are basically reaffirming debt in exchange for their positive reporting.
