Chelli
Date: Thu, 07/22/2010 - 20:08
Im am 25 and have terrible credit score...530 to be exact. I printed my credit report and see that it is basically from 2 credit cards that I opened when I was 20..and dumb! Needless to say, I defaulted on them both and they were charged off and sold to collections. I want to buy a home for me and my family soon and want to clean up my credit as fast as i can. I have a few good things on my report as well, such as one paid car loan and one current/on time car loan...but it seems to overpower the bad!
I read about the pay and delete option, where I offer the collections agency a full payment in return for a deleted debt. This sounds like a great idean, however..what about the original credit card company that sold the debt? Is there any way to clean this up??
Thanks!
If the original creditor is reporting correctly, it is very diff
If the original creditor is reporting correctly, it is very difficult to get it removed. And most companies wont do pay for deletes. You can try. How long have they been in default? Have you just tried disputing them thru the credit bureaus??? Sometimes that works.
the two credit card debts are accurate. they have been in defaul
the two credit card debts are accurate. they have been in default for about a year now. I recive settlement offers from the collections agencies a lot though, and was wondering if I agreed to pay them if they might do a pay for delete? If this doesn't work, I suppose I will have to wait another 6 years before my credit is improved?? Yikes! Isnt there anything I can do to increase my credit AND pay the debt?
I agree with soaplady that most companies don't agree to pay for
I agree with soaplady that most companies don't agree to pay for deletes. I think you should agree to one of the settlement offers being offered to you by the collection agencies and have the agreement in writing. You can also negotiate to have the account removed from your credit report once the debt is paid off.
But, the CAs will only remove their account and not the one with your original creditors. Still, removing one account from the credit report will wipe off some negativities from your account.
