Credit Score fix for Debt Settlement user
Date: Wed, 09/30/2009 - 11:20
Since you have already settled some accounts you may soon observ
Since you have already settled some accounts you may soon observe some improvement in your score. Lower number of negative accounts would have positive effects on your score.
Further, you can get a secured credit card to have a revolving line of credit. It'll look good on your report.
Try not to get late with your payments. Also, avoid accumulating further debt if you want to see positive changes in your report.
FICO doesn't like maxed out credit cards and thus attache negative values to those. Therefore, try to pay more than the minimum whenever you can.
However, don't fall prey to the credit repair scams. There is no short cut to repair a damaged credit report.
Quote:Originally Posted by Anonymous However, there is nothing o
Quote:
Originally Posted by Anonymous However, there is nothing on my credit report that doesn't belong there and the accounts I have settled show as settled not payment in full. |
Well, unless you have settled the accounts for the amount you owe, those will appear as 'settled'.
Quote:Originally Posted by phoenixWell, unless you have settled
Quote:
Originally Posted by phoenix Well, unless you have settled the accounts for the amount you owe, those will appear as 'settled'. |
During the settlement process, can you negotiate with the credit card company to have them report as anything other than "settled"?
Quote:Originally Posted by AnonymousDuring the settlement proces
Quote:
Originally Posted by Anonymous During the settlement process, can you negotiate with the credit card company to have them report as anything other than "settled"? |
You can negotiate for 'pay for delete'. The creditor may agree to it and remove the record from the credit report against payment. However, 'pay for delete' normally works with original creditors and not with collection agencies.
Quote:Originally Posted by SCYou can negotiate for 'pay for dele
Quote:
Originally Posted by SC You can negotiate for 'pay for delete'. The creditor may agree to it and remove the record from the credit report against payment. However, 'pay for delete' normally works with original creditors and not with collection agencies. |
I'm having trouble with this process. I am currently a few months past due on my credit cards and the credit card companies are willing to discuss settlement. However, when I approached them with the offer and asked them to report something other than "Paid-Settled" they claimed that this was not possible because that would essentially be inaccurate reporting.
Any thoughts or suggestions?
Well, there is no guarantee that the creditor would agree to the
Well, there is no guarantee that the creditor would agree to the pay for delete offer but you may still take a look at the following link.
http://www.debtconsolidationcare.com/credit-repair/pay-for-delete.html
Credit Repair is not always about looking at your report and say
Credit Repair is not always about looking at your report and saying "yes that is my debt and it deserves to be there" it is also about accurate reporting not in the sense that it is not your debt but in the sense of timeline, date, balance, open, closed, factoring etc. Experts in this field know exactly how the debt should be reported and can clean up a credit report or get items deleted because of inaccurate or incorrect reporting which is perfectly legal. They know what to look for and how to play the game as I like to call it.
The CRA's work for the debt collectors, insurance companies etc. Anyone they can sell information to about you the consumer. Make no mistake, the CRA's are hand in hand with the furnishers. Why should they care about you having a good score? The organizations they sell your info to benefit from your score being low, hence higher interest rates etc.
