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Date: Mon, 05/09/2011 - 13:37
Submitted by lauralrobson on Mon, 05/09/2011 - 13:37
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I have been reading the forums for hours now, and just when I think I have it figured out, I find new info stating otherwise! I could really use some advice. My story, short as can be: Once upon a time I had great credit, my limits went up and up until I got in over my head and it all came crashing down-about 5 years ago. I was completely overwhelmed and just buried my head in the sand. Now, I am more stable and would like to start repairing the damage as much as possible. I have 3 charge offs, and about 13 collections ( depending on which report I look at) most of which are credit cards and medical bills. A few of the collections have changed hand many times. My guess was to first validate the debts, but after reading I found that they then just play hot potato and sell it to another real quick, does it do any good? I am also wondering about pay for delete, if it is agreed upon and paid does it just disappear from the report, and how does that effect my score? Most of my good credit (from before the meltdown) is getting older and about to leave my credit report, will I then be left with no credit (if I clean up the bad too)? Sorry, I know I'm babbling, I really want to make this better, but it is sooo confusing. Any help or direction as to where to start would be fantastic!


Though the CA sells off the account, you should still send them the debt validation letter. Unless the CA is able to validate the debt, you won't have to pay. You can go for pay for delete. It will help you in removing the negative item from your credit report. If the negative item is removed, your scores will increase.


Submitted by on Mon, 05/09/2011 - 22:40

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At first, you can make a written request to CA???s for a debt validation letter. If they send you a proper debt validation letter, then negotiate with them. You can make a written request to them for a pay for delete agreement via certified mail with a return receipt request. This is because negative items will remain on your credit report for at least 7-10 years and it hurts your credit score adversely. If CA???s agree with your proposal, then they may remove the negative listings from your credit report after repaying the debt and updating your account status as ???Paid-in-full??? or ???Paid-as-settled???. But, the best option to improve your credit score is repay your debt on time. Late payments may hurt your credit score by 35%. Your credit score will go up from the time you start making payments on time.


Submitted by sally.nachelle on Mon, 06/20/2011 - 04:35

sally.nachelle

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How old are the debts are what state are you in? Has it been 5 years since you paid? If not, when was your last payment?

IMHO, if they are just about at or past the SOL, let sleeping dogs lie and let the 7 year reporting statutue expire. Paying on a collection account is not going to do anything for your credit...and pay for delete is almost non existant. Debts that have been sold over and over again wont be able to validate so why bother going thru the frustration. Let time do the healing. In the meantime, start saving. Put your money away


Submitted by SOAPLADY on Mon, 06/20/2011 - 05:53

SOAPLADY

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