Need a fast way to erase debt collections without bankruptcy

There really is no way to erase your debt. If there are negative accounts on your credit report, they will remain there for the 7 year reporting period. There are many companies that claim they can "erase" your bat debt, but in reality, they can't. You may want to consider debt consolidation as an option. If you sign up for a free consultation at this website, somebody will call you soon.

~Mary

Thats correct mary. With negative accounts on your report such as charge offs, the very best you can do is to pay them off and get a 'paid charge off'. Even then, it will sit there for the remainder of the seven years. IF you have a judgement, it will sit there for 10 years--even after you pay it off, it will not go away until the 10 years are up. You could pay a company to 'clean up' your credit and they might can temporarily get this stuff off of you report, but once the creditor reports to the bureaus again, they'll be right back on there and your money was flushed down the toliet. sorry---its just a slow waiting game.

And also, I would like to add that there are a few companies that talk about cleaning up your credit in a different way...they go through the steps of validating debt and using the fdcpa to your advantage. They charge a huge amount of money for this service. You need to keep in mind that these are all steps that you can take yourself, using just this forum! I now have the knowledge to do all of these things without using a company. Either way, it is a slow process. Keep that in mind!!

~Mary

[quote=Mary]You may want to consider debt consolidation as an option.
[/quote]
Since your accounts are under collection, you can take help of consolidation program and get them paid. Once they are paid in full, you can ask your creditor/collectors to report it as paid or paid as agreed so that it do not hurt your score. If you go through consolidation program, your counselor will help you to get your credit report updated in your favor. Keep us posted.

I have been in collections for over 2 years, and I am not sure what to do. All i want is to pay everything off, and begin building my credit score back up, but with a credit score so terrible, how will i get a credit card to build it back up? And what can i do to build it faster?

Hi Joe -

That's a really good question, but the answer may not be what you want to hear, unfortunately.

Good credit takes time. Your credit didn't get as bad as it is overnight, right? So rebuilding it back to a decent score won't happen overnight, either.

Don't try to get a credit card right now - repeated inquiries for your credit history actually lowers your score - and if your credit score is not allowing you to get a credit card right now, trying to get one will only lower your score by causing repeated inquiries on your report as you go from company to company seeking to be accepted for a card.

Your best bet at this point is to start paying off those collections. Do the Dave Ramsey method - start with the smallest of your debts. If it's $100 or less, pay as much as possible towards it every month until it's paid off. Then take the money you were paying on that debt, and put it towards the next larger one. And so on. As those collections are paid off, your score will slowly start rising, and eventually, you will find yourself in a much better position to get a credit card.

Unpaid collections on your report can remain there for a very long time, so they won't be going away anytime soon. Your best action right now is to get them paid off as soon as possible, and then you'll be ready to start improving your score.

first thing first is to get rid of the debt no matter how you do it before even thinking of getting it back on track. When i was fininshed with my debt settlement company i had some work to do. after about a year out of the program and paying my stuff on time i recieved a offer in the mail for first premier credit card. it was only like a 300 credit limit but it had a 10% interest rate. Later i was angry because even if its paid off you still pay 3-6 dollars a month for it. but when i called about it it all made sense. they report to all the credit places monthly and you must be making regular payments for them to report this is how they help build your credit. It stinks that you still have a payment every month but that 3.00 a month has put my credit back on track and pretty quickly so after your debt is gone you may want to consider one of these cards.