How do I fix my credit and make sure my unpaid debt is taken off of my credit report?
love_earth22 asked:
I am getting sick of my bad credit ruining everything I try to do. At this point I am finally able to pay off my debt in order to fix this problem. I have heard stories of people paying off their debt but the company leaving them as unpaid on their credit report. I DONT want this to happen. How do I go about paying everything off while making sure it is taken off my credit report for good? How long does it take your score to change after you paid everything off?
Scott
I am getting sick of my bad credit ruining everything I try to do. At this point I am finally able to pay off my debt in order to fix this problem. I have heard stories of people paying off their debt but the company leaving them as unpaid on their credit report. I DONT want this to happen. How do I go about paying everything off while making sure it is taken off my credit report for good? How long does it take your score to change after you paid everything off?
Scott
Tags: Bad Credit, Fix My Credit, People
July 9th, 2009 at 7:02 pm
This is a very good question..I actually am going through the same situation but I’ve been doing some research and this is what i found out. Its a good thing paying off an old debt but it depends on what it says on your credit file..if the original debt collector is still on your file with the amount you owe, then most likely you’ll be able to remove it from your credit file but if it shows amount owed as $0 then its been definitely charged off and sent to a collection agency for collections and it should appear on your credit file stating the name of the collection ageny trying to collect the debt. Make sure you never make a settlement with a collection agency because this greatly impacts your FICO score..and paying off an old account may bring negatiive points and show up as current..Make sure you get EVERYTHING in writing and always keep your receipts of any transaction, also never give personal checking information over the phone..The best thing to do is go to the original debt collector and ask them how you may resolve these old debts..
July 10th, 2009 at 6:34 pm
It will not come off your credit report. That is the whole point of the report, to show what your history has been over the past few years. Being paid off will improve your credit score but you will have to be patient.
July 13th, 2009 at 12:22 am
You have lots of options and are negotiating from a position of power since you have the money. I would be curious to know how much debt we are talking about though. Let’s assume it is 10,000. You could pay it off in full and, if the debts are more than 2 years old, watch your score go down as you are now left with “current paid collections” on your report. You could try simple credit repair; watch how many accounts it bumps off for you, then settle out the remaining account that are from the last 2 years. I think this is the best course of action. There are lots of things you could do beyond that to raise your score, like those authorized user tradeline programs. Good luck.
July 15th, 2009 at 1:29 am
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