Fix Credit Report – Repair Boost Score Ratings

LiL JJ asked:


My husband owes money to the electric company, which went into collection originally in 1998. He hasn’t paid it being the bill was actually in his fathers name, in which he past away in 1995, but the account was never changed over. The delinquent account went onto my husband’s credit in 1998 being him and his father shared the same name…. and my husband refuses to pay it being most of the high bill was from his father….
The collection stayed on his credit for the 7 years and then was resold to another collection company in 2004. Now his credit states it is scheduled to continue on record until Feb 2010.
MY QUESTIONS:::::

1. Will this delinquent account be resold again for another 7 years?
2. Is this legal for this to be repeatably put onto his credit after so many years?

I just recently spoke with a reality company and the woman there explained to me that she just found out, if an account has been inactive for at least 3 years (examples: utility has not been in use, active and hooked-up, or medial treatment was given 3 years ago or longer) then it is against the law for the companies to report it to your credit reports again.

PLEASE HELP!

Jamie

trharvey36 asked:


I have printed my credit reports from the 3 credit agencies. There are many old medical bills showing on it. They range from $13 – $350. They are all from the same collection agency as they are all from the same creditor. After reading about debt validation – I am confused. #1 – Should I send a debt validation letter for each of these accounts, even though they were placed on my credit report in 2007? #2 – Should I do a pay and delete for the accounts under $100? #3 – What will it look like on my credit if I dispute the accounts with the credit reporting agencies and they do turn out to be valid? Will that look like I am trying to fraudulently dispute something? #4 – On my Experian report my name is misspelled 3 times, has the wrong middle initial 1 time, has my daughter’s Social Security number under “social security number variations” (she is 12 yrs old), and has 5 addresses that I never lived at – should I send a letter to Experian to correct these? I know these are some very detailed questions and that everyone’s situation is different. I live in Texas. Any help and clarification would be greatly appreciated.

Leon

Ron Barrett asked:




Even though the method that each credit reporting agency uses to calculate your credit score is different, the way you approach improving your report will be somewhat the same. It’s the urgency in which you do this that will determine how fast you can raise your credit score.

Once you receive your credit report and know the areas that are affecting your credit score the most you can create a plan of attack to clean these areas up and get the best results possible in the least amount of time.

Using this method to repair your credit report and improve your credit score will make each resulting step easier to accomplish.

Once you have cleaned up your report and scores to the point that you are able to secure a small loan with a local bank and then making the payments on that loan, on time, you are creating positive history. It is that history that will give future lenders the confidence to trust you as a safe client.

This will allow you to get better interest rates. The lower rates result in lower payments which in turn ensures you can manage them and not miss any payments, thereby improving your credit score even more.

While you should start your credit rebuilding plan with this method, the momentum created with it is going to improve your score quickly. You also need to remember that there are several other areas on your credit reports that will affect your score and they all need to be addressed at some stage if you are to achieve the highest score possible.

Clarence

Ray Pierce asked:




I know some people out there are doing everything they can to repair a previously bad credit score. They have started paying all their bills on time, paid off all their credit cards, and have started living a better life financially.

But sometimes, you do everything right like you are supposed to, and it just is not enough. For those people who really want a stellar credit score, here is one neat trick you can do to boost your credit score.

Essentially, when you have a credit card, the credit company reports your balance to the credit agencies at the end of each month. When you pay your balance off in full at the end of each month, the credit card agency gets a report that actually comes before you have paid off your balance in full each month.

What this means is that in a nutshell, the credit agency gets a report that makes the amount of debt you have look higher than it actually is. What you can do then to fix this problem is pay your bills off in full before the end of the month. This way, the credit card agency gets a report that is closer to what your actual debt is.

How you would go about doing this is to look at your outstanding balance online before you are about to be billed. Then, you just simply pay off the balance before the end of the month. After doing this for awhile, you will definitely see in increase in your credit score.

Javier

Ivan asked:


I have some collections on my credit reports, no i got a judjment listed… i dont have monej to pay it, also i dont have money to get a credit repair company to remove the information from the credit reports… need to do it on my own. so where do i start?

Yolanda

Chane Steiner asked:




I believe that once you’ve paid a debt, it should be removed from your credit reports. However, the credit bureaus disagree. In fact, by law they are able to report it for up to 7 years from the date it was paid. But, here’s the good news: Also by law, you are permitted to dispute any account on your credit report that you choose.

Once you dispute an account on your credit report, the credit bureau contacts the creditor to verify the item. The creditor has 30 days to verify the account. More often than not, if the account is paid, the creditor will not bother verifying it and if the account is old, lots of times they don’t keep the records and are unable to verify it. If that happens, it must be removed from your credit reports immediately.

If the investigation results come back as “verified”, you have the right to request the credit bureau’s and collector’s method of verification. You should immediately send them a letter requesting verification. There is no limit to how many times you can dispute the account with the credit bureaus. Usually, if they are going to remove the account, they will do it with in the first couple disputes, but I’ve seen accounts be removed after up to 15 disputes. Sometimes you just have to keep on them.

You can also contact the creditor directly and ask them to remove the account. This should always be done BEFORE you pay the account. Offer to pay the account if they will promise to delete it from your credit report. Get the agreement in writing; especially if you’re dealing with a collection agency.

If you’ve already paid the account, you won’t have much negotiating power. But, it won’t hurt to ask the debt collector to properly validate the debt. Writing a debt validation letter is a great way to put pressure on the debt collector to remove an account from your credit report. Just because you’ve paid an account does not mean that you agree that the account is yours. And many times, if you have paid the debt, the debt collector will remove it from your report. All they wanted was their money. They really have no reason to leave it on your credit report and risk being sued.

Ronald

Lance D asked:


I have a credit score of 540 and I am working stressfully on fixing it. I was told by a freind to call this credit repair company that says to fix credit reports. Do these type of companies really work? They have been known to fix credit reports, but I do not know if it can really work for me… I am only 25!

Connie

Vincent Polisi asked:




If you want to learn how to fix credit fast, then you will want to read this article. Specifically, we will be discussing the first thing you need to do and what options you have to raise your score. When you are finished reading this article, you should be prepared to begin credit restoration.

Review Your Report

The first thing in any credit repair plan is to carefully review your file. You can get a copy of each of your three credit reports once a year at annualcreditreport.com. If you have already received your free report this year, or you want to get a copy of your credit score, you will need to pay a small fee for your report. There are companies that will give you your score for free up front, but this involves a trial membership in a monitoring service. These services can be a good idea if you are attempting credit repair, but just make sure you understand the associated costs.

Decide Which Strategies Will Work Best for You

Once you have your report, you will want to review your file carefully. It is a good idea to make an extra copy so that you can highlight all of the items that you feel need attention. Make special note of anything that is incorrect or questionable. Once you have reviewed your report it is time to develop a plan!

o Pay Off Revolving Debt

One of the quickest and easiest ways to improve your credit score is to pay off your revolving debt. Your credit utilization makes up 30% of your credit score. By getting each of your account balances at down below 25% of your available credit, you can raise your credit score by up to 50 points.

o Dispute Derogatory Credit and Errors

The Fair Credit Reporting Act gives you the right to dispute anything in your credit that you believe is inaccurate. If a creditor fails to verify an account within 30 days, the credit bureaus must remove the account from your credit file.

o Get a Relative to Add You as an Authorized User

Many people think that due to FICO 08 that becoming an authorized user can no longer help your credit score. This is actually not true. While FICO 08 does restrict who can add someone as an authorized user, it does not prevent a parent or spouse from helping your credit by adding you as an authorized user.

Jacob

Gary Gresham asked:




If you are looking for ways to repair bad credit you are like thousands of people in America that want a solution to bad credit problems. The good news is you can repair bad credit yourself and raise fico scores back to a respectable level.

There are ways to repair bad credit, but bad credit history repair can take some time. With that in mind, here are some solutions that can work for you.

Get a Copy of Your Credit Report

The first thing you need to do is get a copy of your credit report and score from the three major credit bureaus Equifax, Experian and TransUnion. You need to know what is on your report because to get out debt you have to fully understand what your situation is.

Believe it or not, 40% of all credit reports have errors and this is the quickest way to repair bad credit history. If you find any errors notify the three major credit bureaus with the mistakes.

But you have to be able to prove any mistakes by copies of paid statements. Once the mistakes are cleared ask the credit bureaus to send you a corrected report. This will start the process to repair bad credit history for you and begin to raise fico scores.

Stop Charging

You have to immediately stop charging anything on your credit cards. You have to be realistic and if you want to repair bad credit history you can’t get deeper in debt. Don’t close any of your accounts because closing your accounts will lower your fico score even more.

Negotiate With Creditors

Talk to your creditors and tell them your plan to pay them what you owe. Most creditors will work with you to give a reduced payment schedule.

Creditors would much rather negotiate with you than lose everything if you fail to pay. Just be sure to stick to your negotiated plan so you can get back on track to repair bad credit history and raise fico scores.

You will correct your credit over time and bad items will continually drop off your credit report. The best way to repair bad credit is have a plan, take action and stick to it.

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