Credit Score: Improving Score

[StarsFan4Life]

Ok...let me start off by saying I have made a couple of bad decisions in the past. A few things (2-3 things) have gone to collections totaling no more than about $500.

I am going through the process of buying a home and want to improve my credit score and possibly remove these negative accounts from my credit history.

What is the best way to approach this? Can I pay these in full, improve my score and still have them showing on my credit score - but show as paid in full? Do I have to have them remove completely for my score to change at all?

Yes, I am a jack ass....but that was 4 years ago and have been putting it off for way too long. Please help! Suggestions appreciated! Rude comments are not, but are expected.

 

[OCGuy]

They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

 

[StarsFan4Life]

Originally posted by: Ocguy31
They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

Then do I send these confirmations to the credit bureau's?

 

[OCGuy]

Originally posted by: StarsFan4Life

Originally posted by: Ocguy31
They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

Then do I send these confirmations to the credit bureau's?

No, they will do that for you. The letter is in case they do not, you or your mortgage broker can handle it.

 

[StarsFan4Life]

Ok great. I am a dumbass for letting these go to collections, but want to do what I can to raise my score. I can get a credit card, but DONT because I know how easy it is to go into debt.

 

[AlienCraft]

Originally posted by: Ocguy31
They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

But unless the Coleection Agency (CA) can produce the reuired documentation showing that debt is Valid, one can dispute it and get it removed from one's credit report, for 30 days at least while they investigate it and produce the reuired document. Which most cannot do. In that case one get's the offending collection action removed from the Credit Report and the debt goes away.
Legal collection is one thing.
Strong arm tactics without supporting documentation is another.

Remeber it's not personal, it's business.

 

[StarsFan4Life]

Originally posted by: AlienCraft

Originally posted by: Ocguy31
They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

But unless the Coleection Agency (CA) can produce the reuired documentation showing that debt is Valid, one can dispute it and get it removed from one's credit report, for 30 days at least while they investigate it and produce the reuired document. Which most cannot do. In that case one get's the offending collection action removed from the Credit Report and the debt goes away.
Legal collection is one thing.
Strong arm tactics without supporting documentation is another.

Remeber it's not personal, it's business.

So what should I do here?

 

[kranky]

I disagree that it is impossible to remove them. However you are at the mercy of the creditor, and you can't make them do anything. Go to the creditboads.com credit forum and do some research. What you are interested in is what they call "PFD" - pay for delete, meaning you negotiate with the creditor to remove the negative information from your credit report in return for full payment of the debt.

If you can't get them to agree to remove the negatives, your mortgage company will at least insist the accounts be paid. But if the negatives are killing your score, it doesn't really help you to pay them if they stay on your report.

 

[AlienCraft]

Originally posted by: StarsFan4Life
Ok great. I am a dumbass for letting these go to collections, but want to do what I can to raise my score. I can get a credit card, but DONT because I know how easy it is to go into debt.

Go tohere and learn what rights you still have.

Since you are dealing with a collection agency, you can get this removed simply by disputing it, keeping track of the time elapsed between receipt of letter by them and reply. If they fall out of the 30 day requirement for action, the debt becomes uncollectable and they cnnot report it on your credit report.
PLUS, if they refuse, you can collect $1000.00 per occurance in Small Claims Court for the violation.
More helpful sites
http://whychat.5u.com/

 

[dullard]

Originally posted by: kranky
Illiterate? Write for a free brochure!

i be wantyng dat brosure 4 sure!

 

[OCGuy]

Originally posted by: kranky
I disagree that it is impossible to remove them.

You can disagree all you want, they wont completely remove them anymore, the bureaus wont allow it.

The only way they can is if it is "errant". Not because you pay in full.

You may get lucky with the dispute scam, but most of the time you will still have the collection when it is all said and done. (If it is really your debt).

 

[StarsFan4Life]

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
Ok great. I am a dumbass for letting these go to collections, but want to do what I can to raise my score. I can get a credit card, but DONT because I know how easy it is to go into debt.

Go tohere and learn what rights you still have.

Since you are dealing with a collection agency, you can get this removed simply by disputing it, keeping track of the time elapsed between receipt of letter by them and reply. If they fall out of the 30 day requirement for action, the debt becomes uncollectable and they cnnot report it on your credit report.
PLUS, if they refuse, you can collect $1000.00 per occurance in Small Claims Court for the violation.
More helpful sites
http://whychat.5u.com/

Dude...I am admitting that the information on my score is accurate. Why the hell would I risk saying that it is "incorrect" only 29 days later they come back and say that it is. I am looking to close on my home April 1st.

 

[OCGuy]

Originally posted by: StarsFan4Life

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
Ok great. I am a dumbass for letting these go to collections, but want to do what I can to raise my score. I can get a credit card, but DONT because I know how easy it is to go into debt.

Go tohere and learn what rights you still have.

Since you are dealing with a collection agency, you can get this removed simply by disputing it, keeping track of the time elapsed between receipt of letter by them and reply. If they fall out of the 30 day requirement for action, the debt becomes uncollectable and they cnnot report it on your credit report.
PLUS, if they refuse, you can collect $1000.00 per occurance in Small Claims Court for the violation.
More helpful sites
http://whychat.5u.com/

Dude...I am admitting that the information on my score is accurate. Why the hell would I risk saying that it is "incorrect" only 29 days later they come back and say that it is. I am looking to close on my home April 1st.

Because people who are always trying to break the rules dont realize that paying $500 paying collections is nothing compared to having to pay .5% interest higher on a $250,000 loan due to a lower mid score.

 

[StarsFan4Life]

So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

 

[AlienCraft]

Originally posted by: StarsFan4Life

Originally posted by: AlienCraft

Originally posted by: Ocguy31
They cannot be completely removed anymore by the creditor. You should call each one, pay them, and get a letter mailed stating that you have a 0 balance and the account is paid in full.

But unless the Coleection Agency (CA) can produce the reuired documentation showing that debt is Valid, one can dispute it and get it removed from one's credit report, for 30 days at least while they investigate it and produce the reuired document. Which most cannot do. In that case one get's the offending collection action removed from the Credit Report and the debt goes away.
Legal collection is one thing.
Strong arm tactics without supporting documentation is another.

Remeber it's not personal, it's business.

So what should I do here?

#1. Read Creditboards.com and the other link I gave you.
#2. Gather Credit Reports and go through the negative reports.
#3. Challenge anything by a collection agency via US mail with delivery verification.
#4. Enforce your rights vis a vis The Fair Debt Collection Practices Act.
#5. Be Persistant. If they do produce a signature of yours on a contract to pay or similar, NEGOTIATE any payment predicated on a removal from the Credit Reporting Bureaus any mention of the event. They buy these accounts for pennies on the dollar. You can negotiate anything with them, but it only counts if they send it in a letter.

ADDENDUM.... When you call a company and they play "This call may be recorded for quality control", you may also and without notifiing them, start your own recording for "quality control". Having their promise on a recording can often mean thge difference between them doing what they say they will.

#6. Check Credit Reports quarterly in case someone tries to revive an account.
Collection companies aren't known for their adherance to pesky laws while running down a dime.

I've raised my score over 100 points in the last year by challenging old accounts and mistakes on my reports.
I'm now verrrry close to 680, where I haven't been since the Journey days.

 

[AlienCraft]

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

 

[OCGuy]

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

I think advocating fraud should be against TOS, and probably bannable.

He has admitted the debt is his.


@OP: You can play the "game" like the scum who try and get out of debt that they owe, or you can move on with life.

 

[AlienCraft]

Originally posted by: Ocguy31

Originally posted by: StarsFan4Life

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
Ok great. I am a dumbass for letting these go to collections, but want to do what I can to raise my score. I can get a credit card, but DONT because I know how easy it is to go into debt.

Go tohere and learn what rights you still have.

Since you are dealing with a collection agency, you can get this removed simply by disputing it, keeping track of the time elapsed between receipt of letter by them and reply. If they fall out of the 30 day requirement for action, the debt becomes uncollectable and they cnnot report it on your credit report.
PLUS, if they refuse, you can collect $1000.00 per occurance in Small Claims Court for the violation.
More helpful sites
http://whychat.5u.com/

Dude...I am admitting that the information on my score is accurate. Why the hell would I risk saying that it is "incorrect" only 29 days later they come back and say that it is. I am looking to close on my home April 1st.

Because people who are always trying to break the rules dont realize that paying $500 paying collections is nothing compared to having to pay .5% interest higher on a $250,000 loan due to a lower mid score.

The "rules" also say that a collection agency that does not have in their possesion the required documents cannot collect a debt, even if that debt might be considered "valid". DO NOT confuse the emotion of obligation with the legal aspect of obligation.
It's not personal, it's business.

 

[AlienCraft]

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

I think advocating fraud should be against TOS, and probably bannable.

He has admitted the debt is his.

What I am advocating is actually strict adherance to the law.
The original debt holder has rid themselves of that debt, either through tax write off, (partially) or in the debt market, where the Collection Agency bought it , Also partialll y part of the debt.
All of this is covered under US Federal Law .
Therefore, To suggest that I am endorsing anything illegal is illogical.

 

[OCGuy]

Originally posted by: AlienCraft

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

I think advocating fraud should be against TOS, and probably bannable.

He has admitted the debt is his.

What I am advocating is actually strict adherance to the law.
The original debt holder has rid themselves of that debt, either through tax write off, (partially) or in the debt market, where the Collection Agency bought it , Also partialll y part of the debt.
All of this is covered under US Federal Law .
Therefore, To suggest that I am endorsing anything illegal is illogical.

If that makes you sleep better at night.

Pay your bills deadbeat.

 

[AlienCraft]

Originally posted by: StarsFan4Life
[

Dude...I am admitting that the information on my score is accurate. Why the hell would I risk saying that it is "incorrect" only 29 days later they come back and say that it is. I am looking to close on my home April 1st.

Well, doing this has one main effect to your credit report. Disputeing them just prior sendin in the loan application will effectivley remove them during the Mortgage Companies period of investigation.

What you're still doing though is feeling responsible for a debt that you may no longer be legally obligated to pay.
I had debts like this when I went to buy the Condo By The Bay.
THE ONLY WAY to pay any of these is after you get a written promise to remove the whole thing from the report, OR Mend to read Pays as Agreed. Nothing else is worth it.
Disputeing costs you nothing except postage, and if they don't produce the legally binding documents, it is they who are working on the fringes of the law and they rely on the kindness of suckers like you and me who pay our bills, even if we're paying more than we should.

Let the law work for you in this manner.
Every other Financial Giant does it that way.

 

[AlienCraft]

Originally posted by: Ocguy31

If that makes you sleep better at night.

Pay your bills deadbeat.

What makes me sleep better is not giving money to people who have no legal right to it.

If doing otherwise makes you sleep better, I have to wonder what you're thinking.

You're making this personal when this is just business.

 

[StarsFan4Life]

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

I think advocating fraud should be against TOS, and probably bannable.

He has admitted the debt is his.

What I am advocating is actually strict adherance to the law.
The original debt holder has rid themselves of that debt, either through tax write off, (partially) or in the debt market, where the Collection Agency bought it , Also partialll y part of the debt.
All of this is covered under US Federal Law .
Therefore, To suggest that I am endorsing anything illegal is illogical.

If that makes you sleep better at night.

Pay your bills deadbeat.

Dude...don't call me a deadbeat...I am not the one arguing here. I admitted my faults and am willing to do what it takes to recover.

 

[OCGuy]

Originally posted by: StarsFan4Life

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: Ocguy31

Originally posted by: AlienCraft

Originally posted by: StarsFan4Life
So filing a dispute with the credit bureau's will remove the accounts for a period of time until they can determine if its valid or not?

You dispute with the Collection Agency, they are in turn supposed to tell the Credit Reporting Bureau.
It is supposed to. You need to be on the CA like a pit bull in order to make sure they adhere to the letter of the law.
This is why mail receipts are so important.
You can dispute with the Credit Bureau as well, but you need the first dispute to be underway to proceed. READ CREDITBOARDS !!

I think advocating fraud should be against TOS, and probably bannable.

He has admitted the debt is his.

What I am advocating is actually strict adherance to the law.
The original debt holder has rid themselves of that debt, either through tax write off, (partially) or in the debt market, where the Collection Agency bought it , Also partialll y part of the debt.
All of this is covered under US Federal Law .
Therefore, To suggest that I am endorsing anything illegal is illogical.

If that makes you sleep better at night.

Pay your bills deadbeat.

Dude...don't call me a deadbeat...I am not the one arguing here. I admitted my faults and am willing to do what it takes to recover.

Wasnt directed at you Stars. Only the person who advocates trying to weasel out of debt, which raises all of our interests rates, and even makes us bail them out with tax money now.

 

[StarsFan4Life]

Ok, my bad. I just want to do this in the most effective way possible. Even if the accounts remain on my account, but are paid in full....will my mortage officer take this into consideration?