I owe money to a few companies. I lost track of who they all are, how can I locate them all and fix my credit?
October 3rd, 2009
Over the last three years, i have accrued debt with several companies and institutions, including student loans. Now I want to fix my credit, and pay everyone off instead of ignoring those notices in the mail, which don’t seem to come anymore. I’ve changed addresses three times over this period of time, and I really do not know how much I owe (I do know it is substantial), and to whom it is all going. Any help would be greatly appreciated. Thank you!
AnnualCreditReport.com is the place to get your free credit report online without signing up for monitoring services.
All your creditors should be listed. Start with the newest derogatory item and work back to the oldest. The older the item, the less impact on your score. Work on rehabing your student loans separately, as you can work out deals that will turn those normal credit lines.
If the debt is a single entry item like cell phone, medical, or utility bills, you should negotiate a delete for pay, even paying less than full balance. This will help your score. With regularly reported items like credit cards, only the collection agency entry can be removed. The original creditor charge off will stay on your file.
If the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2 years old, offer 75%. Get any settlement agreement in writing and keep it along with your payment proof, forever. Do not give the collection agency direct access to your credit file.
Paying off old debt will not improve your score unless you get the item deleted. However, creditors look at your whole report not just your score. Paid old debt always looks better than unpaid.
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Posted in How to fix my credit
Get copies of your credit reports and all of these debts will be listed with addresses and phone numbers to where to send your money. Start by paying off the smallest debt first and working up from there. Leave your student loans for last, just make the min payment on them.
References :
On the internet, go to a free credit check and find out ther! be careful that they do not sign you up for a monthly check which costs $$$.
References :
AnnualCreditReport.com is the place to get your free credit report online without signing up for monitoring services.
All your creditors should be listed. Start with the newest derogatory item and work back to the oldest. The older the item, the less impact on your score. Work on rehabing your student loans separately, as you can work out deals that will turn those normal credit lines.
If the debt is a single entry item like cell phone, medical, or utility bills, you should negotiate a delete for pay, even paying less than full balance. This will help your score. With regularly reported items like credit cards, only the collection agency entry can be removed. The original creditor charge off will stay on your file.
If the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2 years old, offer 75%. Get any settlement agreement in writing and keep it along with your payment proof, forever. Do not give the collection agency direct access to your credit file.
Paying off old debt will not improve your score unless you get the item deleted. However, creditors look at your whole report not just your score. Paid old debt always looks better than unpaid.
References :
Do you have any idea how much you owe? There is a free online form you can fill out and determine how long it will take, how much you will pay every month, etc., if you use a debt management program. Check it out
http://www.mycyberadvisers.com/free-credit-card-debt-report.html
Debt management programs are actually recommended by the FTC as the best solution to those in deep debt.
Good luck and God bless!
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