Repair Credit Report Help
How to repair credit in my case?
Currently my credit score is very low as i did not make any payments since1999 and so on because of which 3 of my Credit Card companies charge off, reported loss or Cancel/Closed the accounts, and they in turn sold them to Collection companies who are reporting them every year to the credit bureau, by which my account looks so bad most recently they reported in December 2005, I know it's my mistake and i want to repair it, Some one told me that even if i repay the whole thing still it does not help me as the history of past 5to6 years still remains the same in you history is their any other way which helps me in repairing my credit, Please advice me a good solution.
Public Comments
- bankruptcy so you can start over
- Unfortunately those will stay on your record for years to come but you can still gradually build your credit score just like anyone else but when someone does a credit check on you they will see your red flags. So you can keep your open credit card accounts in good standing with less than 30% debt to credit ratio but of course less debt the better. A car loan will slightly boost your credit score up faster than credit cards but of course you need to be able to qualify or put out more money. A house loan will help you the most but of course you might not be able to qualify for a loan nowadays anyways. But repairing your credit takes time so just be responsible and don't give up.
- Contact the credit bureaus to verify the reporting policy. I'm not sure what the rules are these days. You can't trust the collection companies...they lie to try and get you to pay up! If you can't get the negative reports removed for several years. You should try to negotiate with the collection agencies. Agree to pay in return for them removing the negative reports from your credit file and/or updating it with the "satisfied in full" status. That should help boost your score.
- If you have not made any payments since 1999, those debts should fall off of your credit reports soon. Both the original creditor and the collection agencys cannot report longer than allowed, which is 7 years for credit cards. The collection agencys "must" go by the original default date that you had with the original creditor. I've bookmarked this site... http://www.safelinked.info/jump.php?link=debt Best of luck.
