Wednesday, February 27, 2008

7 years is about to expire on account and now account has been renewed

While in college I purchased a few things on credit and really messed up my credit history. Its been about three years since I completed everything and this is my first year a a decent paying job. My current credit score or Fico score is 579, and I am amazed that it is even that high. My problem today that I was contacted by a third party bill collector about a derogatory account and while I have the money to pay and have no problem paying the bill they are not going to remove it from my credit report. The account(s) one which is 300 dollars expires or reaches the seven year limit next June or 2008 while the other which is $2,200 expires next March. Could you please tell me the best plan of action to take, Iwant to pay, but I don't really want a double jeopardy to take place. Thankyou
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double jeopordy is a credit fact of life
there are some common ways to deal with these

1. contact and negotiate with the original creditor. Explain you feel your Fair credit reporting right are being violated and you want to make amends but not with a third party collection agency who is gonna make this 7 year bill turn into 14
2. use debt validation with the third party collections and explain the same thing as before
3. pay the debt and mark it up to learning experience
4. re open the debt after you pay it off
then after 12 - 24 months
then,
ask for them to remove the bad marks since most creditors only report the last 24 months.

in the end if you pay them it will be good and you will have a 0% balance owed to high credit rating ratio on your credit report and your score will go up after 12 months of new good credit

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