i want to think you for all the advice you gave me with my credit report. Its been little over a year and i hired lexingtonlaw to monitor and dispute the items. its a little better but i could afford to keep them. how do i handle the collections and other open accounts i have on my credit report?
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dispute them
www.oskie.com/credit-dispute.htm
validate them
http://www.oskie.com/validate-collection-collections-account-removed-credit-report-completely.htm
then negotiate
http://www.oskie.com/credit-repair-negotiate-with-creditors-remove-delete-bad-credit-collections-charge-offs.htm
Saturday, January 10, 2009
How do I handle collections and other open bad debts
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I came across your website and for a short moment I beamed with happiness, but then I realized I do not know where to begin to correct my POOR credit rating of 540. I’m ashamed and confused all at the same time about my credit report score. I have obtained all four credit reports from Experian, Equifax, TransUnion, and Choicepoint. My credit summary is listed as the following
Real Estate: 0
Revolving Accounts: 7 Carrying a Balance: $4,216
Installment Accounts: 30 Carrying a Balance: $75,759
Other Accounts: 4 Carrying a Balance: $603
Collection Accounts: 11 Carrying a Balance: $2,495
Total Account: $83,073
1.) I have so many duplicate accounts on my credit report; how do I get them to remove this off my report.
2.) I have accounts with differences in Open and Closed status; ex. Experian will say its Closed and TransUnion will say it’s Open.
3.) I have Seriously Past Due accounts from 1999 - that are still listed on my credit report. How can I take it off my credit report?
4.) I have over 16 Student Loan accounts that say “Account transferred to another office”. Can I take this off my credit report?
5.) I have another set of student loan debt that states, “Too new to rate” / “Unrated or bankruptcy”. Is this a negative statement for my credit report?
6.) How do I stop companies from inquiring in on my credit report?
I have completed my BS, MS and MBA with the $75,759 in debt. I am also considering going for my PhD In Education, however I would like to settle all of these credit report & FICO score issues before continuing with my education. I have only 2 short-term goals within a 2 year range(1) Increase my credit report and FICO score, (2) Purchase a house within 2 years. My five year goal is to be Debt Free excluding my future mortgage.
SOS – Please help!!! I am stranded on this deserted Poor Credit island; and I don’t think anyone is coming to save me.
I am replying not only to your post (which I enjoyed) but the post of nemo8041.
The big issue here is that the CRAs have too much wiggle room. We need more laws. We need more structure. So nemo8041 has duplicate accounts on the credit report, not only does that suck but it can be extremely difficult getting the report to read accurately. Incredible!
It's even up to the CRA to determine whether your claim is "frivolous". How is that okay?
I really couldn't understand my credit report correctly. There are so many numbers and so many statements I don't know from where to begin. After reading your article I am somewhat relieved now. Thank You!
Ok, I like this blog so far, there is truly some good insight here.
To Nemo8041-
I left my career as a project manager with an world wide environment company handling separation treatment of hazardous and non hazardous waste to pursue a big time coal deal. My dad was dying and I was getting to spend no time with him working the crazy hours being on call 24/7. Well, the deal went south at the end with a $68 drop in coal prices the week we got operational and about 3 days before the investors was going to sign all the contracts and cut checks...
Yeah, that hurt. Like 200+ points in my personal credit score. I got to spend a lot of time with my father and no amount of money was worth more than that to me. But, I still had to rebuild. I was at about 483 and in 17 months got back up to a 682. I am currently hovering around a 712, but that is good with me.
You need to understand trade lines for a minute here. See, bank want to see a few lines of revolving credit with no more than 55% of the available balance used up and managed well for 12 to 18 months and at least 1 installment loan above the floor for high credit which is about $10k. So, I took out a few credit cards, purchasing mainly my fuel. I would set the money aside to pay my bill leaving a random about of the balance each time and then pay it off completely every 3 months or so. I took 2 cards with a $250 limit that cost me $178 of my balance to even activate to now having a few cards with some of the lowest rates and $10k plus balances. The only one I still keep is the one I started with initially and use it for emergencies.
I also bit the bullet and traded my beloved caddy & my grand cherokee in on an HHR for my wife so that I could get a high credit loan out in my name and also took out a small $3k loan for added insurance. It took me a little time, but now I can buy what I want and get the rate i want.
If you want any more info, email me at admin@freecreditknowledge.com and I will get back with you.
From what I have read, there is good information on this blog to really help you on your way to that point
I'm ready to turn the account over to a collections agency, but I need to stop finance charges and statement generation.
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