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Posts Tagged ‘credit report’

Filing for bankruptcy involves choosing between a Chapter 7 or Chapter 13 bankruptcy and should be done with the aid of a lawyer. Consider credit counseling before filing for bankruptcy with tips from a certified public accountant and credit counselor in this free video on debt management. Expert: Jerrie Guthrey Bio: Jerrie Guthrey has been a certified public accountant and credit counselor since 1992. Filmmaker: Jack Guthrey

Ok, so I’ve received correspondence from Portfolio Recovery Associates (my apologies to all those who’ve read those and know my situation already) not so much in the form of a letter, but basically 3 payment options for a very old debt that isn’t even showing up on my credit report. I’ve been researching this and have discovered that they have to tell me that I have 30 days to dispute the validity of the debt. Is this correct as far as anyone knows? There is no verbiage whatsoever about what my rights are concerning this debt and no other letter came with it. It’s telling me that "your first payment is due no later than 12/30/2010" and "This letter is from a debt collector and is an attempt to collect a debt. Any information obtained will be used for that purpose." Yet, nothing about my 30 days to dispute OR the assumption of it being a valid debt if I don’t respond within 30 days. Does this sound legit to anyone? I know, I know…PRA are vicious and notorious. I’d rather not contact them at all, trust me. I’m just wondering if that can somehow make this worse? I really don’t like the wording of this option plan they sent me and don’t know if it qualifies as a debt validation notice or not. I really need advice people. How would you handle it? Leave it go or ask for validation of debt?

Please only professionals…or someone who knows about this topic

I have several items that are in collections. I have a fico score between 530-620 depending on which buerau you look at. I have never owned a credit card (I hate when I read all these sites on how to’s when they only speak in credit card terms).

I have read that even if you pay your debt with collections, that still doesn’t erase the mark from your credit report. It is still a negative mark. How in anyway can that help my fico improve if this is the case and what’s the point of paying them off then (Yes, moral reasons)?

Additionally, I wrote a letter to one of the collection agency’s (read this is the best way to handle them) to see if they could remove the mark if I paid i full…got no reply back.

Secondly, would paying my debt (even though it is in collections) improve by fico score through debt to income ratio (this being apart of history payments)? I am not employed (student) but If I pay my debt that does lower my overall debt so would this help my fico score?

I got a call 6 months ago for a bill collector wanting 4609 for a credit card bill i abandon in 1997 after my divorce. This guy Martial Thompson was a real piece of work, i was like sorry it was 1997 don’t really remember the details. He told me he is going to light a fire under my pants. i hung up the phone i don’t deal with behavior like that. This Martial kept leaving messages, my son picked up the phone and Martial told him that he a law enforcement needs to talk to me. There was Martial giving me one last chance to settle this debt or else it will go to court-take your pay out of your check and will could find evidence for fraud then face jail time. Hung up the phone again. Well this week a deputy from the sheriffs department gave me a summons and complaint. I don’t want to pay this scum bag, this is not even on my credit report. They are giving me 20 days to respond

I want to pay off several credit card collections accounts. I want to handle them myself and not utilize a debt consolidation program because I’ve heard that a "settle" on your credit report still looks bad. How would I go about paying the accounts off AND having them removed? Also, do I have to pay the accounts in full to have the collections removed or can I just pay a high percentage of what is due. ( like 80% )

I’ve been neglecting paying off some debts for some time and am looking to pay them off so they can be removed from my credit report, but some of the debt collecting companies have transferred them around so much I don’t know who to contact any more. Would running my credit report put me in touch with these companies?

Are there legitimate places to get a mortgage with marginal credit? I have some charge offs on my credit report from 5 years ago. I had a major health problem and used a credit consolidation service to assist me with some CC debt. It was a bad idea I know now. But I’d like to buy a house. I have above average income, so I don’t think I would qualify for a FHA loan. Does anyone know what the limit is on qualifying?