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looking at best options to clean up credit report

2006-11-30 11:14:47 · 4 answers · asked by babs 2 in Business & Finance Credit

4 answers

Actually the best way to clean up your credit report is to DV collection agencies. DV means to request debt validation, which is for them to get proof you owe the debt. Since debts are sold over and over again, usually they have a tough time meeting this request.

Simply write a letter that says: "Under the FCRA I dispute your claim and request validation. Please provide proof I owe this debt". If they can't validate, they have to remove it from your report.

By the way, you can get a mortgage with charge offs over 2 years old, so I usually recommend paying them if they are recent (within 1-2 years). Anything between 3-5 years would not be worth paying off. If it's over 5, it's close to falling off your credit report so definitely don't pay those.

2006-11-30 12:20:57 · answer #1 · answered by Kevin K 3 · 1 0

you what to follow the directive the person told you to request a debt validations. Most cases when it was charged off it is off to someone who bought your debt for 2 bucks on a 100. Make sure to send it certified in case if they get sneaky and file a lawsuit. Yes a lawsuit, and if they do you must file a motion of discovery. If you are intending on paying off a charge off pay it all off and make a settlement. These collection agencys will persuade you to go on a 10 buck a month payment plan. dont do any of that! its a trap and it resets you Statue of Limitations. Your credit score is the penelty.
good luck

2006-11-30 23:06:26 · answer #2 · answered by Anonymous · 1 0

No because the best thing they will do is write " PAID CHARGE OFF" on your credit file.


Which is as bad as not paying them. Save your money. Time heals everything including your credit.

2006-11-30 19:49:56 · answer #3 · answered by Anonymous · 1 0

no, it wont increase your credit score. concentrate on paying current debt on time

2006-11-30 20:37:51 · answer #4 · answered by Dee 5 · 1 0

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