Ive recently pulled my credit report, which isnt all that great, but I have one company on there twice for the same thing.....is a company able to report you twice for the samething? Also I talked to a friend and she told be that no matter what a credtor will stay on your report for 7 years, but Ive heard if you paid them off then you can request that they are removed from your credit report...do you know which is true? I really want to try and fix my credit Im only 22 and its not the best but I want to do what I can now so when I want to buy a house I dont have little things stopping me. Any suggestion on how to go about that?
2007-05-10 01:21:44 · 5 answers · asked by ga_lynn84 2 in Business & Finance ➔ Credit
You can pay the company you owe but that doesnt take it off your credit report
2007-05-10 01:32:22 · update #1
Also I dont want to go to a agency that "fixes" your credit because Ive heard that they are pretty much scams and dont work
2007-05-10 01:40:57 · update #2
Greetings!
The account that you saw listed twice was probably the original account and the account after it was sent to collections. The original creditor is allowed to report your status with them and so is the collections agency.
You're friend is correct. Information stays on your report for seven years. If you have a collection and you pay it, it will still say on your report until the seven years are up. The status of it may change to "paid collection" or "settled for less than the amount owed", but it will remain.
Basically, to repair your report, you must tackle the negative information first. Start with your smallest collection and pay it or negotiate a payoff or payment arrangement. Keep working your way up until you are at the biggest debt. Make sure you request a letter or receipt of sorts that show that your accounts are settled and paid. You might have to send a copy of them to the credit bureaus as proof.
I hope that helps. Good luck!
2007-05-10 02:07:30 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋
Reporting you twice?? It seems to be an error. Simply Contact the reporting agency in writing and request to have the duplicate entry removed. The main idea though , is to pay what you owe.
The idea that some collection agencies will "remove" the negative reports once you settle your account is "possible" but not very"probable".
It is extremely unlikely they will do this, however asking won't hurt you, but don't expect a miracle.
As far as fixing/building your credit, I congratulate you on taking the bull by the horn.
There are somethings you can do easily to boost your score and get you on the right track, BUT there are some thigns you should defineltly NOT do.
If you need some ideas, I have answered these questions many times before, simply click on my picture and search through my previous "credit" answers. good luck.
2007-05-10 01:36:18 · answer #2 · answered by lilpuppy6 3 · 0⤊ 0⤋
Once it is paid, dispute the trade line with the credit bureaus that it is reporting to. This puts the burden of proof on the collection agency/creditor. If it is paid, most times they will not verify the accuracy of the item (they already got what they wanted - their money). Verifying the accuracy takes time and money - and since they already got what they want, they probablye won't verify.
Good luck!
2007-05-10 02:54:01 · answer #3 · answered by mphsblue 3 · 0⤊ 0⤋
Listen, you are young so relax and resolve to being a better money manager from here on out. If you continue to make your payments on time and keeping your balances in check your credit will improve. Also, I have a link on my answers profile that can help.
Best of luck,
2007-05-10 02:03:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should be able to resolve the problem with the company that reported you by paying them what is owed.
2007-05-10 01:30:09 · answer #5 · answered by Clown Knows 7 · 0⤊ 1⤋