How to start credit repair? - Mothering Forums

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#1 of 5 Old 02-02-2006, 07:54 PM - Thread Starter
 
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Can anyone help me with fixing bad marks on my credit report? I've tried looking at the credit forum website that's been posted here a couple of times, but they seem to be way, way over my head. I need the kindergartener approach.

I've already disputed and had removed all but one inaccuracy. The one that remains is an old credit card account that is marked as a charge-off, but which was actually paid in full. I don't have a reciept of the payment, but I think I could get a copy of the cancelled check from my bank... is this something that is worth disputing, and if so how do I go about it, since I don't have much info on the account anymore?

The remaining black marks on my credit are, alas, actually mine. There are a couple of accounts that are in collections and on my report. One is about 6 years old, the other is about 2 years old. Is it worth trying to contact the collection agencies and paying them? I've heard that if I'm planning on making payments, I can and should negotiate to pay a reduced amount to discharge the debt. Is that true, and if so how much should I offer? If I do pay up on these bills, can I get the marks on my credit report removed or do they remain there? And if they stay there, what incentive do I have to pay them off?

The other thing on my credit report are bills that were supposed to be paid by health insurance and weren't. I'm in the process of working with the insurer to get the claims paid, but it's kind of like kicking dead whales down a beach -- slow and smelly. Should I have a note added to the report that we're trying to resolve those, or leave it be?

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#2 of 5 Old 02-03-2006, 01:39 AM
 
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Check out the forums at www.creditboards.com

They are amazing at helping people rebuild credit... I've learned lots of things there that I never would've known.
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#3 of 5 Old 02-04-2006, 02:45 AM - Thread Starter
 
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That's the one I've tried looking at, but even after studying it for a while I feel like they're speaking in technical terms that I just don't understand -- even after checking out their information for newbies.

Is there like... credit scores for dummies or something?

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#4 of 5 Old 02-04-2006, 02:59 AM
 
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It was confusing to me too, but they're really nice about helping people when they don't understand. It's the best resource I've found. Sorry.
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#5 of 5 Old 02-04-2006, 03:06 AM
 
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Should I have a note added to the report that we're trying to resolve those, or leave it be?

that wasn't even 70 bucks. But it kept showing up. I paid it not once but twice.
I sent letters to all three bureaus explaining that the charge was in dispute.
I would include the fact that the insurance was to cover it and you are working with them to get that corrected.

DEFINITELY if you can get a copy of that cancelled check and the last statement of the card do so. To have a paid in full marked as a charge off hurts your score very much.
Make several copies of the check. Send a copy to each reporting agency along with the copies of the report showing the inaccuracy highlighted. Send them return receipt requested.


"can I get the marks on my credit report removed or do they remain there? And if they stay there, what incentive do I have to pay them off?"
I think it depends on the company. if they do stay there its better to read that its been paid than still uncollected. Companies will look at that to determine if you are a credit risk.
Also a lot of the auto insurance now is based on your credit report. The better it is the lower the premium and worse the higher... I think some homeowners ins are doing it too
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