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Fast Credit Repair
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Question by jess: When fixing credit with a company, how long willit take to clear everything up? Fast Credit Repair Answer by Amanda H You dont need a company to do it for you. Just launch disputes on your own for free and if you do it online, they have 30 days from when you hit “submit”. If you do it via USPS, the clock starts when they get it in the mail. Add your own answer in the comments!
Best answer:
Credit bureaus have 30 days from the date they revceive a dispute to respond with either a “remains” or “deleted” or “updated” or whatever, in regards to the accounts you are disputing.
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Question by mcook1610: In repairing credit: Should I pay off charge off items or will this even help my score.? Fast Credit Repair Answer by Slimick You could be stirring up a hornet’s nest by renewing contact with debt collectors over old, charged-off debt. You could trigger very aggressive collection activity against yourself….Making a payment on charged-off debt can reset the statute of limitations in most states…this would enable the collectors to take legal action against you for the debt. I personally do not think that a slight increase in your credit rating is worth the risk of a lawsuit/judgement. If you’re going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. You don’t have to hire anyone to do this for you. You have to be VERY careful in this effort…Mail them a vaguely worded statement like: I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company’s letterhead that you will accept this amount as “payment in full” and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount. Know better? Leave your own answer in the comments!
Should i called these companies myself and work out a deal to try to pay half of my balance, or should i hire a service.
Best answer:
Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored…Doing so will not remove it from your credit reports. It will simply be updated to a “Paid Charge-Off,” which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer’s credit reports for up to seven years.
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