My credit score according to Experian is 577. I pulled my credit report and went through each item. Three were disputed, only two removed. I am still working on the third. The other items on there are correct. Some of them say they will be on record until 2017 or 2018. Then I noticed some items are repeated. I am so confused. I made stupid mistakes at a young age. I want to fix them now so I can buy a house for my daughter and I. Ten years in a small apartment is getting very depressing. Will paying/settling these items help my score/remove them from my credit report? My current credit items are all current. I just don't know what to do. It's all so overwhelming.
If they are with third party debt collectors you might be able to get a "pay for deletion" but that is not guaranteed. Banks and other original creditors will only never agree to a "pay for delete" scenario. Keep your credit card balances low - ideally below 20% of total credit limit - that will help raise your score. Obviously attempt to have inaccurate information removed. Finally, even though negative accounts can remain on your credit report for 7 years their negative impact reduces over time. Good luck.
If you pay for the items that are accurate, they will not necessarily be deleted. If the creditor or debt collector will agree to a "pay for delete", make sure to get that agreement in writing.
You mentioned 10 years in a small apartment. Most derogatory information on your credit report should be removed after 7 years.
If inaccurate or duplicate information is not removed by the credit bureaus following your dispute, you may have a claim under the Fair Credit Reporting Act. I would suggest you consult with a local consumer rights attorney.
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First, I would say you are on the right track. You want to make sure that all the items are accurate. Items will fall off your credit report naturally 7-10 years from when they last report. If you have unpaid debts, they may be reporting every 30 days that you are not paying them.
It is very rare that a creditor will agree to delete their information from a credit report if you pay the debt.
For duplicate items, look at the dates they are showing. Usually when a debt is sold from one company to another, the dates will show that company A had the debt until date X and then company B has the debt after date X.
When thinking about a mortgage, I would encourage you to sit down with a local mortgage broker who is willing to help review:
-your credit report (including what things you can do moving forward to help improve your score)
-your household budget
-the trust cost of home ownership (principal and interest + property taxes + insurance + HOA (if there is one) + PMI (a broker can explain this) + home maintenance (fixing things that break)
Finally, I have post a link to a blog where I explained different types or debt resolution, I hope that helps.
My answer to this question is for general purposes only and does not establish an attorney-client relationship and is not legal advice. You should contact an attorney directly for legal advice. We are a debt relief agency and we help people file for relief under the Bankruptcy Code as well as resolve other debt issues.
The way the credit reporting works doesn't make sense to most people, so I wrote a 10 part series explaining how this system works and going over strategies to repair credit for my bankruptcy clients. It might help you too, but you have to go through a long list of articles to find the ones you want to read. The link to my articles is below. Hope this perspective helps!
Forget about a pay-for-delete. Unless it is United Revenue Service, they will not likely engage in that activity because it would violate contractual provisions agreed to with the credit bureaus. The FCRA dispute process can gain you some deletions if you do it at the bureau, creditor, and third party collection agent levels. You will need to build new positive credit in order to allow the scoring algorithms to anchor onto something positive. After all, the whole idea of a credit report is to use past behavior as a predictor of future behavior.
Claims under the FCRA can be daunting. You're much better served utilizing a reputable attorney-based national credit restoration organization to take a shot at removing as much derogatory information as possible and teaching you how to build the new trade lines and use them to your best advantage as a credit tool.
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