The credit Repair Thread

[LeVraiPapi]

I was going to call one of the smaller ones and offer to pay half, to be completely wiped from my record. Ill make sure to ask for that though. I don't want to wait another 5-6 years to have my credit repaired. I want it fixed for when I get out of school, and have a real job so I can buy a house, I have one credit card as well that isn't maxed.

I posted a letter a page ago. Send that first. Paying half is worse than not paying it at all. Stay off the phone. Do not discuss anything on the phonbe. Yoiu're being recorded

 

[The Refiner]

SAmple letter to send to collection agency for debt validation

This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION. I respectfully request that your office provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

• What the money you say I owe is for;
• Explain and show me how you calculated what you say I owe;
• Provide a verification or copy of any judgment if applicable;
• Identify the original creditor;
• Prove the Statute of Limitations has not expired
• Show me that you are licensed to collect in my state; and
• Provide me with your license numbers and Registered Agent.

If your offices have reported invalidated information to any of the three major Credit Bureau’s (Equifax, Experian or TransUnion), said action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:

• Violation of the Fair Credit Reporting Act
• Violation of the Fair Debt Collection Practices Act
• Defamation of Character

If your offices are able to provide the proper documentation as requested, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel. This includes any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

This letter shall also show (but not limited to) you, your company, computer generated calls, computer generated letters or any of the third parties that you hire, employ,or any ofPortfolio Recovery Agency employees or legal agents are NOT to contact me other than written correspondence.

Any violation of this will be considered as harassment and I will have no other recourse then to inform all agencies and the State Attorney General of your actions.

Any attempt to contact me other than written correspondence will be followed up with my States Attorney General and with any other agency that has jurisdiction over such practices.

All future communications with me MUST be done in writing and sent to the address noted in this letter.

This is an attempt to correct your records, any information obtained shall be used for that purpose.



Your name

Would this work for student loans that were sent to a collections agency. Yeah, I know they're student loans but like I said, they were sent to a collection agency.

 

[HookersandIceCream]

Would this work for student loans that were sent to a collections agency. Yeah, I know they're student loans but like I said, they were sent to a collection agency.

 

[LeVraiPapi]

Would this work for student loans that were sent to a collections agency. Yeah, I know they're student loans but like I said, they were sent to a collection agency.

private or federal ?

 

[The Refiner]

private or federal ?

private

 

[LeVraiPapi]

private

Yes they may but be careful because those private loan companies can take you to court if you really puss Em off

 

[Amy Traphouse]

I was going to call one of the smaller ones and offer to pay half, to be completely wiped from my record. Ill make sure to ask for that though. I don't want to wait another 5-6 years to have my credit repaired. I want it fixed for when I get out of school, and have a real job so I can buy a house, I have one credit card as well that isn't maxed.

If you aren't eligible for another credit card, get a secured card (like capital one) and keep a low balance on it. Also keep your balance low on your credit card, at least down 75% to improve your debt to credit ratio. By doing that you're still able to "repair" your credit by building positive payment history and raising your scores. Eventually after a year your score should ease up at least 100 points and make you look more desirable to mortgage lenders.

 

[Myrical Lyfe]

If you aren't eligible for another credit card, get a secured card (like capital one) and keep a low balance on it. Also keep your balance low on your credit card, at least down 75% to improve your debt to credit ratio. By doing that you're still able to "repair" your credit by building positive payment history and raising your scores. Eventually after a year your score should ease up at least 100 points and make you look more desirable to mortgage lenders.

I'll look into all that. I have a capital one card, but it never got sent, or got thrown away in the garbage. I should probably call for another so I can activate it.

I had a fair enough credit to get approved for an apartment. But I'd like to get back to atleast 650, maybe 675 by end of the year.

 

[LeVraiPapi]

If you aren't eligible for another credit card, get a secured card (like capital one) and keep a low balance on it. Also keep your balance low on your credit card, at least down 75% to improve your debt to credit ratio. By doing that you're still able to "repair" your credit by building positive payment history and raising your scores. Eventually after a year your score should ease up at least 100 points and make you look more desirable to mortgage lenders.

Right on point

Always use up to 50% off your card. Never hire. The safe range is 25-50% because it shows use of the card and you know how to manage your money. Using too low makes you look undecisive and unknown to credit/debt management. Going over 50% means you need the money and you are managing but not that well. Over 75% is a red flag and you will be declined for most cards

Mortgage lenders look at more than your score. They look at your taxes, your income, savings and credit.


Btw, my score went from 580-670 in 8 months. Disputing all those collections now so I can get that 725 range.

 

[Sad Bunny]

wait, wait WAIT.


Breh, are you sure about this? cause I got a $200 bill that I owe, and it's been like 3 or 4 years.... I was planning on paying it off next month to get my credit right....

but I'd be better off NOT paying it?

You gone wait another 3 or 4 years just to pay $200

Broke nikka shyt

But you better pay that damn $200

 

[Sad Bunny]

Brehs I totaled my ride early last year. Still owed 10 racks. Finance company stated they wouldnt send to collections if I did a PP. Which I been on.

In need of a car still. Wondering if I should get something straight cash. Or possibly get a another ride..lotta money down and use remainder to build credit?

No gap insurance

 

[Sad Bunny]

Mine is 660

I don't understand. I got it to 680 and it just dropped for nothing. I have no outstanding bills, no accounts in collections, all my stuff is on auto pay. Why would this happen? Anyone have any idea? I paid off my cc and it dropped! I'm at least trying to get in the 700's. I don't really have much: one cc, car note, an old cell phone bill from Verizon I paid off, that's it...

You probably need some revolving debt.

Use card but pay it off..keep a small balance

 

[Mr Rager]

Is having student loan debts in itself going to lower your score, even if you're paying on time ?

 

[The God Poster]

No gap insurance

No insurance at all
Got new card and didnt realize auto pay was off
Insurance got cancelled

 

[Sad Bunny]

Is having student loan debts in itself going to lower your score, even if you're paying on time ?

Don't think so

Cars and student loans aren't considered bad debt. Just make payments on time and you'll be fine breh