[billscout]

Hi!
I'll try to keep this as short as possible. I want to clean my credit up and, since I've never done this before, I need some advice. Here's my scenario:
All of my negative marks on my credit report are from California. I now live in Nevada.
I had a credit card from Capitol One with an original credit limit of $200, the debt now owed is $1245 and the last active date of the card is reported as 2000.
I reportedly owe a Jewelry store $658. The actual amount I believe I owed was either $300 or $400 and this account was closed 01/02.
An unknown account I owe $600 to was closed 11/03.
I owe Washington Mutual Bank $532 from a bank account I had back in about 2000 or 2001. They just reported this debt to the credit reporting agencies on 08/06.
And there is another mark on my credit report from a bartending school I attended briefly. I've disputed this claim a few times because I was lied to by the staff at the school in order to sign me up and I did not sign any documents agreeing to their terms. The disputes have been answered by the bartending school and, therefore, the mark still shows on my report (although it shows I owe nothing, it does show closed but also shows it's in collection).
These are the only negative marks I have on my report. I don't mind paying the Washington Mutual account but I am not willing to pay the extra amounts the other accounts claim I owe. I'm willing to pay what I owe but not the extra amounts. Any ideas on how I can get these "cleaned" up from my reports?
I've heard that I can call the company I owe the money to and request a letter from them stating that they will not respond to any credit reporting agency regarding the debt in return for the settlement. Is there any truth to this? Any advice or tips would be greatly appreciated!

Thanks!

[ScottGem]

You can protest any credit reports you dispute. The bureau will then contact the creditor to confirm the report. If they don't, the bureau will remove it.

[Fr_Chuck]

As Scott said, you can get any untrue info removed, and if they do not respond to he credit bureau letters, it would be removed ( but most do respons)

The truth is that if it is a valid debt and the companies went to the trouble of posting it, they are going to reposond, of course a few may not.

There is no "quick fix" those companies that try and say they can do that, are actually illegal in many states because of fraud.

The way you clear it up, is to pay your bills, reach a settlement with all of the places and over the next 4 to 5 years of paying all your bills on time it gets cleared up.

[billscout]

I intend to pay these debts but, as with the credit card debt, there is $1000 of interest added onto the original debt. I do not want to pay this. What is the likelihood of a credit card company just taking the original amount owed without demanding the entire amount?
I read a few posts on here where someone mentioned bartering with the debt company, for instance, asking them to send you a letter saying that they will not respond to any inquiries regarding this debt if you agree to pay the debt, or part of it. That way the debt is, in effect, taken off your credit report. Does this work and how likely is a company to agree with this?
I know it doesn't look good to settle a debt with a company. I know that companies would rather have you pay off the debt. I do not agree with the amount that a couple of the companies claim I owe and I would like to settle with them. In order to prevent the credit report from showing a settlement, would requesting, in writing, a letter saying that they will not respond to the credit reporting agency regarding the debt keep the settlement from appearing?

[ScottGem]

I intend to pay these debts but, as with the credit card debt, there is $1000 of interest added onto the original debt. I do not want to pay this. What is the likelihood of a credit card company just taking the original amount owed without demanding the entire amount?

The chances are pretty good that a creditor will settle on a long term debt. Generally, such debt has probably been written off and/or sold. So anything they get will be gravy.

But the chances are slimmer that they will not list the account as a settlement. But that will only have a minor negative effect on your rating. The fact that you paid something is to your credit.

[excon]

I've heard that I can call the company I owe the money to and request a letter from them stating that they will not respond to any credit reporting agency regarding the debt in return for the settlement. Is there any truth to this?

Hello bills:

Close, but no cigar. You don't REQUEST - you DEMAND. You make it part of your negotiation. They must understand that they won't get any cash unless you get their promise in writing.

excon

[rich5298]

The easiest thing to do is wait 7 years. Most debts expired in that time. The other thing you can and should do is call the creditors, explain your INABILITY to pay and ask them if there is some way to work this out. You will need to haggle a little here, even talk very nicely to a supervisor of the first person you talked to. They may take some amount less than what you owe. If you agree to the terms they state you MUST honor that agreement. The mark on your record would probably stay but you can write a note on your credit report (visit their site online) stating you made an agreement with the creditor and have made the payments or have paid off the debt within the agreed upon time frame. Good credit is an asset you will use your entire life. Clean it and keep it clean.
Good luck.

[Bobak]

Hire a professional to take care of all of these. You can try contacting the lenders directly if you want. They're number should be towards the end of your credit report. Find a good reputable company. Although they are more expensive than most, they will do a better job, save you money, fix your credit faster (and better), and teach you a thing or two that you can do in order to avoid hurting your credit again in the future. If you need referrals, I have worked with 2 companies that hare amazing and can refer them to u.

[maebarr]

This may be hard to believe, but paying off old debt on your credit reports will actually lower your score. After 7 yrs it is supposed to come off, dispute everything that is 7 yrs or older. Dispute everything else whether you owe it or not. Dispute one item at a time. Dispute all items 3 different ways, 2 to 3 weeks apart, this is how it is done. Dispute it by phone, dispute it by mail, dispute it online. This way there is a chance of getting it taken off because chances of the disputes being viewed by different people increases, because you are disputing in 3 different ways. Also, if you want to pay off your debt call the companys you owe and do a buy out of your accts, tell them you will pay half of what you owe. They will be glad to get the money. A mortgage lender told me not to pay off old debt. Good luck