Question
Best way to find and pay all debt.?
I'm looking at paying off all my debt in one shot and then eventually rebuilding my credit. I've had several collects for small amounts over the years (a couple hundred here and there) and want them to stop negatively effecting my credit. I used freecreditreport or one of those a year or so back to check it and it seemed like amounts were missing that were from some time ago. I suppose I could call anyone I know I owe and find out which collection agency it's been turned over to. I know if you pay lump sums you can save yourself some cash as well. After it's all payed off I want to start rebuilding credit, I suppose I can just get a bad credit credit card and go form there. Any suggestions much appreciated.
3 weeks ago - 8 answers
Best Answer
Chosen by Asker
First go to https:annualcreditreport.com and pull your free credit report from all three major bureaus, it is free once a year. All debts should be listed, the company listing the debt is the one that currently owns the debt. The missing accounts could be accounts that are over 7 years old, these accounts will no longer be reported on your credit report by law. If the debts are old debts in collections, then try to negotiate a settlement agreement with the companies. Lump sum payments get the best deal. Get all details of the agreement in writing before you mail them a money order for payment. This website offers excellent advice, well worth a read. www ... Just remember that if your credit report has charge-offs listed, then nothing you can do will remove the charge-offs from your credit report until the end of the 7 year reporting period.
3 weeks ago
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Other Answers
I would just do what you suggested. Find out who bought your debt and where you need to send the money. Here's some tips that people normally don't know about credit. If you receive a lot of junk mail with "pre-approved" credit cards, call in and have them stop sending it to you because each time someone goes through your credit, it lowers the number.
by MyntzSmg- 3 weeks ago
If these people aren't bothering you for money now, then don't try to find them. Start with something small like a used car loan or personal loan to pay of debts you do know of. If you absolutely need to pay off back debt, offer them less than what they say you owe. Get and keep all paperwork.
by billy25685- 3 weeks ago
It sounds like you're already going about it the right way - it's not like there's a special trick to it. Handle any debts you already know about, from your memory or from seeing something on your credit report. FWIW, when companies feel that you owe them money, they usually find ways to "remind" you pretty frequently. That is, it's easy to find people that you owe money to, but it's hard to find people who owe money to you. ;)
by Jacob- 3 weeks ago
I agree with Dixie 100%. You also may want to try a "pay for delete" contract with the collection agencies if you are interested in rebuilding your credit. Get this in writing. Do all communications via usps mail and get a return receipt. Save all of your communications with every company. Start a file and keep up with this information to prevent any future problems. Good luck.
by timothy p- 3 weeks ago
Here's a great article on repairing your credit-it has some tips on how to figure out who you owe money to: www ... It also tells you how to get a free credit report, and explains why your score might be bad.
by MissyMiss- 3 weeks ago
There are lots of ways to fix your credit while paying the least amount possible. Paying old debts more than 2 years will actually lower your score in many cases. You see, your credit score is basically a snapshot of your last 2 years' credit history. Paying an old bill will leave you with a "current paid collection." You don't want this. A better option is to use simple credit repair to dispute the old bills, debt settlement to get out for less on the bills within the 2 year window I mentioned and then, if you can afford it, one of those authorized user tradeline programs to add some positive items to your report. Good luck.
by Kevin F- 3 weeks ago
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by God is Good- 3 weeks ago