Question : How to pay off Derogatory items on credit report, increase score?
I have some old key Derogatory reports in my credit report. Is there any way to pay these off to increase my credit score? Someone told me if you pay them off, it will still show negative on your credit report. What is the best course of action? I have under $5,000 in negatives on my credit report, and now I have a good job paying good money.
- asked by jaysonkacz
All Answers:
Answer #1
It will help. The negatives don't disapppear butthey will show as now "paid."
- answered by src50
Answer #2
The problem with having thigns liek that on yourreport is that they take a very logn time todissapear. It's true that paying everything offand paying on time will help your score toincrease. The best thing to do is to establish agood record going forward and to dispute anythingthat is incorrect
- answered by Natalia L
Answer #3
if they are still active accounts - they willcontinue to negatively affect your score for years- pay them off - they won't disappear - theyhappened - they will show on your report for atleast 7 yrs, but they will also show as being paid
- answered by Doctor Deth
Answer #4
The best thing you can do is to contact eachcreditor individually and offer to settle. Thiswill not make things come off of your creditreport any sooner (each debt will be there untilit is supposed to fall off, reagardless ofpayment), but it will show that it has been paid. While it may not help your score as much, it willshow potential lenders that you made the effort tosettle up your debts. If you think some of thedebts have been listed on your report in error, you can contact the three credit reportingagencies to dispute the listings in writing. Theyare Equifax, Experian, and TransUnion. You shouldbe able to find contact information for them onthe net. Hope everything works out for you!
- answered by groovy_girl_30
Answer #5
There are certain things that you should be awareof:1. Items that are less than 2 years old areaffecting your score the most2. There are 2important timframes regarding derogatory itemsa.The FCRA(Fair Credit Reporting Act) time limit of7½ years from the date of first delinquency ormissed payment to the ORIGINAL CREDITOR. No matterhow many times it's sold or transferred the dateof original delinquency still applies.b. TheStatute of Limitaions(SOL) for collecting debt isthe timeframe in which a debt can be legallyenforced in court. This timeframe can usually beshorter than the FCRA, but in some states such asWyoming, debts can still be enforced in court evenafter the FCRA reporting limit.3. If you pay anolder debt, unless you request a "pay to delete",which is a payment in exchange for removing itfrom the report completely, new activity iscreated making it a more recent collection whichnot only doesn't help your score, but it couldhurt it even worse. In your case, if the debts arearound the 5-7½ year mark, I would leave themalone, and let them stop reporting naturally.Items that are 3-5 I would try to negotiate a payto delete.Paying them unless you can get themremoved, would only be a waste of money, andpossibly hurtful to your score.
- answered by $m¤¤v¥ £¤¢¤
Answer #6
By google to collect some related information oryou may try using answer engines like yahoo answeror yedda.com to get some relatedideas.nonetheless,If you prefer some directresource,here is a good one from my ownexperience.
http://credit-score.onlinebestoffer.info/equifax-free-credit-report-online.html
- answered by MARIE W
Answer #7
Depends how old are talking about? 7 years is thetime limit for negatives to stay on your report. That someone is correct they still will show onyour report and just reflect the new informationand new payment date. Also keep in mind that ifyou decide to pay, this updated information willstay on there 7 years from the new updateinfo(date of last activity), sucks doesn't it? There is probably a lot of ways you can attackthis problem, but what I would suggest first is toget some books on this subject or go to a creditrepair, or credit counselor to get some help withthis matter.
- answered by DAS
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