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Deleting Bad Credit from Your Credit Bureau Report - It Can Be Done

Having a bad credit report is very damaging to your financial future. But you already knew that.

Getting your credit report back to pristine status once it has been damaged can be accomplished, but it will take time. However, you must know how to go about it, because you might only get one crack at it.

Your goal should be to have the "verifiable" negative marks deleted from your credit report.

In order for a creditor to consider deleting a "verified" negative mark on your credit report, there must be something in it for them. Primarily that you pay the account in full.

Several factors will determine if a creditor will consider deletion of a "verified" negative account. Some of these include:

>Your ability to pay

>Your job status

>Your income

>Your assets

>Age of the account

>Dollar amount that is due

>Who the creditor is

Just to name a few.

However, you must beware.

You must know if the person you are negotiating with has the authority to delete the negative mark from your credit report.

If you are talking to the collection agency, they may only have limited authority. Meaning that the collection agency may only be able to delete the collection agency report but not the original creditors report.

Anything that you agree to must be in writing. Detailing what you must do and what you will be getting in return.

Have an authorized signature on the letter.

Make certain that the settlement offer and terms are on official company letterhead.

Keep a file and document all communications with the creditor or collection agency.

Everything:

>Date and Time

>Person you talked to

>Operator number

>Phone numbers and extensions

>Address

>Timeline

>Details of what was discussed and by whom

Having as much detail on file will help you in the future if the creditor or the collection agency does not adhere to the terms of the settlement.

http://www.DebtCreditLearningCenter.com

posted by gcpdt @ 3:26 PM