My credit report indicates that my debt has been s

My credit report indicates that my debt has been sold off to a collection agency in 2006 and in 2009.

I have a poor credit score and would like to improve it.

What should I do? Try to make a settlement with the collection agencies or just wait 7 years to see if it falls off.

Even if it falls off in 7 years, can it still affect my credit report/score?

2 Answers

Vote up!
Vote down!

I think you can contact with the CA and negotiate with them. You may try to settle the debts on your own. If the CA agrees with your proposal, then you may make a written request to them to update your account status as “Paid-as-settled” and remove the negative items from your credit report after repaying the debt. But, it depends on their discretion whether or not to accept your request. If you want to improve your credit score, then you need to make payments on time. This is because late payments may hurt your credit score by 35%. Your credit score goes up once you start making payments on time.

Vote up!
Vote down!

I think the best option will be to contact the collection agencies and pay off the debts in full. Try to negotiate a "Pay for Delete" agreement with them. This way, the items will be removed from the credit report once the accounts are paid. Keep on adding postive information on your credit report. Your credit score will gradually increase with time.

Write Your Answer

This question is for testing whether you are a human visitor and to prevent automated spam submissions.
What is the sum of 14 and 3

Page loaded in 0.358 seconds.