What you need to do is obtain a copy of your credit report. These are agencies that keep track of people's debts and credit ratings etc., and whenever you apply for a loan or credit card or mortgage etc., the bank obtains these reports from these agencies. There are 3 major credit reporting agencies in the USA, and you can get a copy of your credit report from them for free, or for a minimal fee. Study it to see if there are any errors, or debts which have been paid off etc. Then you have to write to the credit reporting agency and ask them to make the specific corrections, or remove erroneous information. Then it is up to them to prove that the information is wrong, or remove it.
700 is almost perfect. It would be nearly futile to try to improve it.
Yes! I settled 2 collection accounts and my score stayed exactly the same.
There is a very specific process that one must perform in order to apply to new mortgage accounts. For example, one must check ones credit, and then one must go to a bank and apply for a mortgage.
Yes, because by doing that you are converting a Negative on your credit history to a Positive action. Those who look at a credit report are looking to see if you are making efforts to "turn things around." Paying a collection does NOT improve your credit and may, under certain circumstances, cause even more deductions to your credit score. This is one of the fallacies about credit. The factor that causes the largest amount of deductions to scores is when a derogatory account was last reported to the bureaus, not the amount owed or the status (paid or unpaid). A paid collection account can be just as damaging as an unpaid collection. The first answer was incorrect. The only thing that will improve your credit rating is to have the collection removed from your credit report. Offer to pay the collection in exchange for a deletion.
You have to have credit in order to have a credit history and a credit score. Every consumer needs at least one installment account and two revolving accounts that are managed properly for optimal points during the calculation that produces a credit score. It can be harder to get the credit you need, such as a mortgage loan, with no credit history than when a borrower has bad credit. Also, if a consumer has bad credit; positive, ongoing,accounts will offset the negative information.
== == Collection account are 20% of the total credit score module.
no
If you have accounts in collection that you were not aware of, you need to contact the collection company. You can also contact the credit bureaus for more information.
no you do not
No, they are completely different accounts.
Charge accounts, credit card, consumer loans, mortgage loans, and installment sales credit.
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
You pay the collection agency.
700 is almost perfect. It would be nearly futile to try to improve it.
The information that is contained in a CIC credit report is about mortgage credit reports, along with specific information about how to improve your credit score.
Yes! I settled 2 collection accounts and my score stayed exactly the same.
There is a very specific process that one must perform in order to apply to new mortgage accounts. For example, one must check ones credit, and then one must go to a bank and apply for a mortgage.