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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.

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โˆ™ 2005-04-04 17:21:20
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Q: If you paid off all of your collection accounts after being turned down for a mortgage how should you try to improve your credit?
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Related Questions

How do collection accounts affect your credit score?

== == Collection account are 20% of the total credit score module.

Can mortgage holders report side notes tax accounts and insurance accounts to credit bureaus?


Who do i have to contact if i have to accounts in collection i was not aware of?

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.

What is the journal entry for collected on account 1200?

Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account

Do you have to pay collection accounts dropped off credit reports?

no you do not

What is the journal entry to record mortgage revenue?

debit cash / bank / accounts receivablecredit mortgage revenue

What are the types of credits?

Charge accounts, credit card, consumer loans, mortgage loans, and installment sales credit.

Can a bank close your credit card if you a behind in your mortgage but up to date on your credit card?

No, they are completely different accounts.

Does updating collection accounts to a bankruptcy lower your credit score?

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.

What is journal entry if you received check under collection?

debit cheque under collectionCredit accounts receivable

Where do you pay collection accounts that are reported on your credit report when the company is out of business or no longer handles the account that was reported for collection?

You pay the collection agency.

How do you improve a credit score of 700 with many open accounts and a short credit history?

700 is almost perfect. It would be nearly futile to try to improve it.

What information is contained on a CIC credit report?

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.

If you settle a chargeoff or collection does this increase your credit score?

Yes! I settled 2 collection accounts and my score stayed exactly the same.

What process is needed for one to apply to new mortgage accounts?

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.

Will having no credit cards or outstanding loans improve a credit rating over time or is having at least one account that is current better?

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.

What is Accounts receivable collection period ratio formula?

Average Colection period: Accounts Receivables divided by Average daily credit sales

Will paying a collection agency improve your overall credit rating?

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.

What services does the Freedom Credit Union offer?

The Freedom Credit Union offers all of the same services that major banks offer. They offer checking accounts, saving accounts, credit cards, mortgage loans, auto loans and personal loans.

What happens to your lower credit rating after you've paid off your collection accounts?

Nothing, a paid collection reporting on your credit report is just the same as if it was reporting unpaid, they both are negative entries.

What has the author Michael Dennis written?

Michael Dennis has written: 'Credit and collection handbook' -- subject(s): Credit, Management, Collecting of accounts

Should you be concerned if your mortgage is not showing up on your credit report?

You should contact you mortgage company. B/C if your paying a mortgage on time your credit score will improve greatly. And it may cause you problems down the road when you want to refi or buy another home.

What services are offered by Fairmont Federal Credit Union?

Fairmont Federal Credit Union is a credit union based in Fairmont, WV. Some of the services they offer include mortgage loans, consumer loans, checking accounts, savings accounts and online banking.

Is it possible to pay to improve a credit score?

You cannot pay the credit rating bureaus to improve your credit rating. However, you can improve your credit rating by paying your bills on time and paying the full required amount due. If you can put additional money towards paying off your mortgage, car loan, student loan or credit cards, this can also help.

What are three quantitative measures that can be applied to the collection policy of the firm?

a. Average collection period = Accounts receivable/Average daily credit sales An increase in the average collection period may be the result of a predetermined plan to expand credit terms or the consequence of poor credit administration. b. Ratio of bad debts to credit sales. An increasing ratio may indicate too many weak accounts or an aggressive market expansion policy. c. Aging of accounts receivable. Aging of accounts receivable is one way of finding out if customers are paying their bills within the time prescribed in the credit terms. If there is a buildup in receivables beyond normal credit terms, cash inflows will suffer and more stringent credit terms and collection procedures may have to be implemented.