Credit Fix Up

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 11:56 am

So i thought this was pretty cool....

I'm in debt by like $30,000.00. I know this. I decided, just for S & G's, to dispute everyone of my charges.
Well about a month and a half later, i get a letter from experian stating that they deleted over $5,300.00 of my debt...
I find this kind of funny. You know, that fact that you can fight the system and win???
Well since i did this i've been searching for other little loop holes to bring down the bottom line. I know you guys have alot of knowledge about alot of things...
Any inside scopes for repairing credit?? Short cuts???
Anything would help, besides paying it monthly of course, (which i intend to do, by the way)

kaharthemad · Post by **kaharthemad** » Wed May 23, 2007 12:09 pm

how about PAY IT OFF?

Eziekial · Post by **Eziekial** » Wed May 23, 2007 12:10 pm

budget

kaharthemad · Post by **kaharthemad** » Wed May 23, 2007 12:11 pm

stop using a fucking credit card?

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 12:12 pm

see, thats what i just said, i am making payments...Just thought it was funny that i could dispute something and it be written off. You aren't reading the subject at hand.

Jay · Post by **Jay** » Wed May 23, 2007 12:12 pm

Consolidate and pay off monthly.

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 12:13 pm

haven't had a credit card since i was 19. Thanks though. Big medical bills and college mostly. Also, things from when i just got an apartment when i was 18yrs old.

Eziekial · Post by **Eziekial** » Wed May 23, 2007 12:16 pm

you realize the "write off" was already a bad debt and you are just putting a slight shinning your already shitty credit, right? If you don't have the money and are not looking to use yor credit (house or car) anytime soon you can just wait out the negative reports and the nasty calls from the various collection agencies.

Jay · Post by **Jay** » Wed May 23, 2007 12:16 pm

I remember Martrae saying something about hospital bills not affecting your credit that I thought was questionable. College bills you can sit on and pay minimum payments on since the total interest is not more than 4%. Just consolidate your debt and pay it all off at the same time

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 12:30 pm

Medical still shows up as bad credit. I haven't made payments for yrs and am now just realizing i need to make a change. Someone told me to dispute and it ended up working in my favor. Apparently they only have 30 days to respond with why you owe the money and if they dont, the the debt gets deleted from the credit report.

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 12:43 pm

Consolidating seems like a good idea, thanks.

Eziekial · Post by **Eziekial** » Wed May 23, 2007 12:49 pm

That's correct, however that DOES NOT mean the debt has dissappeared. You may still get letters and phone calls from collections on debts even though they no longer appear on your credit report. Also there are 3 reporting agencies (Experian, Equifax, and Trans Union) although you cleared up a few on one, those same debts may appear on the others.

Most debts are sold for a fraction of their total value to a collection agency. Some times, they can be sold over and over (at reduced prices) until you pay it off or the collection agency writes it off as a bad debt (accounting term since it's already a "bad" debt.) Anyway, point being you may get an "offer" to pay off 1/2 the total you owed or some % of the total. It depends on the % off the agency bought your debt at. If you do decide to settle, make sure you do the following. Send a check and in the memo comments line write "Settlement for abc account #123" or something to that effect. Also before you send the check, have the agency write you a letter stating the account has been closed and paid. They may balk at "paid in full" but try to get that. If they don't mail you the letter, and if they cash the check, you can use the cancelled image from the bank as proof the account was settled.

As for student loans, if you had federal loans (sallie mae) you have little choice as they have a hot line to IRS and they will eventually find you and garnish your wages. Get those back to good standing ASAP.

Good luck.

Harrison · Post by **Harrison** » Wed May 23, 2007 1:30 pm

Medical bills don't show up on your credit report. I checked...

Post by **Arlos** » Wed May 23, 2007 1:33 pm

Not true, I have a couple on mine, I just looked at mine the other day. The joys of having no health insurance and then getting really sick...

-Arlos

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 1:44 pm

yeah thats what i was thinking. I had a medical data debt for about 4000. This was one that was deleted from experian.

Eziekial, thanks, thats what i was looking for...i want to get my credit cleared by the time i'm 35. realistically, of course.
Its hard when you look at the whole # though.

Post by **Martrae** » Wed May 23, 2007 1:47 pm

It depends on the doctor/hospital and whether they report it or not. It used to be that medical bills didn't affect your credit score, though. That may have changed...not really sure now.

The best suggestions I can give you is:

Start with the smallest dollar amount you owe and pay it off (while making minimum payment on everything else). Use the money you were paying on that bill to start paying on the next smallest bill. Work your way up the bill chain that way until they are all paid off.

Cut up your credit cards. Seriously. And don't get new ones.

Consolidating will do nothing if you don't change your spending habits/get rid of the credit cards. You'll just wind up deeper in debt.

BTW...that $5300 that fell off....it'll probably be back again in a month or so. All it means is that the credit bureau didn't get confirmation of it in 30 days. Once that collector submits it again it'll be back on there.

Evermore · Post by **Evermore** » Wed May 23, 2007 1:49 pm

Harrison wrote:Medical bills don't show up on your credit report. I checked...

You need a new source of information. they most certainly do

Eziekial · Post by **Eziekial** » Wed May 23, 2007 1:52 pm

medical bills do not show up, however most doctors sell their debts to a lawyer or collection agency after 120 days or so and they may file with credit reports. Those are impossible to dispute as your medical records are private and if a doctor tries to justify a debt by sending your medical file to a credit report they open the door to a huge lawsuit. Anyway, if anyone wants more personized advice, I'm available for a modest fee :deal:

Jay · Post by **Jay** » Wed May 23, 2007 1:56 pm

Eziekial wrote:medical bills do not show up, however most doctors sell their debts to a lawyer or collection agency after 120 days or so and they may file with credit reports. Those are impossible to dispute as your medical records are private and if a doctor tries to justify a debt by sending your medical file to a credit report they open the door to a huge lawsuit. Anyway, if anyone wants more personized advice, I'm available for a modest fee

I'd like some personal time with your sister for a modest fee.

Eziekial · Post by **Eziekial** » Wed May 23, 2007 1:59 pm

Ha, she's sitting next to me playing wow, want me to let her see your pic and read some of your posts?

Post by **Martrae** » Wed May 23, 2007 2:03 pm

The one in the Fit Forum would be a good start, right?

kinghooter00 · Post by **kinghooter00** » Wed May 23, 2007 2:07 pm

LOL i was just there. THats funny. :lol:

Evermore · Post by **Evermore** » Wed May 23, 2007 2:09 pm

Eziekial wrote:medical bills do not show up, however most doctors sell their debts to a lawyer or collection agency after 120 days or so and they may file with credit reports. Those are impossible to dispute as your medical records are private and if a doctor tries to justify a debt by sending your medical file to a credit report they open the door to a huge lawsuit. Anyway, if anyone wants more personized advice, I'm available for a modest fee

sir. yes they do. My wife's report has several medical bills on it from a accident we are disputing. I have it in my hand.

Jay · Post by **Jay** » Wed May 23, 2007 2:10 pm

Martrae wrote:The one in the Fit Forum would be a good start, right?

I think Ezekial's sister is the cure!

Gaazy · Post by **Gaazy** » Wed May 23, 2007 2:18 pm

Mmmm, Zeek's sister