The Credit Solution
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Important information that you should be aware of:

By paying of a delinquent debt, you will only change the account status to report as a paid collection or paid charge off. This makes it an even more difficult task of restoring your credit. You have just added another 7 years for the delinquent account to appear on your credit report because you chose to do the “right thing”. Even if you pay a collection agency they don’t always inform the original creditor and you may still owe the original creditor the same balance. The collection agency can sell your account back to the original creditor if the debt is claimed to be uncollected from you, the original creditor will then sale your account to another collection agency to report again and again, even if you have paid the debt. The original creditor has no way of tracking down your payment.

When a collection agency calls, request the following information of; their name, business address, phone number, your account number, and balance. It is important to request this information when you first speak to the collection agency because after speaking to the collection agency and making them aware that you are not in any condition to pay for this debt they will become very difficult to deal with and refuse to provide this information. You will need this information so that you can send a cease and desist letter to them. I will provide you with the letter at no charge but it’s best that you send the letter certified mail so that you have proof of the stop harassment letter.

Many collection agencies give false information. They always lead you to believe that they are trying to help you. When this attempt doesn’t work they will threaten you into believing that they can take your home, vehicle or start deducting from your paycheck. They even lead you into believing that they can take you to court. These are all scare tactics, don’t allow them to mislead you. It is very important that you know that they cannot disclose your personal information to anyone but you. Many times they will discuss your personal history with anyone that’s willing to listen, such as your boss, co-workers, your children, and relatives. Be careful of the numbers that you give out for reference because they will also be receiving a call. A collection agency cannot have you arrested for your debt, nor can they approach you at your home or your employment. For more information of the laws and collection agencies, you may research the Fair Debt Collection Practice Act.

It is a fact that the credit bureaus and the credit grantor can remove negative accounts before 7 years and update delinquent accounts to read as never late. Many times they tell you that they have concluded their investigation and that everything must stay, that is not true you have the right to continue to fight to correct your credit file. They also inform you to give a 100-word statement, but this does not help you. In the long run it helps the credit bureaus to continue to report the information rather than remove the item. It does not help to report the 100-word statement, your score stays the same and the negative item is still there.

Do not fool yourself into thinking that just because the negative information comes off of your credit report you will have a higher score. There are many factors in your score. It is based on your debt to income ratio, meaning how many positive accounts, how high your balances are compared to your income. If you have negative accounts removed and you do not have any positive lines of credit on your credit report, your score will not improve. You will have to start all over in trying to re-establish your credit. This process will not be easy.

Please, Do Not attempt to change your social security number. It is illegal and is not worth perfect credit.

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