Submitted by Naomi M on Mon, 09/24/2007 - 16:16.
One of the best kept secrets of credit repair, is that the quickest way to boost your credit score is to remove any outstanding collections.
Many people have small collection items on their credit report from utility companies, your cell phone company, unpaid medical bills, credit card balances and other small collection items that are showing as outstanding or unpaid debt.
Ouch – That Hurts!
Even an unpaid collection of $30 can hurt your credit score by 20 points or more. So the quickest way to repair your credit is to call up the collection agency that you owe the money to and ask the magic question, “Do you delete?” You are asking the agency to delete their collection from your credit report and instead report the account as “PAID” or “PAID AS AGREED.” Many times, the collection agency will say, “Yes” in return for paying off the debt.
You have a 50/50 chance of the collection agency being agreeable and helping you out this way. What’s even better, you ask to obtain a “deletion” letter from them by fax or mail. This is proof that the creditor intends to delete the item from your credit profile upon payment of the debt.
Why is a deletion letter important?
Because a lot of the time, you want to improve your credit score NOW if you’re applying for a home or car loan and normally the collection agency takes 30 to 90 days to update your credit report with the three credit bureaus.
If you obtain a deletion letter, you can fax it or mail it to the credit bureaus reporting that account to get the item deleted in a few days.
Spotlight on Expert Help
Instead of hiring an expensive attorney to help you boost or restore your credit, if you are a do-it-yourself-type, I recommend you take a look at the Expert Credit Repair "How To" Guides in this section. They include an attorney who specializes in credit repair and an ex-credit bureau manager. It’s like hiring a virtual attorney or expert for a fraction of the price.
A Credit Deletion Letter - How Important Is It?
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Remove Derogatory Accounts bankruptcies, slow pays, collections, tax liens, judgments, evictions, etc See Credit Secrets Bible |
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Dispute or Deletion Letters that don’t get “red flagged” like 94% of what the credit bureaus get. Info not found on the web or taught by any other credit repair course See Credit Secrets Bible |
| Overwhelmed
with Debt Use 5 unique letters to pay off bills for 35-cents on the dollar. Avoid BK, avoid hiring a debt consolidation service See Credit Secrets Bible |
| Sue
Your Creditors Use the Law. Get even with stubborn creditors, collection agencies. Collect $1,000s in fines See Good Credit is Sexy |
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Rid of Debt Collectors Stop them dead in their
tracts using the law See Credit Secrets Bible |
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Seasoned Credit in 45 Days Get up to $20K of
unsecured credit and up to 20 years of credit history See Credit Secrets Bible |
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Foreclosure or recover a home after
foreclosure using special consumer protection laws. Get even
with your mortgage company See Credit Secrets Bible |
Many people have small collection items on their credit report from utility companies, your cell phone company, unpaid medical bills, credit card balances and other small collection items that are showing as outstanding or unpaid debt.
Ouch – That Hurts!
Even an unpaid collection of $30 can hurt your credit score by 20 points or more. So the quickest way to repair your credit is to call up the collection agency that you owe the money to and ask the magic question, “Do you delete?” You are asking the agency to delete their collection from your credit report and instead report the account as “PAID” or “PAID AS AGREED.” Many times, the collection agency will say, “Yes” in return for paying off the debt.
You have a 50/50 chance of the collection agency being agreeable and helping you out this way. What’s even better, you ask to obtain a “deletion” letter from them by fax or mail. This is proof that the creditor intends to delete the item from your credit profile upon payment of the debt.
Why is a deletion letter important?
Because a lot of the time, you want to improve your credit score NOW if you’re applying for a home or car loan and normally the collection agency takes 30 to 90 days to update your credit report with the three credit bureaus.
If you obtain a deletion letter, you can fax it or mail it to the credit bureaus reporting that account to get the item deleted in a few days.
Spotlight on Expert Help
Instead of hiring an expensive attorney to help you boost or restore your credit, if you are a do-it-yourself-type, I recommend you take a look at the Expert Credit Repair "How To" Guides in this section. They include an attorney who specializes in credit repair and an ex-credit bureau manager. It’s like hiring a virtual attorney or expert for a fraction of the price.
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