Paying off bad debt on credit report?
My husband has some debt on his credit report that prevented us from getting approved for a mortgage loan. This debt ranges from 2003 – 2007. Some medical bills, a phone bill, a few little ones here & there that don’t add up to much. The most significant one being an ITT Student loan f/ $2960. The date of 1st delinquency being 4/2004 on this ITT. Should I pay any of these off??? And if so, would it help his score any (current score 595)? The mortgage company gave us the number to a credit restoration company, that will cost about $800 over the period of a year… I don’t know what option of mine is better?? Anyone know???
Unfortunately a paid collection is only marginally better than an unpaid collection so paying those WON’T help his score unless you can get them to agree to a pay for delete ie if you pay in full they agree to delete the item from your credit report (make sure you get any agreement in WRITING)
February, 20th 2010 at 11:44 pm
Unfortunately a paid collection is only marginally better than an unpaid collection so paying those WON’T help his score unless you can get them to agree to a pay for delete ie if you pay in full they agree to delete the item from your credit report (make sure you get any agreement in WRITING)
References :
you might go here for help on getting started to clean up hubbies credit
http://creditboards.com/forums/index.php?s=9e8ea9f2a2bc0211774a0ad64f15822e&showforum=2