How to Negotiate w/Creditors/ cleaning up credit report
Cleaning your credit report
Calling creditors after receiving credit report/and negotiating
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Instructions
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Coming to the realization that you may be facing financial issues is the actually the first step in the right direction. Get a copy of your credit report/and score either through equifax/experian (they are totally free). CREDIT SCORES DON'T NECESSARILY COME W/ THE REPORT.
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Carefully look at the report and verify your social sec. numb., addresses, employers for verification. Look at the creditors that may still appear on the credit report. Example. (Chase Bank) Max. Credit= $1000. Amount owed is $1000. Length of time with the debt has been 5 year and is showing a charge-off.(customer has not paid on this debt).
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Write down all the debt you owe, starting w/ the least down to the biggest amnt. Write all the phone number of the creditors. When calling (Chase Bank) remember when calling that you emphasize in a nice way that in 2 years this will come off the credit report anyway, and you just came into some money and would like to settle to pay for 1/3 of what is owed. (Do the math on a calculator before calling and writing in notebook for your records).
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When speaking to the creditor-Example (Chase Bank) get names, first and last with phone number for your records. If you should reach an agreement follow it up with a letter when sending payment. The letter should include date, who you made the agreement with/the amount and more importantly in exchange for the payment the creditor also agreed to report it to the (3) credit bureaus as settled and paid in full. (This last step is crucial, as it will pave the way to a healthy financial well-being.
*** As side note most creditors want to see some kind of payment. In the example given above (Chase Bank) in another 2 years this would come off the credit report-not something they would tell you.
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Tips & Warnings
My own tip would be to check your own credit report every six months, as this will not lower YOUR CREDIT SCORE if you do it yourself.
