hearts femme fatal hearts asked:
I ran my credit report and I want to start paying off my past due balances. How do I find out where to send my money. Do I need to hire a lawyer?
I ran my credit report and I want to start paying off my past due balances. How do I find out where to send my money. Do I need to hire a lawyer?
Can I build credit if I still have past due balances and collection accounts?
Tags: Collection Accounts, Due Balances, Find Money, Lawyer, Send Money
If your loan is past due then it if for sure in the hands of a collection agency at this point in time. In order to see where it is it should tell you on your credit report who currently has possession of your debt. Another way is to contact the original creditor of the loan and try and find out which collections agency they sold the debt off too.
You do not need a lawyer. But you do need to understand how credit reporting works. In many cases, paying off your bad debts will actually HURT your credit score, not help it.
Info on who to pay should be on your credit report. If not, send a dispute letter to the credit bureau. They must contact the creditor to verify the debt. If they respond back, you can get their name/address that way. If they don’t respond, the negative item will be deleted from your credit report….end of problem.
There should be a phone number associated with the lender or collection agency on you credit report. Start there.
If you’re back on your feet and have some funds put away, the best solution is to use the savings as collateral and take out a 24 month loan and pay it off in 12. Use the funds you got from the loan to pay off the other debts that you owe. If the payments are too high for 24 months see if they would go 36 or 48.
get the addresses of the places that you owe money to and contact them. they will be glad to hear from you i’m sure. start paying your past due balances and collection accounts that may help rebuild your credit.
You can get the info from your credit report you just ran or write/call or go online and dispute the charges and either they will write back and the credit bureaus will notify you w/the address/info for the collection agency or if it’s really old they will not reply and be unverified and they will remove the info.
You can build credit even w/the past amounts still owe. You’ll probably have to start with a secured credit card (Where you put at least 300 in a savings account) and how ever much you put away is the balance or line of credit you’ll have.
No you shouldn’t need a lawyer to do this.