Hello All, I'm rebuilding my credit and saw great improvement in my credit score with the release of my new credit report. i have a couple of questions on what i am thinking is the next best steps to continue my endeavor to getting my score to 750 or higher. i have used several scenarios on my credit tools and saw that by adding a secured card and keeping a low balance under 10% i can raise my score a good amount my questions are 1. for the derogatory accounts thats on my CR should i just dispute them or what should i do. the largest one is a cap 1 bill that i opened maybe 9 years ago. and has been negative at least 5 yrs or more. SOL in illinois is 5 years but i always here people say you can't get things off until 7 years. 2. if they keep them on or verify them should i send them a letter to say if i pay it in full and they agree in writing? and where can i find a good template on this kind of letter? Any advice will help.
Congrats on the recent improvement in your credit scores! Keep up the good work. For the derogs, I would dispute any inaccuracies through the CRAs, even if the debt is beyond the SOL. Even though the SOL has expired, the negative accounts can remain on your credit reports for up to 7 1/2 years. They just can't legally collect the debt. If you can't get them removed through disputes and you really need the negative marks removed right away, then you can explore the possibility of negotiating a PFD (pay-for-delete) with your creditor. You can find a good template for your letter in our Sample Letter Section.
