I want to start off by saying that I'm not looking for definitive answers because I'm sure there aren't any, but I guess I'm just looking for a point in the right direction. This looks like a great web site and there's a TON of information here. I wish I had known about this years ago when I got into my trouble in the first place. Anyway... Right or wrong way of doing it, I recently paid off two credit card accounts that had charged off by settling. I currently have all my good standing cards paid off completely and use them very wisely now. (I learned my lesson.) All my current and open accounts (student loans, car loan and credit cards) are in very good standing. No missed payments and the credit cards are empty right now. I'm looking to do my best to repair my credit score. I'm sure that paying all my current obligations on time and keeping them in good standing will help, but what else can I do? Is there anything I can do to remove the charge-offs and late payments on my credit report or do I have to way the 7 years until they clear off on their own? Like I said, I'm not looking for a definitive answer, but some suggestions that could get me in the right direction. Maybe some threads here that you fine folks are aware of that would help? Thanks in advance! -David
First, do your homework and research... That means read the Fair Credit Reporting Act to understand the laws and requirements the credit reporting agencies and information furnishers must follow. Also read over the Fair Debt Collection Practices Act. These are both on the Federal Trade Commission website. This sie also offers "plain language" advice on delaing with issues. Then, read the "stickies" on this website about the basics of credit repair, and the general processes. Then research how the FICO scores are calculated to better strategize your repair plan. You can got to www.myfico.com, or www.about.com/money to learn more. Then sit down with ALL your credit reports, and review with a sharp eye. First ensure the basic information about you, such as name, address, etc. are correct. Correct that information before anything. Then review all the negative information reported, so as to create a plan. Using your knowledge of how FICO scores are calculated, pick the top negative effect on your scores and reports. Then, dispute it, in writing, send it Certified Mail Return Receipt Requested. Start ALL your disputes as "Not Mine". Be certain to include specific language to detail "delete all information" if it cannot be verified. A day or two later, send a dispute directly to the creditor, but just state that you dispute some detail in the tradeline. Send this CMRRR also. Await your results, if it comes back "verified, no change", then that is a different process (to review later. Oftentimes, the CRAs are unable to verify, and your negative information will be deleted. You'll be amazed at how often it happens. Then move on to the next priority item, and so on. You'll find yourself going throug several rounds of disputes, and often just pure persistence pays off. If some of your negative information is minor (say a 30 day late) you may want to try a "goodwill" letter, which simply asks them nicely to remove the negative information. You'd also be amazed how well this often works. Go through these steps to knock out the ones that will fall off easily. This will have the quickest positive effect on your FICO score. As you progress in credit repait knowledge, you can go back and start more aggressive (and litagous) actions. Hope this helps, Good Luck
