Credit repair made easy
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Next, look at the derogatory items that you know to be valid. A quick trick of the credit repair trade is to do the same – file letters with the bureaus disputing these items also. Half of the time the account has been passed down through so many different creditors and collection agencies that they will not be able to provide proof within the allotted time frame (30 days) and the derogatory credit will be removed. This does work and is worth a try, however, if the debt is valid, don’t be surprised if the creditors do relist it later on (this is legal as long as it is valid). You can also call the creditors in question and arrange payment terms and start to repair your credit the honest way by paying back what you owe. This will reestablish your credit and your good name. First, look at how old the derogatory account is. If it is close to the seven year cutoff it is probably best to just sit on it as the creditor will re-age the account with any payment or agreement and it can and will be on their for another seven years.
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If you are close to seven years on any derogatory account (except bankruptcy and other court ordered items like child care) then let it fall off your report. Why pay for these items when they must be removed and they can no longer enforce anything? Besides, the creditor and collection agencies involved, if they are like most, have probably broken numerous laws in their attempts to collect like harassing phone calls, calls after 9 pm, threats of criminal punishment (this still happens and is illegal as no crime has been committed by not paying ones debts, it is just a civil matter), etc… After seven years the derogatory credit must drop off your record and it becomes unenforceable. In most states it is actually unenforceable after as little as 3 years (which means they have just 3 years to bring suit which they won’t bother with in most cases – check with your own state for exact terms and conditions as every state is different). If they are actively pursuing garnishments, judgements or a suit it is best to seek the advice and counsel of an attorney whom will represent you and your best interests (hiring a good, competent attorney is never a bad idea – ever wonder why the rich get away with everything from murder to billion dollar financial rip-offs and more? They have better attorneys).
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