Has anyone have any communication next to "debt validation " companies?
I am so ashamed that I have gotten myself so very much in debt beside two of my credit cards. I am keeping up with the payments and am managing to brand more than the minimum payment respectively month. But, I'm fearful that I will not be able to hold it up much longer. I've not used these two cards surrounded by about a year.I am acquainted with the Dave Ramsey "Financial Peace University" method of getting out of debt and thought around trying that. But, it seems that I will be paying for several years within that situation.
Is there a better course to go roughly getting out of debt?
I've heard of:
Debt Management
Debt Elimination
Debt Settlement
Debt Validation.
Can anyone explain "debt validation" and report to me if it is any better than "settlement", "management", "elimination"?
I don't think I want to shift the bankruptcy route. Has anyone gone that course and let me know if they recommend it?
Answers: Below is an explanation of debt validation.
I've be through bk twice. Once as a repayment plan which is what most people presently have to do, and once below chapter 7 which is what the Bush administration did away next to for most of the honest hard working populace this country.
I only recommend it if you hold learned your lesson nearly being responsible for incurring debt. I be driven to this as I was taken to court by my ex over child custody. I run up $25,000 in attorney fees and other fees for defending my kids against a crazed mother. She be institutionalized 3 times, but that is another story.
If your debt problems be not of your own making, then I would recommend that you find a honest bk attorney. A fresh start can occur at any age. I be 51 when I declared my chapter 7.
Good luck.
THe only "validation" i've hear of is if you call the creditor (collection agency) and ask them to verify the debt and prove its yours.
If you are making at most minuscule the minimums, at least your credit ranking is fine. What I could suggest is (if your score is still over read out 680) apply for another credit card, but one that has a 12month 0% Interest symmetry transfer rate near no fee (or a cap fee).
With this, transfer your balance to the new card, and dont use the prehistoric cards anymore (or use them for like $5-10/month and pay envelope off). You'll be saving the interest and can still product the payments you've been making. It should lend a hand reduce your debt soon.
And no, do NOT close the ancient cards, as that will bring your credit score down. As long as there's amusement the banks wont close them any (unless they've said pay it and we're closing?). You dont hold to spend much, just $5-10/month and income it. That will show a "Last activity date" as the most recent date.
Who do I contact to remove items off my credit? the collection agency or the credit bureau?
Answers: Per the Fair Credit Reporting Act derogatory accounts show for 7-years from the date of first delinquency which works out to 7-years and 180-days.
The only way to get collections removed is to get a pay for delete agreement in writing first.
Original creditors can not remove their information.
You can't get the collection agency to remove what they put on, unless you have gotten an agreement from them to do so. In addition, the original creditor is probably the one who put your name on the credit bureau report, so it's too late to have anything removed.
The only way to have anything removed is for time to pass, maybe 7 years.
Hi,
Not everything can be removed from your credit report.
For example: if you paid a past due debt and it still shows as a bad debt.
The status can be updated to paid but the record of the debt and the payment history will stay for 7-10 years from the date of last activity.
If it is a debt that you dispute.. either because the information is not updated or the information is incorrect you need to contact the bureau directly.
Each bureau has a specific procedure you must follow for a dispute. Contacting one bureau does not take it off of the other bureaus.
Once you file a dispute the bureau has 30 days to verify the information is correct or they have to remove it.
Dispute Addresses and links for the Three Major Credit Reporting Agencies:
Equifax
P.O. Box 7404256
Atlanta, GA 30374
http://www.equifax.com/online-credit-dis...
Experian
P.O. Box 2002
Allen, TX 75013
http://www.experian.com/disputes/index.h...
TransUnion
P.O. Box 390
Springfield, PA 19064
http://www.transunion.com/corporate/pers...
You should read the info from each bureau that has the information you want to remove. Make sure you follow their written procedure. They will not assist you if you do not follow the the steps they list.
I have not seen many collection agencies help people remove old or incorrect information. They should but do not.
good Luck...
I hope this helps
The previous answers are lacking a bit.maybe I can fill in some blanks.
For starters, there is a very specific procedure you need to follow to get info off your reports. If the information is accurate, you will not be able to get it removed....as long as the creditor does their job. Here is how the "game" works.
You start by sending the credit bureau a dispute letter. Just dispute the amount you owe, or the delinquency date...anything will do. By law, the credit bureau must contact the creditor and "verify" the information. But note that all the creditor has to do is simply say the debt is legit, and the listing will stay. NO investigation ever takes place.
If the creditor fails to respond within 30 days, your listing is automatically deleted.
At the same time, send a "demand to validate" letter to the creditor. They will have 30 days to respond, and must send you proof of your debt. That includes a copy of the contract, bills, receipts, and everything used to calculate what they claim you owe.
Many times the creditor will ignore this request, or they will send you a "bluff" by sending a simple statement that you owe the debt. Not good enough. Without proper validation, they risk a small claims suit for $1000.
Hope this helps.
Can my credit get ruined if I recieved a credit card when I was 17?
Answers: It sure can ...
I hear stories about adults using their young child's information to sign up for credit cards, get utilities turned on, etc ... There is no age limit to this abuse, they can even do it to a baby. And the child's credit ends up being hurt because of it, even though it's not their fault.
do spend
they cant do ** go max it out get new tv iphone ipods cds what ever just nice stuff they cant make you pay it
If someone else obtained the card for themselves using your name, then the answer is maybe. If they went over the credit limit, and eventually had the card closed by the creditor, then it can hurt your credit. However, if you were the culprit, then no. As long as you are making the payments, then no hurt, no foul. No offense, but minors aren't as capable of making proper financial decisions as adults.
I would suggest that you do NOT go spend on the card.
While it is true that you are not supposed to be able to have a credit card and that supposedly the credit card company cannot hold you responsible for the debt, I do think that his highly probable that they will charge you with mail fraud (if you recieved this card in the mail), defrauding a federal institution etc and other federal offenses for filing out the card application and lying about your age.
These charges can be filed against you even if you are 17 and the prosecutor can even petition the court to try you as an adult if he believes that your INTENTION was to never pay for the charges that you made such as the poster above suggested when she told you to go s pend!
Not a great way to start the day..with that worry on your head.
the best thing to do would be to pay the bill each month as if you were 18 to keep yourself from getting into more trouble since you have already committed the crime by officially applying for the card and subesquently using it. I do believe that on the application that it says by signing this you agree that the information that you have provided is TRUE. .