Hello, I have known for quite some time I have very bad credit. I recently looked up my score and its a 512. Bad I know. I also found that they have my birth year wrong and also that they list me a having a different last name at some point, but never have. I need help I don't even know where to begin on rebuilding my credit and fixing the wrong info on my credit report. Is it even possible to get a loan to pay everything off with such bad credit and not owning anything to do a secured loan. Please Help.
You can write a letter to each credit reporting agency with proof to correct the errors on your report.
As far as getting a loan, even if you pay the negative accounts off they will stay on your report in the negative column, they will just reflect paid. They will not increase your score. I paid off four accounts and it did not help me at all. Everytime I apply for credit they affect the decision even though they are paid off. I would have been better off just leaving them alone and letting them fall off in the seven year time frame.
GOODNATURED is right. I've had some outstanding debts, on my CR (like everyone else, I suppose..LOL) and I din't want to try to pay them off. One reason: the SOL would come up soon. Second reason: the debt would 'fall off' soon. So..I put my money/payments towards those 'good standing' accounts (school loans, etc) and reduced my debt, THAT way. Believe or not, making payments on things like that, helps you Credit score, as well.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.