Newbie at credit repair.... calling credit vet's.
Please help,
I have had a hard time finding financing for small family investment property. Due to my credit score of 560 and my wife’s 635 all loans will require 10% - 20% down.
Even with some creative idea’s it’s still very hard to come up with the money in a short amount of time…. I live in a seller’s market that has been going bonkers with opportunities.
(I need an Investor who wants to make money guaranteed (I’ll do the footwork for you)) My wife and I make a good living but were in need of empowering ourselves by repairing our credit.
I read an earlier post where a user named Tuxman described a method where he sent a debt validation email to establish contact with the company in order to settle, Followed up by a letter of settlement.
I definitely think that working these matters out by your self is the best way.
Is anyone out there who’s been in my position willing to inform me how to approach these company’s the right way & the type of template letter’s to use.
Thanks,
Mark
**Please See My Profile**
Mark,
credit repair in itself is very simple it may not at times be the fastest thing in the world to do. I mean you didnt get yourself in this position overnight and you cant repair the mistakes overnight as well. If you are willing to pay the accounts and not dispute anything here is how you start.
1. get all 3 copies of your credit reports. Trans union, Equifax, and Experian.
2. Highlight all of the negative info so you know where to start.
3. Go to home depot or Office Max and get one of those big desktop calanders.
4. If you are willing to pay the amounts off send a letter of Intent to Settle. e-mail me at **Please See My Profile** for a template. Just for an example your basically stateing that you are willing to pay the amount off only if the bad credit listing is removed. You do not want them to report the debt as paid in full, you want it completely removed!!!! Paid in full debt is almost as bad as a debt thats in collection. It boosts your score a little I mean on an average of 2-8 points. I mean whats the point?? Creditors and collection agencies will tell you they cant do this. This is bull, they can and they will eventually. They want your money.
5. Now here is where the big calander comes in. When you write to the collection agencies or the Credit reporting agencies always send the item return reciept. Mark on your calander when you get the little green card back from the post office. If you are doing debt validation this is crucial. The reason is they have exactly 30 days from reciept of the letter to validate the debt. If not they must remove the bad listing.
Any other questions mark e-mail me at **Please See My Profile**
Tuxman
Hi Tuxman,
Couldn't see your email in your profile so posting my msg here.
Is the process for disputing negatives the same? Do I dispute with credit reporting agency or collections? Isn't there a way to dispute online or is mail better (for the chance that they might not respond within the 30day period)?
Can you "please" copy your response also to **Please See My Profile** I'd appreciate it.
Thanks