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Fixing my Credit Quick!!


jwwceo
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OK,so I have a ton of old stuff on my credit reports from old college days. I've got about 15 seperate accounts that all went to collections, 5 of them are from credit card companies. I am a business owner in need of an SBA loan and all my partners have good credit. However, since I am a principle I must be added to the loan application. Because of this I need to fix my credit quick. I have a cash reserve of about 12K and I am going to use this to pay off the accounts. I undertand that I could probably pay less by taking some time and sending a million letters but I am more interested in fixing my credit quick. So far I have contacted all my creditors and paid and/or settled all of the accounts. I was able to convince about half to remove the account from my credit file completely. The other half will all say either paid in full or settled in full.

With that said, my main questions involve how to go about having the other accounts removed from my report. If I do a dispute letter won't the collection agencies be able to verify that I indeed did have an account with them by virtue of having just received a payment from me. On what grounds can I say that having the words "settled in full" is innaccurate when that's truly how the account was paid? Do I dispute the account altogether, hoping that the collection agency simply won't reply to a dispute that they have been paid on? Or do I take the angle that this account is 5-6 years old, has a $0.00 balance and to please take it off. What is the best route here.

Also- If I send a dispute letter to the big 3 agencies do I list all of my disputes in the same letter or is it better to send them seperate. I find it hard to believe that they will agree with all of my arguments if I hit them with 15 requests for deletion at the same time. If I send them seperately and each one finds a seperate employee the chances of them all being removed seems higher. Does this matter?

Any otyher tips on this stuff would help a ton!

James

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It took time to get into this and it will take time to get out, especially if you pay. Once the CA has your money, you have removed your leverage. Paid collections are much harder to get rid of than unpaid ones.

Paid collecitons don't help your credit one bit. To FICO, a collection is a collection, paid or not. I think every one of us here has paid a collection, only to find out it doesn't help.

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