*Newbie*- Do I have to pay my debts to get them removed from my credit?

[Andrenee]

Hello-

I was very interested to come accross this site and I really want to start the whole credit repair process. I am prepared to do what it takes. But...I was wondering if I know that I owe the money that they are reporting, will I eventually have to pay it?

If I write a letter to the credit bureaus asking them to validate, I am basically telling them I dont owe the debt is that correct?

I am just very confused as to what I can actually do if I did do the debt...is it basically if they dont have records to support it they cant say i owe it??

can someone please give me some advise or insight to start me off in the right direction??

[Northern Lights]

I would have to question how old and how much you owe on your debts. If you have high amounts most likely the creditor will sue you for the balance.

When you ask to validate you are asking the creditor bureau to verify this debt is just and properly listed. There could be many flaws in how they are reporting the debt, and you need to validate!

Keep on reading and let us know how old your debts are and how much you owe. Maybe with more information I can lead you in the right direction, otherwise please keep on reading, and soon you will have the knowledge to complete your task.

Best of luck, and welcome to the board!

[merkurfan]

paying them does not mean it'll come off. Don't do anything right now. Read this site, start with the stickies and do a search for PFD (pay for delete) and move forward.

[Amerikaner83]

On the other hand, it is possible for them to come off the report when you haven't paid them (theoretically...but I doubt it will ever happen)...they can only stay on the report for 7.5 years form DOFD. If you live in a state with a SOL longer than the reporting date.....then they can come after you for the debt even though it's too old to be on your report (OH comes to mind - 15 year CC SOL - yikes!)

[Andrenee]

Hey! thank you for the reply from everyone.

While I dont have my credit report in front of me...I know the only things on there that are making it so bad are various collection accounts and charge offs.

I have a few positive things as well...but more negative than positive. I have things on there that are back from 2003, however when the accounts were opened I lived in Texas, I currently live in Florida.

So as far as the SOL on collecting the debt, would the Texas time limit apply since that is the state the accout is opened? or would it be Florida?

I have two credit cards that have gone into collections (and have accrued outrageous amounts of interest way above and beyond the actual credit limit)

For example, I had a chase card, the limit $300 dollars, and now its is being reported that I owe in excess of $1000 and the same with a household bank card.

I have a charge off from an electronic store credit and then various collections accounts mostly from medical bills and a phone company.

My main question is, where would I start?

Should I start with the collections accounts first-they are not necessarily harassing me anymore, I just dont want it on my credit.

Thank you in advance for everyone's input, I do greatly appreciate the response!!

Thanks!

[Amerikaner83]

when the accounts were opened I lived in Texas, I currently live in Florida.

How long ago did you move?

So as far as the SOL on collecting the debt, would the Texas time limit apply since that is the state the accout is opened? or would it be Florida?

I believe it is Florida, if your move wasn't incredibly recent. But from what I hear, both states have relatively nice Consumer protection laws.

I have two credit cards that have gone into collections (and have accrued outrageous amounts of interest way above and beyond the actual credit limit) For example, I had a chase card, the limit $300 dollars, and now its is being reported that I owe in excess of $1000 and the same with a household bank card.

What is the SOL for Florida on these CC's?

I have a charge off from an electronic store credit and then various collections accounts mostly from medical bills and a phone company.

Like a Best Buy Card? Hehe me too. Is it still with the OC or has it too been sent to a CA?

Should I start with the collections accounts first-they are not necessarily harassing me anymore, I just dont want it on my credit.

Depends on what the SOL is and what not.

Go to this page: http://www.creditinfocenter.com/repair/Repair.shtml It has a good step-by-step procedure for you. Basically breaks everything down into smaller bites y'know?

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=263069 <----- This is a great one as well! Divemedic's PRIMER.

Good luck - we're all here for each other. And as weird as this sounds: have fun! (It becomes quite fun and addictive...you'll see )

[Andrenee]

I moved to florida a little over 2 years ago. April of 05 to be exact.

I believe the SOL is 4 years for both texas and florida however florida has a 5 year SOL mark in some categories, I am very new to all of this information and I dont remember which ones

Both the credit cards and the electronic store (it was actually conn's- they are still reporting me as derogatory every month) All of those are teetering on the 4 year mark under texas's guide lines I just have to verify what month marks the 4th year.

My concern is what actions will come after contacting a collection agency (which i have literally ignored)well beyond the 30 day window.

Do I still have rights to DV? Or would I be better off just disputing with the CRA first to see if I have a chance for deletion based on they couldnt verify since it is so old and they havent been able to contact me??

[Amerikaner83]

Look above for the primer, and then the 1-2 punch (dispute and DV same time)...

You still have DV rights, just not as much.

[Andrenee]

OK, Lets say I send a dispute letter to the CRA and all of the CA's that are SOL in my state, If I dispute everything negative on my report, will the CRA consider that frivolous? Will the CA's even respond to my DV if I send after its already SOL w/o any contact w/ me??