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New to all this credit stuff.where do I even begin? Help me please?


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Ok. I've recently just decided to begin repairing my awful credit score (FICO 511). I"ve been reading these boards and you all seem so knowledgeable and successful at this and I honestly don't even know what to do first or where to go? Can someone give me some basic guidance about where to start. HEre's a brief synopsis of what I've got going on here...

1. Capital one #1 charged off for around $2,000 (says paid and closed)

2. Capital one #2 paid and closed

3. Household fincance cc pays as agreed , but over limit although pymts are all on time

4. Direct Merchants Charged off trans/sold

*** Direct merchants is the original creditor. This was settled through Palisades for a settlement amount

5. HSBC charge off trans/sold

6. Palisades...collection account (this was settled on 10/6/07)

7. washington mutual/providian --charged off and trans/sold

** wash mutual was sent to Leading edge recovery solution (jdb) who I've been making payments to until I got smart this month and after they withdrew unauthorized money from my bank accounts.

There is one inquiry from Direct Merchants from 2005

I also have about 9-10 collections accounts. Some are paid, some are unpaid. Mostly medical bills.

Where do I even begin..I am so clueless?

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The first step is to send dispute letters to all 3 of the credit reporting agencies (CRA) for anything you want deleted. For the first time around, list each individually and tell them why they should be deleted. Usually, for the first round of disputes, tell them that the accounts are valid. DO NOT say that they should be deleted because it's paid. That is not a valid reason for deletion.

At the same time, you want to send debt validation (DV) letters to all of the collection agencies (CA) shown. Tell the CAs that you saw the listing on your credit report and you need proper validation or they should delete from your credit report.

Now, just remember that the goal of credit repair is NOT to get out of paying valid debts. However, debts must be properly validated before any type of payment arrangments can be worked out. Also, there's not any one type of standard validation. Just be aware that you probably won't get many responses to your first round of letters to the CAs.

Just send the first round of letters to the CRAs and the CAs and then take it from there.

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What is the reason that I should give the CRA's for why I want them deleted? I am aware that I do owe this money and will for sure pay what I sincerly owe, but I'm not paying anything that's not legit.


Is there a form dispute letter somewhere that I could use as a template?

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Hey Angie, welcome to the forums!

Before you do anything, it is really important that you take the time to read as much as you can on these forums and on the main site. You want to educate yourself and gain as much knowledge as you can about what you're getting yourself into before you jump in head first.

Read the stickies in the credit repair section, particularly the primer by Divemedic. Start there.

In terms of form letters, they're all over these forums and the internet in general. You never want to use someone else's letter verbatim. Take the gist of someone else's letter and re-write it, making it your own.

Good luck!

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