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New to this. Please help


redwing
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Hello everyone,

I am a young man currently trying to understand and figure out the world of credit. Until now I was scared away by all the horror stories that my peers have told me and did not make any attempt to build credit. I moved from an apartment and closed my utility accounts when I left. I apparently did not pay one of the final utility bills, which was sent into collections. Immediately after I was notified, I payed this bill. A year went by and I needed a car so I tried to get approved for a loan but couldn't due to "serious delinquency". At which point I have started to learn about credit. I pulled my credit reports and found that the only thing on there is the closed collection account. I now know that I should have contacted the OC to try and get a written agreement to remove this account from my CR before I paid. What I am wondering is if I should dispute this via written letters to the credit bureaus, and if so what should be my reason, or if I should take some other form of action.

Any advice would be appreciated

thank you for your time

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Hello everyone,

I am a young man currently trying to understand and figure out the world of credit. Until now I was scared away by all the horror stories that my peers have told me and did not make any attempt to build credit. I moved from an apartment and closed my utility accounts when I left. I apparently did not pay one of the final utility bills, which was sent into collections. Immediately after I was notified, I payed this bill. A year went by and I needed a car so I tried to get approved for a loan but couldn't due to "serious delinquency". At which point I have started to learn about credit. I pulled my credit reports and found that the only thing on there is the closed collection account. I now know that I should have contacted the OC to try and get a written agreement to remove this account from my CR before I paid. What I am wondering is if I should dispute this via written letters to the credit bureaus, and if so what should be my reason, or if I should take some other form of action.

Any advice would be appreciated

thank you for your time

If the account is being reported accurately, there's really nothing to dispute. Even if you had tried to get them to agree to remove the information in order to be paid, there's no guarantee that they would have agreed. You could try a good will letter to the furnisher, but they're under no obligation to remove their entry.

As time passes, a negative entry on has less effect on your CR. It also helps if you have more current positive entries.

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I don't ever advise financing a depreciating asset and a motor vehicle is about as bad as depreciating assets get. That said, I'm surprised that one negative account that has been paid is having such a large impact on your scores that you can't get financing???

Time does heal a credit report and each day, this "negative" will have a smaller and smaller impact...also, you have nothing to lose by going to the reporter and asking nicely if they'll remove the entry...they may not but you never know.

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