Credit repair?
How do I contact the credit reporting agencies and explain why I haven't been able to pay my credit card bills? When I try to explain th the collectors calling, they're not interested why I can't pay. They just keep calling wanting me to borrow money to pay them.
Public Comments
- I hate to say, but it doesnt really matter why you dont pay, what matters is your finances are in such bad shape that you are not paying. You are overleveraged (just like alot of us out here) so when something bad happens in your life like losing your job, or some big medical emergency, you are not able to pay your creditors when in fact you should always have the money to pay them. They say you should always have at least 6 months in saving so that creditors can continue to get paid for when things like "Life" hits us. Anyway, unless you are being charged for something that you dont believe is your debt (or a debt that is not valid), you really have nothing you can say to the credit reporting agencies as they wont help you for anything except that. Sorry if this isnt much help.
- The credit reporting agencies won't really want to hear why you aren't paying either...they'll want you to do something about it, whether setting up plans or filing bankruptcy. Within five days after you are first contacted, the collector must send you a written notice telling you the amount of money you owe, the name of the creditor to whom you owe the money and what action to take if you believe you do not owe the money. You can, however, get the collectors to stop calling you. You need to send them a registered letter with a formal request. Once they receive the letter, by law they are not allowed to contact you again except to say that no further action will be taken. That doesn't mean you are off the hook for the money if you owe it though...you can still be served with a court notice. If after you send letters, the callers continue to harass you, you can file a complaint with the Federal Trade Commission at www.ftc.gov or call (877) 382-4357.
- The importance of a good credit score can never be understated. Whether you want a loan with low interest and large amount, a gold or platinum credit card, mortgage at good terms, car loan at cheaper rates or simply have a good financial credibility -- none of it can be achieved without having a good credit score. There is no instant solution to get a good credit score. It builds up gradually based upon how well you manage your loans and financial situation. However, the credit score can degrade at quite a rapid rate if there are consistent defaults on loan and credit card bill repayments. Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration. 1. Check your credit report regularly This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report. 2. Get rid of those extra credit cards The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest. 3. Repay on time Every credit card transaction is a loan that has to be repaid on time with interest. Don't ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don't default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don't shy away from them, call them, explain your problem and work out things so that a negative report doesn't land up with the credit reporting agencies. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps
- you would be wasting everyone time talking to the credit reporting agencies --- all they do is report -- you need to find a steady stream of income and pay your bills!!!
* Some answers may have been provided by Yahoo! Answers.