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DushiPunda

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How to deal with old debt?
I have two delinquent accounts on my credit report (from May and July 2012) for less than $1,000. I'm willing to pay if I can get them removed from my credit report altogether or, at the very least, have the language on the accounts changed to something more positive. The problem is, I don't know where to start. I've read that even calling them will reset the 7 year time limit, as does making any payments on the accounts. I've never acknowledged that they are mine or anything like that.

I guess the problem is, I have a very old truck and the back end just shredded to pieces the other day. I don't want to dump $1,000+ into such an old truck, so I was looking at getting another vehicle. However, I believe it is these two items (along with another past due account that is listed incorrectly (it isn't actually past due) and is behind handled) that are causing me to get denied for a loan.

Any help or suggestions are greatly appreciated. Thank you for your time.

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NOTHING resets the seven year reporting period for negative accounts. What can be reset is the "Statute of Limitations" to be sued for the debt if you enter into a payment agreement with the collection company. Do some reading on "Pay For Delete Agreements" as that is what you want to get. Basically what you will want to do, is have the full amount owed and be ready to pay immediately, contact the collection company and ask them to agree to remove the account from your credit reports in exchange for you paying the account in full, you can try to get it in writing as that would be best, but if they refuse to put it in writing you could also record the phone call. Keep in mind that there are many dealerships out there that will finance people with bad credit, so look for dealerships like that if need be, but expect to pay high rates and be looking at overpriced vehicles. I would do my best to square my credit away the best that I can before I try to get any sizable loan.

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