How to Remove a Paid Collection from your credit report So I had a viewer recently ask “How to remove a paid collection from your credit report?”
Hi everybody, Dave Sullivan for the Credit Guy T,V out at Philmont Scout Ranch with my son. We’ve just hiked fifty miles went up to the summit of Mount Baldy at twelve thousand four hundred feet. This week I want to talk about how to handle a Paid Collection on your credit report and if it is worth the time to try and remove it?
One thing I’ve learned on this track is don’t focus on the negative focus on the positive. If you have a paid collection and nothing else derogatory on your credit report and it’s a few years old it could actually help you. I won’t get into that right now, you can watch future episodes for how that could be. What I would tell you is focused on the positive don’t focus on the negative. If you have a paid collection, leave it alone. Every month the goes by it will actual help improve your credit score naturally, provided you don’t have any other derogatory information at all.
When loan officers come to me looking for advice to get borrowers on the right path to home ownership or they need to pull up the credit score a little bit. This is the secret I use to help them; this is the only way to improve someone’s score quickly and safely.
How to build trust with Barry Habib. I was at the Mortgage Mastermind 2014 event during the first week of June. Barry Habib offered to do a quick interview with me on his featured presentation. Mr. Habib talked about the history of the Federal Reserve, how to build trust and the future direction of interest rates:
As a credit service provider, I often get asked, “Do student loans affect credit scores?” Yes, any loan you take out will have an impact on your credit history and your credit score. However, the way you configure your student loan obligations will determine how much of an impact it will have on your credit report and credit score. To read my entire guest blog post please go to http://blog.rossmortgage.com/do-student-loans-affect-credit-scores/
The seminar covered the CFPB rule changes — present and future.
Audrey Acquisti, MSource Training & Consulting
Kim Alexander, CMB, Towne Mortgage Co.
Allan Daniels, AA Mortgage Corp.
Howard Lax, Bodman PLC
Examination and Investigation Holly Mroz, Senior Examiner
I also cover what is a credit bureau vs what is a credit repository and how your credit report does not exist.
Have you been a victim of your old collections being sold time and time again? Don’t pay for your past mistakes more than once, I know some borrowers that have paid collection balances only to have the collection show up again later. Stop the madness now with the validation of debt letter. if you would like more information on this please watch this video.
Join me on LinkedIn www.linkedin.com/in/thecreditguytv
How to remove a collection from your credit report and improve your score. Your first move should always be to attempt the pay for delete strategy. It is the only way to get a collection completely removed from your credit report. Collection companies can offer to completely remove a collection from your credit report, but only if they are in good standing with the credit repositories. If they make the request to often, then the collection company runs the risk of being punished by the credit repository. It is not always an available option but it should be your first priority. Paying collections without removing the account completely off your credit report will always result in a negative credit score impact.