Credit Report Problems

[Simon]

I thought i'd give repairing my credit a try. i went through the motions and got my credit report. but reading it is harder than i thought. I do not recognize many of the accounts--not to say theyre not mine but ive never heard of these companies and tey are not specific about why i owe them. how do i find out exactly who I owe and for what? do i have to call each one to find out?

also, my credit report lists accounts that are both charged off and in collection. is there a difference? What is worse and are there any quick fixes?

it seems like they have alot of different ways of saying the same thing, but i want to make sure were on the same page.

[Mangie]

There are many ways to answer this questions. Credit report problems can come in many forms as you have seen yourself. 1st off if you do not recognize the Company on your report you need to determine whether it is a collection agency or not, it will ususally specify. After you determine what they are, i would send a V.O.D to the accounts that are unfamiliar to you that are listed in collections (send by certified mail) this will prompt them to send you information on the account or delete it is they cannot provide the information.

Charge off is what happens after 180 days of non-payment then it is either sent to collections or the original creditor may collect on the debt themselves. Either way a charge off is not a good thing at all and should be avioded at all costs, if you can.

There are many things to look for when it pertains to a charge off and a collection agency on your report, it is very time consuming to connect the dots. If you need help, please give us a call for further explanation.