Monday, August 23, 2010

Credit Collectors - Discover How to Reverse the Damage Done to Your Credit Report by Collectors

Author: rgraham

A bankruptcy is a life changing event and one can certainly understand the requirement that it must be present on your credit report for the next 8-10 years. However, it is very unfair that the debt that has been passed on to collection just because you have not repaid it for a few months at a stretch will also remain on your credit score for the next 6-7 years.

This is a huge problem that can lead to many complications. The damage done to your credit score will be incalculable. When you go in for job after the recession, you will have to withstand the embarrassing questions on the presence of debt collection remarks on your credit report. Is there not any way to undo the damage done by credit collectors? Very simple.

You have the option of either disputing the collection, repaying the debt and hoping that the lender will change the feedback or entering into an agreement with your lender where you agree to repay the loan in exchange of removal of the collection remark. All the solutions are viable and feasible and will help you undo the damage.

Do not think that this solution cannot be implemented with all your lenders. No matter how tough they talk, lenders will always be prepared to negotiate as long as it involves your higher repayment.

If you promise to repay the entire debt in full without any discounts and if you insist on removal of the credit collector's remark from the report, you can be rest assured that your lenders will give it a serious thought.

The debt once passed on to collection is transferred from one agency to another until it is repaid or written off. There always is a possibility of some administrative mistake taking place during these transfers. Despite the fact that collection agencies perform a vital function, they tend to be very lax in these matters.

If such an instance has taken place in your case, simply file a dispute and get the information removed from your credit report. If the details can not be verified, it is the responsibility of the credit collectors to admit that they do not have verification. Once this is done, the credit bureau is bound to remove the information.

No matter what happens, never adopt a defeatist approach and conclude that you have no option of overcoming the problem as the damage has already taken place.

There are options available to repair bad credit and raise your credit score. Something as simple as disputing negative items can help. These items can be erased from your credit report, resulting in a significantly higher rating. Click the following link for more information on how to repair bad credit quickly and legally:

Credit Report Repair

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