Debt elimination to improve your credit score
Filed Under: Credit
Filed Under: Credit
Depending on the type of debt you have currently will gauge the amount of steps to debt elimination. Debt elimination is a big word with different meanings.
When the consumer eliminates current credit card debt that will improve their credit score immediately. When the consumer is in a severe debt situation with collection agencies the credit score will improve over time. First, that consumer who is dealing with collection debt has to figure out how to eliminate it. It can be eliminated in as soon as 30 days. If that collection agency is listed on the credit report, then it has to be removed and the credit score will improve shortly thereafter.
Whether the consumer has credit card debt or collection debt, elimination will raise your score over time. Remember, the score did not turn bad in a few weeks. So it is going to take more than a few weeks to restore it back to a better state.
One way to eliminate credit card debt is to use a consolidation company. We do not promote the use of consolidation. It can go sour and your credit situation could get worse. The consumer can negotiate with the credit card company about paying the balance. There is a strategy to it, plus you need to be ready to send in a lump sum if you want to negotiate the balance. That is the best way to eliminate. Be creative in finding ways to pay off debt.
The only way to eliminate collection debt is to ask for validation of debt from the collection agency. This is an effective and proven method and takes possibly up to 90 days and the “alleged” debts are gone. Also, if the collection agencies cannot validate, then how can the CRAs verify? Hmmm. Something to think about.
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New York AG Cuomo has Mann Bracken, as well as a slew of other debt collection companies on the ropes. He is suing to get at least 100,000 judgements, thrown out! Wanna bet that sooner if not later…, these companies will no longer be allowed to collect debt in the state of New York…., especially Mann Bracken…of whom is no longer allowed to collect debt in Neveda…, their days of collection may eventually also come to a close in Georgia, now New York. Will all the other offices located nationwide also be next? If I were an employee of Mann Bracken, I would be looking for another job.
There is no better way than debt elimination to improve your credit score.