Rebuilding Your Credit

[KnewBee]

First of all thank you to everyone on this forum for all the great information! I wanted to ask, if you start setlling and paying off old debt, does this increase the likelyhood of other creditors that have been quiet for awhile coming after you if they start seeing paid off or settled accounts  when they hard pull or soft pull your reports? Or am I just paranoid? 

[igids1]

I think it does increase the odds, yes. I would suggest opting out. I cannot say for certain that will help, but I "think" it might. 

[Shogun]

Definitely opt out!  If you don't, the CRAs sell the CAs information on those that are rebuilding their credit or applying for mortgages unless you do opt out.

[igids1]

Inquiring minds may want to read....

http://www.experian.com/consumer-information/debt-collection.html

http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

[Sladyesq]

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igids1 wrote:

Inquiring minds may want to read....

http://www.experian.com/consumer-information/debt-collection.html

http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

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Wow. It's interesting that the CRA's which are ostensibly neutral providers of information, proactively help creditors in their collection efforts👀

[annielorie]

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igids1 wrote:

Inquiring minds may want to read....

http://www.experian.com/consumer-information/debt-collection.html

http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

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Good stuff

[annielorie]

Sometimes paying off old debt hurts your score more. Have you tried PFD?

[KnewBee]

Thanks for all the good responses, and great link to the information about CRAs and collections. Yes Annielorie, I am trying PDFs. My main concern and reason for my original  post was that while I am trying to pay all the debt I legitimately owe, I do have one large collection account that is still in SOL which is for debt that I do not agree with. I was concerned if paying all my legimate debt could trigger collection activity on this one illegitmate collection. I think i have the answer now. Thanks again everyone! 

[AndySoCal]

Shogun,

Opting out will not work for an existing creditor with whom the consumer has an account.  I will use a credit card account as an example  per the card holder agreement which was agrred to when the account was opend  can  review your credit.