hi all,
i'm brand new here so please bear with me.............
so, i have collections and charge-offs on my credit report. my credit score is between 535 and 500 and i would like to buy a house by the end of next year. the majority of my charge offs and collections have open dates between 2007 and 2009 and are debts between $61 ( the lowest) and $3500 ( the highest).
my plan is to:
1. send debt validation letters to a few collection agencies
2. if they validate them, i would send a pay for deletion letter and see what they say. if they don't validate them, then they would come off of my credit report.
3. if they say ' no ' to my pay for deletion letter, then i would send settlement letters and take it from there
1.) when i send debt validation letters to the collection agencies, more than likely, will i receive a letter showing the "validation" from them?
2.) if they completely ignore my letter , even though i'll ask for 30days to validate the debt, what should i do then?
3.) if i do a PFD letter and the company says ' no, we don't do that', should i be persistent and keep trying? if i should keep trying should i do it through letters or phone calls or both?
i read many times in different websites and forums that paying for collections and/or charge offs (whether they are paid in full or settlements)won't raise your credit score at all!! BUT i was told by a few credit counselors that pay for deletion letters don't work and that if i offer settlements, that i can expect to see my scores rise after 60 - 90 days after the payment is done. is that true? it seems just paying the settlements shows people that you paid something on the debt and thats all.
and what does "GW" on here stand for?
thank you so much!!!!!!!!!
