How do I handle collections and will they raise my score?

[Traveltosurvive]

I have 16 collection accounts and many of them are older than 5 years old, at least 10 of them are older than 5 years old. How show I proceed in order to pull my credit score of 496 up?

[Anonymous]

With the accounts having been on your report for 5 or more years it might be easier to save your money and apply it else where.  The accounts will drop off in a couple of years giving you time to build a good payment history with others. 

[Anonymous]

Travel-

If you'd like to list each account with DOFD, DOLA, and what your SOL is....we could give better responses.

You need to try to match each collection with an OC that you had. Double check for any duplicates or any accounts that you do not believe are yours.

Then, depending on dates and SOL, you'll want to send a DV and/or PFD.

Just paying the collections won't help your score.

The ideal is to negotiate a PFD(pay for delete), where the CA agrees to delete if you pay.

But before we go there, you want to DV to make sure the CA owns the account, is legally able to collect, etc.

Not to give false hope, but I was going to just send PFD to everyone, and b/c of this site decided to DV first.....I sent 5 DV's.....2 haven't replied....other 3 deleted because they no longer had the account.

I'd suggest reading the following -

Partial list to common abbreviations-

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23

Freq Requested Threads- many good links-

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

Check your SOL here-

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Message Edited by sidewinder on 04-11-2008 05:41 AM