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Understanding Credit Reports

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Anonymous
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Understanding Credit Reports

My husband and I are in the process of getting our credit reports cleaned up, so we can begin the process of purchasing our first home. We have a few old items that will be dropping off in the next year. There are 2 items that recently hit. One is a power company, the other is a cable company. I reached out to the power company and they told me that there is nothing they can do to remove it from my report, since it's already there. We moved in July of last year and these were outstanding bills, at the time we didn't pay. They went on our reports almost immediately. I have no problem paying them now. But I'm curious if that will help my report at all. Since they're new that means they'll be on there for 7 years, right? I'm just trying to figure out the best way to handle this. Any help would be appreciated.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Understanding Credit Reports


@Anonymous wrote:

My husband and I are in the process of getting our credit reports cleaned up, so we can begin the process of purchasing our first home. We have a few old items that will be dropping off in the next year. There are 2 items that recently hit. One is a power company, the other is a cable company. I reached out to the power company and they told me that there is nothing they can do to remove it from my report, since it's already there. We moved in July of last year and these were outstanding bills, at the time we didn't pay. They went on our reports almost immediately. I have no problem paying them now. But I'm curious if that will help my report at all. Since they're new that means they'll be on there for 7 years, right? I'm just trying to figure out the best way to handle this. Any help would be appreciated.


Paying them won't help your score.  I'd suggest you visit our rebuilding forum for suggestions about how to deal with the power company.

Message 2 of 4
RobertEG
Legendary Contributor

Re: Understanding Credit Reports

The best way, if you cannot get deletion, is to make sure that they dont get to major derog stage of 90+ lates, a CO, or collection.

 

Message 3 of 4
takeshi74
Senior Contributor

Re: Understanding Credit Reports


@Anonymous wrote:

I reached out to the power company and they told me that there is nothing they can do to remove it from my report, since it's already there.


They can.  Whether they will or not, however, is an entirely separate matter.

Message 4 of 4
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