How can I fix bad credit? If a collection agency is after my debt, how do I regain good credit?
I have some unpaid medical bills that have been sent to a collection agency. Does anyone know if I can set up a payment plan? And when I do pay off all of my debt, does anyone know how long it will take to have a good credit score again? thanks!!! =)
Public Comments
- You should call and talk to the collection agency. They will be willing to set up a payment plan with you in order to get their money. If you begin paying the bills off, your credit score will begin to increase as long as you have other credit accounts that you pay on time every month.
- medical bills are more like judgments....on your credit...not creditors....so yes call them they can set you up on a payment plan and maybe even settle on a smaller balance amount if your coopertive w/them... rebuilding it will take time but is fairly easy... just think of major credit components like..credit cards/ mortgage/ car loans...those are the type of "loans" that build your credit up :)
- For medical bills I recomend requesting a debt validation (please see this link for all you need to know about how to do this in the proper manner) http://www.creditinfocenter.com/rebuild/debt_validation.shtml Medical bills are the most difficult to validate becaue they don't have access to your medical records, so they cannot provide unoccuvical proof that you owe the debt...so this is an easy way to have them removed from your report (OK maybe this isn't the most ethical people, but save me the hate mail). For the ones that do provide proof you want to "settle" with them...when you do this you can negotiate the amount you pay as well as your credit rating...see this link http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml. Good Luck :)
- Set up a payment plan with the creditor or collection agency.
