Posts Tagged negotiating debt

Getting Valid Negative Marks On Your Credit Report Reversed

May 27th, 2009

businessmancallUnless it’s an errant item, negative entries in your credit report usually can’t be removed all that easily.  You can try, and that’s exactly what credit repair companies do, but there’s little guarantee that you’ll actually succeed in doing so.

For the most part, getting valid negative entries out of your credit report is a near-impossible feat.  Unless, that is, you can get yourself in a prime bargaining position.

An Ideal Scenario

Let’s say you have an outstanding credit card balance that you haven’t been able to pay the last six months.  No doubt, your credit report has already suffered, with tons of red flags created by the recent inability to settle your obligations.  Then, due to some good fortune, you came across a sufficient amount of money that allows you to settle the existing debt.  In this situation, you have a very good shot of getting most of the negative marks caused by the credit card on your credit report removed.

When you call up the bank to pay the balance in full, make sure you negotiate removal of your negative credit items as part of the deal.  With the current economic climate that sees cardholders miss out on more and more payments, the bank will usually give in to reasonable demands if that means getting the money they are owed.

Getting Help

You can most definitely do this on your own.  If you’re hesitant, though, or find it difficult to hold your own in negotiations, you can employ the help of professional debt consultants who can perform the process on your behalf.  If you get a good one, they can probably even negotiate parts of the debt removed, making whatever fee they charge no added cost whatsoever.