Follow Us: Google+
 
Bankrate.com

debt

8 steps to rid credit report of old debt

Contact the regulators
Next
Slide 8 of 9
Back
Are any foreclosures for sale in the area?

If the collector is "in any way, shape or form a bank," it has a federal regulator, says Smith-Valentine. They actually take individual complaints and contact the companies about the complaints they receive."

"I always say that it should not be your first recourse," says Smith-Valentine. Only use this one if "you have contacted the company and received no resolution or response," she says, as regulators want to see that you've tried to solve it yourself first.

Opt for snail mail, she says. "You want to be able to send in copies of your correspondence, and copies of your return receipts, and you can't do that online."

One short cut: Print out the agency's complaint form, fill it out and send it in clipped to your documents, she says.

States sometimes offer help, too. "Many times you will find that your state has a governmental agency that regulates debt collection in your state," says Smith-Valentine. "If you complain to them, they actually contact the company on your behalf."

Try your own state (as opposed to the creditor's state), first, says Magnuson. As a constituent, "you have a little more leverage," he says.


Next
Slide 8 of 9
Back

 

 

 

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Home Equity Rates



advertisement
Most Read
  1. Nick Nolte's house for sale
  2. 8 eerie ghost towns
  3. 5 best markets for home values
  4. What does a kitchen remodel entail?
  5. Don't sell a smelly house
  6. Headlight requirements by state
  7. 9 gas-only, fuel-efficient cars
  8. 8 affordable, classic cars for retirees
  9. 5 car models that lose value
  10. Top 10 states for foreclosure
Home Equity Averages
Product Rate +/- Last week
$30K HELOC
4.99% 5.00%
$30K home equity loan
6.19% 6.21%
$50K HELOC
4.56% 4.58%
$75K home equity loan
5.97% 6.01%
View rates in your area:
Your credit report has a long memory. Here's how to get it to forget your checkered past.
advertisement
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.