debt

8 steps to rid credit report of old debt

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Talk with an attorney
Talk with an attorney © Kzenon/Shutterstock.com

Talk with an attorney

Consulting an attorney doesn't always mean pursuing a lawsuit. Sometimes all you need is a letter on legal stationery to make a creditor review the records.

If, despite your best efforts, the creditor or collector is keeping old debt on your report, an attorney can also advise you as to whether a lawsuit is a good option.

If you do elect to talk with an attorney, choose one who specializes in consumer rights, says Smith-Valentine. "When you're dealing with the Fair Credit Reporting Act, it is very convoluted, and you need someone who's done it, who understands it and who knows where the holes are."

One source for help is the National Association of Consumer Advocates, an organization of lawyers who specialize in credit and debt law.

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Debt Adviser

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Dear Debt Adviser, I have about $50,000 of debt on credit cards. My credit rating is still high. I am thinking about a debt consolidation loan. Will that adversely affect my credit rating? -- DT Dear DT, The cliche... Read more

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