Credit Questions & Answers:

Q:

I have been reviewing your site and I am interested in improving my credit. Your site is very informative and discredits the misconceptions of deleting debts. I have a better understanding and would like to repair what is inaccurate and old. I would like to do settlement offers for what is accurate. I do not know what to do when old debt continues to transfer from company to company. What can I do?

A:

Hi Tamika,

In regards to the collections being sold, I would recommend pulling a recent copy of your credit report, and call the recent collection that is being reported. It will show recent reported date, and that is the collection company you call to negotiate for pennies on the dollar.

CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.

Q: Hello. I am wondering what a Short Sale will do to my credit report? I have two properties and can’t pay for one of them anymore.

Janice Ann Monaco

A: Hi Janice,
Yes, a short sale will affect your credit rating. Typically when you come to a agreement with the bank on short sale you stop making mortgage payments, in most cases once you have a 120 day late payment on your credit report with your mortgage company, HUD and most lenders consider that a foreclosure. If you can sell the property fairly quickly in this market and avoid those late payments it can be beneficial. In most cases I don’t see the advantage for the homeowner. I personally think the only person it benefits is the realtors pocketbook.

Mike Clover
CreditScoreQuick.com

CreditScoreQuick.com your resource for free credit report repair, credit reports, credit cards, and loans.