Sohail

“Dear Steve,

I have debts and collection agencies had been contacting me about them, but not anymore. I want to pay off all my debts and make an excellent credit. I want help in (1) to find out how much I owe and who? (2) I want to pay you very fast and you deal with my creditors.

How can I get your help to pay off all my debts and have a clean excellent credit very soon.

Thanks!

Sohail”

The Answer:

Dear Sohail,

It is very easy to find out who you owe, and while there is no guaranteed way to find everyone, if they don’t report to a credit bureau, this is the best way, order a copy of your consolidated credit report.

I am a huge fan of the consolidated credit report and this is the report that I use to check my credit.

The consolidated credit report will show you information being reported about you to the three major credit bureaus. Each report can contain some similar but some different items so it is critical to get a consolidated report.

I favor ordering this report since you can order it online and download it right away, it is combined in a way that makes it very easy to read and spot who is reporting what about you, and it has a nice section with contact information to reach those creditors you still owe.

The credit report will show you outstanding debts but it is important that if it shows a debt by a collection agency, that you instead contact the original creditor, and not the collection company, to find out where you can make payment. Just because it was with the collection company reported on the credit report, that does not mean it is still with that collection company.

By paying your old and lingering debts off and then obtaining new credit that you pay on time, it will go a long way to helping to rebuild your credit as fast as possible.

Big Hug!

@GetOutOfDebtGuy

The Answer:

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Read the full article at GetOutOfDebt.org, click here: Sohail Wants to Pay Off Old Debts to Improve His Credit

“Dear Steve,

I am totally helpless when it comes to understanding my credit report, and making a choice as to what to start paying back first.

What do i need to do to get things straight?

Janet”

The Answer:

Dear Janet,

The good news is that dealing with your credit report and developing a repayment plan can be a relatively straight forward and simple affair.

I would recommend that you get a copy of your consolidated credit report. While there is a charge to get it I think the benefits far outweigh the cost. The special consolidated credit report will show you each of your credit items, as reported by all three major credit bureaus, side-by-side in an easy to read and color coded presentation.

If you get your consolidated credit report with the credit score option it will also show you exactly why your credit score is what it is and how you can improve it.

Armed with a comprehensive listing of who your creditors are from your new consolidated credit report you can then make some choices about who you are going to pay back first. While paying back the creditor that is charging you the highest interest rate makes the most mathematical sense, I think paying off the lowest balance creditors first makes the best motivational sense.

If you follow the Debt Snowball approach to repaying your creditors, you’ll eliminate people you owe and stay excited about paying people off.

Big Hug!

@GetOutOfDebtGuy

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• Teresa Writes In “I Have Too Many Credit Cards”
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Read the full article at GetOutOfDebt.org, click here: I Am Totally Helpless When it Comes to Understanding my Credit Report – Janet