If you are in a situation were you have not been able to pay some of your debts they may have gone into collection. Having a debt that is in collection can cause your credit score to drop and next to having a Bankruptcy it can be very damaging for you. Lenders will look at someone with a debt in collection and be nervous about loaning money because they fear they may not get paid on the loan.
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You goal is to get any negative marks removed on your credit report or at least have it say that you account has been paid as agreed. It is important that you deal with the original creditor not someone who has bought the debt. The original creditor will be the only one who can report to the agency about the credit being paid and this is the most important thing for you. When you are to the point that your credit score has been lowered then when you talk to the creditor you need to negotiate the debt down to the lowest amount they will take. In some cases a debt can be paid for 20-30% of its original amount.
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You best situation is if you can agree with the creditor that they will delete the mark all together on your credit report. You can send them a letter that if they agree to it, will get the negative mark removed from your credit report.
Remember that you need to get the bad debt off your credit report and make sure you know all the secrets to doing this so you will be successful.
