how to pay off debt on credit report

In the past court judgments against you for debt collection appeared on your credit report as long as an individual states statute of limitations. Having a plan to pay it off and knowing which card you should pay off first can help you feel more in control of your finances and improve your financial situation.

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Good credit is a valuable asset and a point of pride but bad credit is an affliction that eats away at those who have it.

. The first step is to make a list of your cards with your current balances and the. The Fair Credit Reporting Act requires that debt collections fall off your credit report after seven years. Having low credit utilization 30 or. It is one reason your credit score could drop a little after you pay off debt particularly if you close the account.

Thankfully debt collections wont be on your credit report forever. If your credit score is tanking because you cant pay your bills on time its time to take action and look at. Credit card debt drags down your credit score and with it your ability to buy a home or car rent an apartment or sometimes even qualify for a job. Unwanted credit card debt can feel overwhelming.

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