Profile picture for campos3

I have a few debts with companies that dont even exist anymore. What can I do?

I am trying to clean my credit. I have approx. $2000 in debts, but some companies dont even exist anymore were I owed them, for example Cingular Wireless is one of them. What can I do in that situation.... My goal is to buy a house this year, but I know I need to clean my credit first. My credit score is around 600.
  • February 11 2012 - Santa Fe Springs
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Answers (3)

Profile picture for HessRealty
I would sign up for a credit monitoring program through Discover, Equifax, Experian, or Transunion.  You will be able to pull your credit without damage as many times as you would like.  It is good to have this to keep a watchful eye on your scores and history.  You can't financing anything these days without decent credit.  Once you have something you like I would look at your credit and start the dispute process on everything you think needs to be removed or cleared up.  The trick here is if the company does not send in the correct paperwork back to the credit agencies in time it is grounds for the companies to have it removed or addressed.  It would also give you the information you need to start paying off the old debt and cleaning up your record.  Raising your score 50 points to loan eligibility is easy to do from your foundation.  Going from 750 to 800 is a harder jump.  Good Luck!
  • February 17 2012
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Profile picture for Cindy Quinton
Also, please be aware that JUST paying debt does NOT raise credit scores. I went to www.myfico.com and read the forums there and I learned a lot about credit and credit scores there. By reading and eventually asking my own questions, I have been able to raise our lowest credit scores about a hundred points in just under 3 months. If I had gone there for advice before looking for a mortgage, I wouldn't have made some of the mistakes I did, and I would already be in my dream home....
  • February 11 2012
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Cingular wireless was acquired by AT&T. Any debt that you owed them would either now be owned by AT&T or would have been sold 3rd party or sent to an outside collections firm.

I found this excellent article about 'zombie debt' from ABC News.
  • February 11 2012
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