Monday, February 6, 2012

How can I get a bad debt and public records notice taken off my credit report?

It is an $862 hospital bill that they tried to collect through the courts. I was unemployed at the time and had an emergency and now I am stuck with it until 2011. I was told that the bad repot would not be deleted even if I paid the bill which is what I preferred to do. I'm not sure why a non-profit hospital would do this anyway.How can I get a bad debt and public records notice taken off my credit report?
The problem is it is true and factual that you were sued and there is a default judgment on file. Once you pay it the new posting will show the satisfaction date. Just because they are a nonprofit hospital does not say they do not charge for services and you do not get out of paying at all. We all know the red cross is a nonprofit but they charge the patient for every drop of donated blood as wellHow can I get a bad debt and public records notice taken off my credit report?
Getting Out of Debt



Some people may feel that advice on debt management is too late for them. 鈥業鈥檓 already under a landslide of bills and commitments. How do I get out?鈥?The fact is that it is never too late to start.



The first move should be to establish a working relationship with a reputable bank. If you must borrow, this is where you will likely get the best interest rate. If your bank refuses you a loan, it is probably doing you a favor. Remember, it is in the business of lending money and will lend it to you if it seems reasonable.



Second, you must start paying off the debts in some organized way. On paper, project your anticipated personal cash flow over the next 24 months. Be realistic. Include every bit of income you expect to have. Then list everything that must be paid. Include some allowance for items that you cannot even think of right now. List the debts in order of priority. Then allocate your money on a fair basis so that each debt receives at least some payment. Set a target payoff date for each debt.



In conjunction with this plan, consider where you might reduce costs. Debt reduction always requires some sacrifice. Can the grocery bill be shaved by bargain shopping? What cheaper substitutions can be used in meal planning? Can vacations be cut? Can your living standard be reduced? Can some luxury items be enjoyed less often? Sometimes we just have to be ruthless with ourselves. Certain expenses can be moved from the "necessities" column to the "luxuries" column.



Once you have a plan worked out on paper, discuss it with your bank loan officer. He will be impressed when he sees that you mean business. He may be able to show you how to improve the plan. He may even suggest a debt consolidation loan. If so, be sure to consider the interest rate and the length of time over which the consolidated debt is to be repaid. It will usually mean smaller payments over a longer period of time. But do not be tempted to use the debt consolidation to borrow more money.



Communicate!

Any debt-reduction program requires communication if it is to be successful. Visit or telephone each person to whom you owe money. If you think it would be helpful, show them your plan. At least talk to them. Remember, they want to know what you are doing. Keep them informed. The one thing no lender can tolerate is silence. Silence is quickly interpreted as indifference or even refusal to pay. Many a creditor has started a lawsuit to recover money simply because no one bothered to explain what was happening.



Should you consider bankruptcy? In some lands, all people are entitled to the benefit of such provisions of the law, but it is not to be taken lightly. Debt is a commitment. Moral obligation is involved. Bankruptcy has a ripple effect that creates problems for others. It will remain a blot on your record.



There is nothing wrong with the old-fashioned concept of "pay as you go." Indeed, if at all possible, the wisest course is not to get into debt in the first place. Debt can be a deadly quicksand that consumes you. Some people allow themselves to be swallowed up. They have changes to make, but step-by-step they can climb out of their debts.



If you were buried under a literal landslide, you would use whatever mobility you had to start digging yourself out. It may be slow, but it works! Remember, no matter how long it may take or how difficult it may be to do it, getting out of debt is well worth it.

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