Credit Cards, Rating, Repair Hello

[cvicks88]

Hello, I'm 23 years old, just about to go for sa mortgage when I discovered a collections notice on my credit from a contract I signed when I was a minor, (17) the debt is $515 but more importantly it's having an effect on my credit rating, is there anything I can do..?

 

[mightymoose]

Hmm... this is tricky.
After 7 years that will automatically be removed from your credit report. You may be best off to simply wait.
If you pay the debt then a new entry will be made on the account to reflect the payment, and it will remain on your credit for another seven years showing as a paid off delinquent account. The seven years begins from the date of last activity on the account... so if you used the acount until you were 21 then you still have 5 years to go. If you have not used it since you were 17 then you have about one year to go.

There are hoops you might be able to jump through since you were 17, but likely not worth the hassle. I suggest you wait a year and let the negative mark magically disappear on its own... if you really can't wait then you can try disputing the validity of the debt. THey will have to produce the contract that was signed and perhaps the date would invalidate it... but that would take some time anyway.

 

[carltinmar]

The reply was very precise and simple and understandable by a commoner like me. Thanks!