Mar
28
2014

Using your credit report to compile a complete list of your creditors and debts

paidstamp

 

Dear Experian,

How do I find out what I really owe and if any creditor will settle for less if I can pay off the balance? Can I get a list of all my creditors from you?

- CYD

 

Dear CYD,

Your Experian credit report will likely list all of your creditors. However, some creditors may choose not to report to all three national credit reporting companies, or to any at all. Obtaining credit reports from all three national credit reporting companies will ensure you have a list of all of the creditors that report your account payment history.

You can request a free report once every 12 months from each of the three national credit reporting companies. Your credit report typically includes a telephone number or mailing address for your creditors. Use that information to contact your creditors to discuss payment options and possible settlement agreements

For any creditors that don’t report your payment history, you will need to contact them directly to determine what you owe. The best way to do so is by following the contact information on your billing statements.

Keep in mind that settling an account for less than the full balance owed is considered very negative by lenders because you are failing to repay the debt in full, as agreed under contract. Accounts reported as settled will, therefore, hurt your credit scores.

Thanks for asking.

The “Ask Experian” team

  • ©2014 Experian Information Solutions, Inc. All rights reserved.