Expert: Apex Credit Services, LLC - 1/22/2008

Question
Not long ago, my husband and I found out we have low credit scores. Both of us in the low 500's.  Days ago, we refinanced our home and paid off all our credit cards and medical bills.  There were however, several small debts listed on our credit report as 'medical' with no account number or contact information. So, we are unable to find out what they are or to pay them off.
I actually have a couple of questions.
1) How long does it take for our credit score to improve after paying them off using our home equity and refinancing?
2) How do I deal with items on the credit report with no information to contact or pay them?
Thank you for your time with this matter
Robin

Answer
Robin:

   Paying off delinquent debts doesn't elavate ones credit scores in most events.  In fact, it can actually harm them further insofar as it ups the date of status and makes the delinquent accounts appear more recent than what it actually is.  Moreover, the HELOC will report as a brand new revolving account which is maxed out.

    Unfortunately, I would not anticipate your scores raising much if at all.  There may be some things which could be done but, we would need to look at your reports in order to determine as such.

    Finally, most if not all of the furnishers of information on your credit report can be located in the address section of the report.

         Apex Credit Services, LLC