Ever wonder how to find out all your debts? Depending on your situation, it could be tricky, but we’re here to help! Read on for a few ways to find out your debts. If you need help with tracking down and resolving your debts, CreditAssociates could help. We could help identify your existing debts and negotiate with your creditors to resolve them for less than you owe. Read more here: How it works.
3 Steps to Finding Out Your Debts
When you’re starting on the path toward financial freedom, the first step is to identify how much debt you have. This will allow you to strategize on how you can pay it off and how you can save money.
Review Your Credit Report
The first step to figuring out what debts you might have is to request a credit report. A credit report will typically come from one of the three primary credit reporting agencies: Equifax, Experian, or TransUnion. You are also able to request one free report from each of these agencies per year by visiting AnnualCreditReport.com. This report will call out any debts you have that are currently hurting your credit score.
Make a List of Existing Debts
Some of your debts might not be reported to a credit agency yet so it’s important to identify any existing debts that you already know about. Things like a mortgage payment, credit card balance, and car loans may show up on your credit report if you’re delinquent, but it’s important to include them in your debt repayment plan even if you’re not currently seeing them on your report.
Check Your Mail
Typically if you are in debt to a company that has turned your account over to debt collections, you will receive a flurry of mail that outlines what you owe and how to pay it. If you did not receive anything in the mail, we recommend calling your creditor or checking with them online.
Paying Your Debts After You Find Them
Once you’ve figured out what debt you currently have, then you can start figuring how you want to go about paying them. If you have enough cash built up in your savings account, you can use that to pay off your debt. However, if you’re feeling overwhelmed by the number of debts you have or you feel like you owe too much to be able to pay back your debt, we recommend reaching out to our certified debt consultants. They can create a customized plan that rolls your debts into one monthly payment. CreditAssociates also specializes in negotiating with creditors— we’ve helped thousands of clients resolve their debts for a fraction of what they owe. Resolving these debts through debt settlement could help you avoid more extreme measures, like bankruptcy, remove the debt from your credit report, and get you back on track for financial freedom.
Common Questions About Debt:
What happens after seven years of not paying debt?
If you are counting on getting your debt resolved simply by not paying for seven years, then you may be in for a rude awakening. The debt typically does not go away until the creditor has either sued you and won, or they have written it off as bad debt. All of these actions could have a large, negative impact on your credit score, which could affect your ability to qualify for future loans, credit cards, and large purchases.
How to find unpaid medical bills?
Unpaid medical bills can typically be found either by checking your credit report or by directly contacting the hospital. If you are contacting the hospital, it’s also important to get the information for any doctors or additional services you may have received as there could be bills associated with your visit that are outside of what the hospital is billing you.
Why did my credit score drop after paying off debt?
If you’ve recently made a final payment on an account you’ve been in debt on, you may see a drop in your credit score because that account has now been closed. That is because it can change your credit utilization score, the average age of your accounts, or the mix of credit that you have. While you might see an initial dip at first, typically paying off your debt ultimately has a positive effect on your credit score.
Should I save or pay off debt?
While saving can be a wise decision, paying off your debt will not only free you up to save more in the future, but can also help you avoid interest rates that can rack up additional debt quickly. But, there is a way where you don’t have to choose! Debt settlement could help you resolve your debts for less than you owe, freeing up more funds in your budget to build your savings. Find out more here: How it works.