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going to come after you, aren t they? yeah. you get in a fight with your cell phone company over a bill that you don t think you should have to pay or some newsance fee on an account and say i m not going to pay it, and they say fine, we ll send it to collections and guess what? they win cause they have the power to destroy your credit for seven years. sometimes it makes sense to pay the bill and then you can try to pursue them and get a refund. but try to keep it off your credit if you can. steve: and that leads us to the final point and that is monitor your money, or your credit. stay on top of your account history and check to see whether or not an agency has reported you. exactly. cause one of the things we hear a lot are consumers who find out about a collection account when they go to refinance their mortgage. they go to get a loan and they discover it s on there. you get your free credit report. we give consumer has free credit score at credit.com. you need to stay on to
letter. if that doesn t resolve it then you can go straight to the source, to the creditor or lender whose reporting the information in dispute. i think it s important to understand what is a mistake and what isn t. for example, collection accounts. collection account can stay for 7 1/2 years whether you paid it or not. and after that time period it has to be removed. again, whether you paid it or not. paying it doesn t necessarily improve your credit score. so you also have to understand how long information can be reported to see whether it should be on there or not. you talk about building strong references. what does that mean in a credit context? well, the good news is that even if you have terrible credit, you can start rebuilding credit immediately. that s because the credit score is most interested in the information in the last two years. the other stuff may still be on there but it becomes less important as you start to build new references. so the strongest reference you