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Hello, I have known for quite some time I have very bad credit. I recently looked up my score and its a 512. Bad I know. I also found that they have my birth year wrong and also that they list me a having a different last name at some point, but never have. I need help I don't even know where to begin on rebuilding my credit and fixing the wrong info on my credit report. Is it even possible to get a loan to pay everything off with such bad credit and not owning anything to do a secured loan. Please Help.
You can write a letter to each credit reporting agency with proof to correct the errors on your report.
As far as getting a loan, even if you pay the negative accounts off they will stay on your report in the negative column, they will just reflect paid. They will not increase your score. I paid off four accounts and it did not help me at all. Everytime I apply for credit they affect the decision even though they are paid off. I would have been better off just leaving them alone and letting them fall off in the seven year time frame.
I think the credit score you mentioned is not sufficient for getting loan. But still you can check with local lenders. that will help you.
debts
GOODNATURED is right. I've had some outstanding debts, on my CR (like everyone else, I suppose..LOL) and I din't want to try to pay them off. One reason: the SOL would come up soon. Second reason: the debt would 'fall off' soon. So..I put my money/payments towards those 'good standing' accounts (school loans, etc) and reduced my debt, THAT way. Believe or not, making payments on things like that, helps you Credit score, as well.