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 Posted: Thu Jul 20, 2006 9:46 am Subject: Removing Paid collections and paid charge offs |
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I have several PAID charge-off collections that are still reporting on my credit reports. What reasons or law I need to use to dispute to the 3 Bereaus that these PAID colletions should be removed from my record.
thank you.
holi.
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Holi
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Debtcc Points: 100
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| Posted: Thu Jul 20, 2006 11:25 am Subject: |
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How are they reported on your credit reports? Do they note that they are "paid as agreed" or something to that affect? From what I believe (and correct me if I'm wrong) - if they charge of some of the account and you paid on an agreed upon amount that is lower than the original amount due, it still goes on your report as charged off - BUT if you have paid as agreed, it should say that too. Then it just takes time. Sometimes when negotiating payment, you can negotiate the creditor to remove it from your record once you've paid - BUT you need to do that when working on payment and get it in writing.
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Ehwin
Joined: 11 Apr 2006
Posts: 147
Debtcc Points: 3927
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| Posted: Thu Jul 20, 2006 12:06 pm Subject: |
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Paid charged off collections cannot be taken off from your credit report before the seven years reporting period. The FCRA laws state that negative information should be reported in the credit file from the date of first delinquency. Even though, you have paid off the account, it will still be there doing slight improvement to your credit. Read this point more clearly in the FTC website.
http://www.ftc.gov/os/statutes/031224fcra.pdf
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IncredibleHelp
Joined: 30 Jun 2006
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