Restoring Credit Cards That Had Been Charged Off....

Maylin,

Since your credit report is not showing the correct balance, you can dispute it with credit bureaus. Hope you have some documents in support of your previous payments to them. Keep those safely. If you don't have, perhaps your consolidator would help you to get the receipts. You can attach copies of these documents while sending the dispute letter to credit bureaus.

Or you can ask your credit card issuers to report it correctly. Credit bureaus never collect consumers' account information. It's the creditors who report consumers' accounts details to bureaus. If your creditors do not update your accounts, it will be a violation of FCRA; hence you can sue them too.

Always send your correspondence through CMRRR.

Hello all! I have 2 charge offs on CR. I am going to pay then with tax refund. Should i settle or pay in full. They are both in collections. One is with academy (how i found this site). I haven't talked to anyone. Should i try the OC? It can't get any worse can it. thanks!

Rachas,

Few questions to ask:

Could you tell us the date it went charged-off?

Charged-off mark stays in credit report for 7 years. Then it goes off automatically. If your accounts are close to get off, it will be wiser to wait for the auto-removal.

Otherwise, try to pay them in full, if possible because if you decide to pay it in installments the 7 year reporting time is likely to start again.

http://www.debtconsolidationcare.com...off-cards.html

How far is it from the SOL of your state?

If the accounts are past SOL, no one can enforce legal steps against it.

Thanks Stan- cap1 charged off 1/05 hsbc charged off 12/04. limits of 500 & 300 now over 1000 & close to 1000. Is a settled charge off worse than a paid charge off? thanks rach

You're welcome Rachas

Both the cards are far from SOL and way to go to cover up 7 year reporting period. Paid charged-off will have better impact on your score.

should i try to talk to OC? maybe they will reduce fees? the cap1 is with Blitt & Gaines & hsbc with academy. I found this site looking for them- from what i've read i don't want to talk to academy. thanks Rach

You can definitely speak to OC. Blitt & Gaines is a law firm holding unsatisfactory record with BBB. You can check their report with BBB website.

As per the feedbacks posted by the forum members it seems that Academy is also very tough to deal. Please check it-

http://www.debtconsolidationcare.com/academy.html

Hence, if you can settle the account with OC that will be the best deal. Don't forget to make a written agreement before paying them.

Hi I just paid off capital one attorney (for 2 of my accounts) Figuring it would be good I setteled ($400.00 less) on one and the other was paid in full. My question is capital one reported it as written off $900.00 and setteled for less then amount.I only settled $400.00 Less with their attorney? Should I do anything or leave it blank? Also this one was opened in 1998 when will it come off? Thanks I hope to get help. Kris

krispy1997, I fear if there is anything to be done now since they have already reported to the bureaus. And the fact is that you paid a lesser amount than the original one. So, they have reported it in their way. This account will stay in your file for a period of seven years from the date of first delinquency. You need to know when you first defaulted on this account. From that day, you can calculate it for seven years.

I have collections on my credit report from 1994. How can these be disputed and deleted from my credit report? They are still showing up 10 years later!!! Please help!

Collection accounts should not have remained in your file by now. Under the FCRA laws, all negative information stay in the file for a maximum period of seven years only. You need to highlight the disputed items and write a letter to the CRA reporting it. They will review and update your file.

I realize that "guest" in this post is probably no longer on this forum, or maybe has joined but I wanted to clear up something this person said:

"when you started paying that 10 year old debt, you re-aged it unfortunately..."

That is not true. A debt cannot be re-aged, it is against the law. they can try to do it, but it is against the law, and just another illegal practice that these sleezy collection agencies do.

To clear it up: when you pay on a 10 year old debt for example, it only updates the DOLA (Date Of Last Activity). this date is EXTREMELY important when dealing with OC's. Many times the DOLA is wrong, giving you ammunition in your "Your company is reporting this account in error" guns.

"...Figuring it would be good I setteled ($400.00 less) on one..."

When you do this, you MUST have a written agreement. And in your written agreement, it must stipulate that you want it reported in this way:

1. Account paid in full, never late.

And they must agree to take away ALL negative marks, or else, no deal. If they don't take it right away, just say "thank you!" and try another day. Keep trying, they'll cave. Remember, YOU have what they want....... THE MONEY!

Get it back signed from them first, or else DON'T DO IT!

We need to make a post about how to settle a debt, eh moderators?

thanks

Are you talking about the debt settlement program? There is a page on this subject in this website

http://www.debtconsolidationcare.com...ettlement.html

Besides, there are many forum topics on debt settlement. Put a search in the box above and you will be able to view those.

http://www.debtconsolidationcare.com...omparison.html

If you have something interesting to share with us, go ahead and create a new topic. We will like to read something interesting from you.

I have a US Bank credit card that was secured with a 500 dollar savings account. I had a balance of 500 when I stopped making payments. They let the account run for longer than 6 months before they charged off. They claim to have taken the 500 security and apply it toward the balance but, I still have a balance on nearly 1900 dollars. If you include the 500 security that would be 1900 in late fee and over-the-limit fees. This card has been charged off. US Bank is reporting it in credit report but no collections and no contact by a collections agency.

My questions are...
1) Are these fees normal and or legal (especially with a secured card)
2) Should I contact US Bank to try to pay of wait until drop off in 2010

Trying to fix my past mistakes any input would be greatly appreciated.

Thanks

Amy, go ahead and dispute with the company. You will pay the actual charges only and not pay anything that is disputed. The company will check and update the records if possible mistake is found. Also, don't leave the account unpaid till 2010. The negative remark can hurt your credit and deprive you of some credit opportunities in the future.