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can you help me in questions about my credit report?  

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Just a few questions. I am trying to clean up my credit right now and was wondering how long after I have paid something off that is stays on my credit report. Also, if a debt has been sold to a collection agency, can the original company that the debt was with still remain on my report? If no, how do I get that removed?
 

asked Nov 28, 2005 10:51 AM

Anonymous

16Answers

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Quote:

how long after I have paid something off that is stays on my credit report

A negative entry stays in your report as long as 7 to 10 years. What you can do, ask your creditor to report such a way that do not affect your history.

If you want to remove some erroneous entry form your credit report, contact the bureau and dispute the entry. They will perform an investigation and will remove the wrong entries.

answered Nov 28, 2005 11:09 AM

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thanks, what if I have 2 entries that are th same debt? If my debt has been sold. Are both of those supposed to stay on me report? The orgianl owner of the debt sold it to a collection agency.

answered Nov 29, 2005 10:21 AM

Anonymous
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sweetums,

If both the OC and the CA reports the account to bureau and two separate entries appear in your report that mean you owe to both of them. But that is not true. Once your account is sold to CA, you don't owe to OC. So both the debts cannot be verified and validated at the same time. Thus one entry should be removed from your report.

That was my view towards the problem. Hope some other forum members will post some more comments.

answered Nov 29, 2005 11:34 AM

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Hi, we have this going on right now on hubbys report. Original creditor was a 'charge off' but they're still reporting. Now collection agency has it, they're reporting as well, they are reporting that we're paying. Sent letter off to the bureaus this week with many questions and disputes, this was one of them. will post again when I find out what they're going to do about it. shirley

answered Dec 15, 2005 06:52 PM

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Shirley,

Your credit report cannot have multiple entries for the same account reported by multiple creditors. It sounds that you have already taken the right move by contacting credit bureaus. Keep informing us on what is going on.

answered Dec 16, 2005 03:21 PM

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I have the same problems with a Bankfirst Account I had in 2000. These entries show up on my credit report with the same exact credit card number. I paid them off in a settlment a long time ago. One shows paid off other shows actives. I disputed it with the Experian. Equifax just shows the one paid off entry. What else can a I do.

answered Dec 28, 2005 05:02 PM

Anonymous
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Hi John

Contact the company whom you made the payment. They have not updated your account with the bureaus. Show them proof of your payments made to them. Explain them that your credit is being hurt because of this negative remark. They will update your accounts with the bureaus.

If they don't do it, take some legal help in this matter with all the evidences in place.

answered Dec 28, 2005 05:14 PM

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I have a four negative on my credit report with Experian. They are all outside the SOL for my state. The amounts are $210,409,510 other settled. They are all at least 5 to 6 years old. If i pay them all off, will it boost my credit score. If paid off will they leave after the 1 to 2 years left for the them to be removed or will the 7 and half years restart.

answered Dec 28, 2005 06:05 PM

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quindrickf,

Welcome to forums. Paid charge-off is better than charge-off status. However, if the charge-off info is about to get removed from your report, I will suggest not to stir the system. Let it be removed automatically.

You have mentioned that all the accounts are past SOL. Further payments will restart the clock and you will be bound to pay it legally again. So it's better to wait for some time.

answered Dec 29, 2005 11:06 AM

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quindrickf, If you want to pay the charged off account at this stage when you are nearing the 7 years reporting time, have the total amount in cash and pay in full to the account holders. You are sure of not revolving the debt and the positive effects will be reflected in your credit file. Your credit scores will improve after this debt is cleared. Think once again if you want to pay it in installments. Think ahead of time if you fail to make the repayments. You have activated the legal collection period by this time.

answered Dec 29, 2005 12:35 PM

ben
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