Debt Consolidation for Bad Credit

saythatagain -

Welcome - and congratulations on your debt payoff! That must be a great feeling for you.

I would say give the creditors and credit bureaus up to 60 days to have the records updated. Some creditors do not report on a monthly basis - I've even known some to only report quarterly (every 3 months).

Hopefully, you should start seeing updates to your report within the month, but keep an eye on your report - some collection agencies and creditors are bad about never removing the negative information on your report. I've had to contact an old cable company twice to have an old bill removed that was paid years ago. They still reflected it as an open account with a balance due on my credit report!

Let us know how things come out!

Also, since you've just registered here, a debt counselor will be contacting you for a free phone consultation. Feel free to let them know if you don't need their services when they call - let them know you've just paid off all your debt! :-)

Suebee, do you know how a company will update your CR if you had a charge off and paid that off??

Nat - I'm not sure, but do you think if you called the creditor, they would tell you how they'd handle it? Were they ok to deal with otherwise, when you paid it off? All companies are different in the way they report satisfied debt, whether it was charged off or not.

I'm not sure...It was with First Premier and I paid thru a CA..

So let me get this clear! After I payoff whatever is on my credit report it should fall off in 60 days and not 7 years? I know that it will take 7 years to fall off if you don't pay it so I'm asking about the time frame if I was to go ahead and pay everything off?

Derogatory information may remain on your reports for 7.5 years from the Date of First Default whenther paid or unpaid. If you are going to pay off the accounts, do so only after you have an agreement in writing for either full deletion if dealing with CA's and JDB's or an update to pays as agreed when dealing with an OC. Remember that if both a CA(JDB) and the OC are reporting, the CA has no control over the OC's tradeline.

What is this CA (JDB) and OC? Also I can request (in writing) that if I paid the debt off that afterwards they'll remove these items off my credit report?

CA=Collection Agency
JDB=Junk Debt Buyer
OC=Original Creditor

You would want the Pay For Delete (PFD) in hand prior to paying anything.

Should I pay off a charge off? If so how does that effect my credit, will it ever report in a positve way? If I don't will it ever be looked at in a positive way? And is it possible to repair a bad credit report and have great credit? :?:

yes but it takes time

My parents filed for bankruptcy in the 1990s but now have top-notch credit, it is possible but it takes work and discipline.

If the CA was paid in full after the item was placed on credit report can the OC change to paid on credit report?

It should say Charge Off Recovered (COR) or something like that. If it doesn't, send a dispute to the Credit Reporting Agency with a copy of the proof that you paid it.

"It should say Charge Off Recovered (COR) or something like that. If it doesn't, send a dispute to the Credit Reporting Agency with a copy of the proof that you paid it. "

Why bother dealing directly with the CRA's in terms of disputes with OC's, CA's, JDB's, Little green men from mars anymore? All they do is send out coded e-verifications which *ALWAYS* come back rubber stamp verified no matter how much "evidence" you send them. I wonder if anyone ever reads anything anymore?

That's because almost no one sues them for FCRA violations, despite the cash reward.

See my blog post Creditors Gone Wild for more on the legal requirements for disputes.

I decided not to go bankrupt because being out of work again I can't afford it. I am now 52 & need to know my best route to go to have a good credit score again, as fast as possible, at my age, to at least know I can move with the landlord approving me(they check credit scores) also, employers check credit reports now. I am afraid I will not get a job anytime soon or be able to get a mortgage to own my own home for me & my daughter. Please, what should I do? My daughter is getting money from my uncle after the holidays & she wants me to use it. But if I do & the credit is not good or the collection agencies don't do what they have to on my report, I don't want to wast her money.

Thanks so much
Cindy

Hi SUEBEEHONEY70,

In my opinion, they will take sevaral weeks to update your credit history. Your creditors will get latest updates from credit beurose & they will update your credit score earlier.

Thanks & Regards.