charge off's

They can remove it if they want; usually they won't unless you negotiate it at the time you pay, and get it in writing.

They might be stubborn and refuse to remove it on a settlement. After all you can't always have your cake (paying less than full balance) and eat it too (removed from bureaus).

But they would rather get paid-in-full than worry about your credit report. I'm sure most, if not all, will agree to remove if you pay them every penny you owe. Just make sure you get that in writing if they do agree.

DebtCruncher is right. Get in in writing. You can negotiate your rating just like you're negotiating your debts - and always get it in writing. Also remember better deals are made towards the end of the month.

Also remember better deals are made towards the end of the month.

yup thats a good point...push them until the end of the month and you will always almost certainly get a better deal.

I made the huge mistake of paying first, and then trying to negotiate the chargeoff offf of my report. Have too negotiate before you opay.

The thing I dont get is, how can these companies call these chargeoffs, I also paid my card off first, and it is still showing as a chargeoff. Does anyone have a sample letter to get this off my Credit Report?

Was it charged off? If so, then it is reporting accurately. If you paid it after charge off, then the status of the account is still a Chargeoff but should have a notation on it ie, Paid in full, Settled in full, settled for less, etc. There really is no sample letter to remove accurate info.

thanks everyone for the advice, its appreciated!!

Couple of questions:

1. Why are better deals negotiated at the end of a month?

2. If an OC charges off a debt and sells it to a CA, can you still negotiate the late payments and negotiations on the account? It would seem that if you are negoatiating with the CA, they may not have access to change what the OC has reported to the agencies.

1) A lot of CA's set "goals" for their collectors at the beginning of the month, and then at the end of month collectors get paid commissions for meeting/exceeding their goals. As the month-end approaches, when they realize they still have a-ways-to-go to meet their goal, they will cut better deals just to get payments in-house to meet their goal.

2) In negotiating with a CA, you can really only negotiate them to remove their own tradelines. A CA has no control over the way an OC reports, and really cannot make any guarantees that the OC will change/remove its entry from your credit report.

"2) In negotiating with a CA, you can really only negotiate them to remove their own tradelines. A CA has no control over the way an OC reports, and really cannot make any guarantees that the OC will change/remove its entry from your credit report."

I think that depends if they are just used by the OC to collect or if they bought it and own it..in the second case definitly they can

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Guest-
Even if a CA bought it and owns the debt now, they still can't do anything about the OC's tradeline. A CA has absolutely no control over the way an OC reports, only the OC itself can change/delete its own tradelines. (Well, I suppose if the CA knew the OC's password to E-OSCAR, or hacked into their account at the bureaus, then the CA could change an OC's tradelines ... otherwise a CA simply cannot do anything about the OC). Albeit the OC would have to report a 0-balance because it was sold, but they could report it as chargeoff.

SD - I'm not sure if the credit score weighs paid-chargeoffs any more favorable than unpaid ones. I tend to think so, but nonetheless it is still a derogatory mark and lowers your score.

Now when applying for a loan/credit, it really depends on the lenders' underwriting standards. Some lenders only look at your score, and nothing else. In that case, they don't really see the difference between paid/unpaid chargeoffs, because they are only looking at the score.

At my company we really don't look at the score, we look at what actually makes up a person's credit report. When I underwrite loans, I do see the difference between paid & unpaid chargeoffs, and it does make a difference to me. When I see a paid chargeoff it tells me about a person's character - that yes, they had problems in the past, but they made the effort and eventually took care of their problems. And so I tend to make approvals regardless of their score or the fact they had paid chargeoffs.

DEBTCRUNCHER.......I REALLY like this statement.Quote: