Comment changes, settlement questions
Date: Mon, 06/26/2006 - 11:12
Legally speaking, there is nothing much to be done for removing
Legally speaking, there is nothing much to be done for removing accurate negative information from the credit file before 7 years. This is clearly explained in the Fair Credit Reporting Act.
http://www.ftc.gov/os/statutes/031224fcra.pdf
The reporting of charged off accounts begins from the date of first delinquency. The best thing that you can do from your side is to pay off the account and insist your credit company to report it with a positive note with the bureaus. It is up to them how they want to report your accounts. But you can gain their confidence after the account is paid off.
The account with LVNV Funding also requires the same approach. However, since this is a reporting from the collection agency, it puts a serious impact in your credit. If you can pay off the account, your credit can show a very slight improvement against the damage already done by this CA.
If the accounts are found disputed after verification, write letters to the CRA and request them to correct the records. Your credit should only present the actual standing of your accounts with correct information.
