Charge offs...Getting them removed...

I don't know if every company is different, but my fiance asked Providian to remove the several charge-offs they put on his credit report in EXCHANGE for paying everything in full. They agreed to it, so I guess it can be done.

I don't see why it wouldn't be possible, so certainly give it a try and ask them. Most likely they will agree to it because they want that money they originally thought they were going to lose!

Hi JohnFish

Welcome to the forums. If you pay an old charge off debt, it will not be removed from your credit report.

The "charge off" will be updated to a "Paid Charge-Off," if you pay the debt, which will be slightly better than the previous one. But, it will remain in your credit report and no private agency can get it removed from your credit file.

Regards
Roxette

How long do charge-offs remain on your credit report?

Hi GWN

Welcome to the forums.

Charge off account remains in the credit report for a period of 7 years hurting your credit file.

But a paid charged off account is better than an open charged off account. It improves your credit file slightly.

Regards
Roxette

if you had a charge off and you pay it then can the origional company come back and try to collect even if they charged it off over 6 years ago. they did not even have a record of it when i tried to pay it a couple of years ago. finally the creditor that bought the account had it and i paid them the charge off. what to do?

Hi Duane

Welcome to the forums. Once you have paid the charged off debt, it should have been updated to the credit bureaus as 'Paid Charged-off'. Please check your latest credit report to see the status of the said account.

Have you kept the receipts of your payments made? You can show them as a valid proof of your payments made.

Regards
Roxette

I just recently paid off some old charged off accounts, in order to get a home loan. My credit file was updated as "paid charged off" as Roxette said. Sometimes the companies don't update your credit report quickly or accurately, so it really pays to get a copy of all 3 credit bureau reports. You can report each error to the credit bureau and they contact the companies to update. I have found this is quicker than calling the company myself.
Even though a paid charged off account is still negative, the loan company was able to give me a better interest rate after paying them off. hope this helps :D

Great TrinaH

Your hard work has been paid. Enjoy the lower interest rates now.

If you really want to earn the lowest rates of interest, then you will have to stress on making timely payments within the billing cycle. No doubt, you will be rewarded thinking in long terms.

Thanks for the update.

By the way, would you like to join our community? It will be a pleasure.

Regards
Roxette

Do I contact the original place I open the account with or the collection agency about the pay off amount?

Richmond

As your debt is charged off, the collection agency is surely holding your debt. You have to arrange a payment plan with them and pay it off.

Once you have paid the debt, the collection agency is required to update your account with the credit bureau as 'Paid Charge off'.

Regards
Roxette

The ones that are not with a collection agency, would I then contact them (ex: jcpenney).

thans

Wilhemina Richmond

Yes, you would want to contact whoever is holding the account...ie, JCPenny. They might even be willing to work some time of payment aragement with you. They may even be willing to bargain a lesser payment.

To find out what active debts are on your record, I would recommend getting a copy of your credit report. JCPenny may show is as write off, or sold to a collection agency.

Remember, soon as you pay off the account your credit score will start to improve...which will lead to a debt free life.

Regards-
Mike

How do I get duplicate reports on my burea deleted off. thanks

Hi Richmond

I am assuming that duplicate entries are shown in your credit report. If this is the situation, then you will have to dispute with the bureau reporting the error.

Before you dispute the debt, you can compare the reports from the three bureaus and confirm the error. You can highlight the item in mistake and send the copies of your proof to the bureau. They will conduct an investigation with your information providers and verify the entry.

If your dispute is found to be accurate, they will rectify the error and send a free copy of your report at your mailing address.

Regards
Roxette

how long do a charge off stay on your report is it 7years after you pay or 7 years. Is the you go by is the opening date or reported date.

thanks

Hi Richmond

Accurate negative information stays in your credit report from the date of opening the account. If the debt is charged off, it will be shown in your credit report from the date of opening of the account.

Once you pay towards a charged off debt, the SOL is renewed and duration of negative information staying on the report is increased.

Regards
Roxette

What do you mean about sol renewed and duration staying on the report is increased.

thanks

Depending upon each state, there is a statute of limitation for legally collecting the debt. If your debt goes past the SOL period, the collection agency cannot legally take any actions against you or force you to pay the debt.

But they can try every possible action to collect the debt with the SOL period.

Sol is calculated from the date the account became last delinquent. If you do not pay anything to your account and it goes past the SOL period, you are not required to pay the debt.

But, the date of SOL gets renewed if you pay anything to the account and will depend upon next delinquency.

In which state did the account have last activity? This will help in determining the SOL

Delaware is the state last activity. thank you very much

In Delaware, the statute is for 3 years.

What would be the best way to pay off your bad account
check, money order, certified check, or western union

thanks

Hi Wilhemina

Welcome to the forums.

When you are making payments to your creditors for your past accounts, please be aware about their reputation in the business. You need to be cautious while dealing with those companies who can use your banking information illegally.

Payment by any method is better as long as you are sure that it is getting towards your debt account and you have a receipt of this transaction. You also should have details of the address where the payment has been made.

Regards
Roxette

Should I also include a letter of some kind in with my payment. also should I make sure the account number of that account be written on check, money order, etc. also should I ask them to send me a letter stating that the account is paid in full. thanks a million

Yes, you can send your payment plan with it. Account payee checks are surely the safest method of getting the money deposited into the other party's account.

During your negotiation and before you make the payment agreement, they should assure you in writing that once the amount is paid in full, it will be reported with the credit bureaus. They should not mind putting it in writing.

Regards
Roxette

Should I request the letter in writing from they before I send the payment.

Richmond,

If you get anything in writing from your creditors, you will be able to prove it if required.

Regards
Roxette

How long after I pay the bills do pull another credit report to see if every thing be updated

Hi Wilhemina

Usually the creditors report your accounts within a period of 30 days to the credit bureaus.

If you pull your credit report after this period, you are likely to see the positive effects.

Hi

After my divorce I have been dealing with rejections for credit since 2002. I have decided to pay some off in full and others as settlements. I recently paid a settlement for less than what is owed in Dec. thru a collection company called NCO financial. I also made a payment plan for a settlement on another credit card which will be finally paid by the end of this month. When I asked them to send me a settlement agreement first they said, "dont worry about it we do this all the time." Should I be concerned that they are not going to report to the 3 credit bureaus as a charge off paid?

I have a medical charge off that is too high for me too payoff or settle. Doesn't collections never go away until paid or settled? Debt made and never payed in 2002 says open 2004 on credit report?

Any negative credit - excluding bankrupcy - by law must be taken off your credit report after 7years of its last active date (this is either when it was put on , or when you last paid it),but that does not make to debt go away.Even if your account is charged off ,you still owe the money.Have you considered consolidation?

Litlspi

If this debt is past the statute of limitation as per the laws in your state, you don't have to pay it and the collection agencies can be forced to leave you aside.

But, remember, the debt will still be there and any payment agreement or a payment towards the account will activate the SOL period from the beginning. If it is done, the collectors will now get the legal rights to recover the money from you.

What is the date of last activity in this account? Also, let us know the state where this account was opened? We will let you know the latest status of this account before you take any step further.