When does your credit report get better?
okay--I am going to try and tackle this one. Quote:Lets say i
okay--I am going to try and tackle this one.
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Lets say i owe 3grand to verizon wireless, and another company bought the account, and now i owe that company 3g. So the verizon wireless and the other company are on my credit report as negative items. |
Are they both reporting on you, because they both can't report on you at the same time. I have learned this and got it resolved on my husbands credit report. Only one can report. You can't get double wammied like that.
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If i finish paying off the 3 grand i owe that third party company, when will it clear up on my credit report? |
At best it will show as paid but will not come off of your report until seven years. But it showing as paid is better than it not being paid. You can't do anything to make it come off your report before the seven years, paying it is the best you can do at this point, and getting them to report it as paid.
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and will the verizon wirless item clear up also? since i paid that company? |
Okay---no, Verizon will still be on your report. If they sold it to a collection agency, then it should show up as 'paid' or 'sold'. They can not both report on you at the same time. so since you have a collection agency on your report, verizon should not be reporting. But they will not 'go away' until the seven years are up.
No one can 'remove' this stuff except for the credit bureau and they won't until seven years is up. THe only way you can get one off, is if they are both reporting on you. THen you have to dispute it with the credit bureau and if they find, through their investigations that they are both reporting, they will adjust it accordingly.
Hopefully I have explained this correctly to where you can understand it. The very best you can do, is pay it and get a 'paid' posted on it. hope I have helped. Shirley
how do you get them to report it as paid? after you pay it all o
how do you get them to report it as paid? after you pay it all off i assume? or is there such thing as being paid? i guess being paid wont make much of a difference cuz it will still stay on ur report
The original debt that is with verizon, will go off of your repo
The original debt that is with verizon, will go off of your report in seven years--so seven years from when your account was closed. If it was 2003-it will be 2010.
Now on the account with the collection agency---if you pay it in a lump sum you would be better off and it will be off in seven years. If you make payments, then it will cause the SOL to renew itself and will stretch the seven years out longer. Hope this makes sense. Shirley
ohhh i see. thanksf or your help. one more thing, lets say i pay
ohhh i see. thanksf or your help. one more thing, lets say i pay off the collection agency right away..will they say its paid charge off on my credit right away? which will help my credit score some? and then after 7 years from final payment date, it will disappear? and that will help my credit score even more?
i donated 10 points to u! =)
Quote:how do you get them to report it as paid? after you pay it
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how do you get them to report it as paid? after you pay it all off i assume? |
whether you decide to pay it in payments or pay it in a one lump sum...upon paying it off, you can write collection agency to make sure they agree to report it as 'paid' off before making your last payment. Then after paying it off, you can report to credit bureaus yourself that the debt as been paid off and get them to investigate it, they will adjust your report according. shirley
Quote:lets say i pay off the collection agency right away..will
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lets say i pay off the collection agency right away..will they say its paid charge off on my credit right away? which will help my credit score some? and then after 7 years from final payment date, it will disappear? and that will help my credit score even more? |
Correct! by Gosh, I think you got it! :D Shirley
do you think the collection agency will ever screw you over? and
do you think the collection agency will ever screw you over? and not give you the paid or paper work to file with the credit companies? have you heard of Pinnacle Credit Services?
well, this is why alot of times, its suggested that you write co
well, this is why alot of times, its suggested that you write collection agency to ask for validation, to make sure they really do have the account. I am in a tail spin right now with a collection agency that was taking my money but wouldn't respond to any of my letters, or my request for a statement showing that my payments had been applied to the balance. To start with, I sent money orders, then had a gut feeling--I don't know why--but decided to send a check so I could watch it through my banking account to see if they cashed it. It took them three months to cash my check and that was AFTER I threatened to report them to the BBB. I told them I wanted my money back or proof that they had applied my payments. I never heard one word from them. I stopped payments and wrote and told them to contact me, that I wasn't sending them anymore money until I heard from them. They still haven't contacted me. I am disputing the credit bureaus about them now.
so make sure you contact them before sending money and make sure they will report it as paid upon receiving your last payment. If they don't report paid to credit bureaus, you can contact the credit bureaus yourself and get them to investigate it. They will show it as paid upon finding out that it has been. shirley