Credit reporting
Date: Thu, 06/01/2006 - 08:23
Yes they both can and usually will report. But you may be able
Yes they both can and usually will report. But you may be able to negotiate with the collector to remove their information from your credit file.
Reporting
Jessi,
Are you referring to having the collector to remove from the credit file once I have paid in full? They told me that they would update the original creditor that I paid in full after charge off. I would like for the original creditor to report paid in full and not the collection company, do you think this is possible?
It is worth a shot. Get everything in explicit writing though,
It is worth a shot. Get everything in explicit writing though, sometimes these guys have a way of being tricky about things and backing out later on. Get everything spelled out in black and white.
help03 Get in touch with the original creditor and see if the
help03
Get in touch with the original creditor and see if they still have the accounts with them. I am assuming that they have not sold off your account to the collection agency. Under these circumstances, when you have paid off the account, it will be marked as 'paid charged off' in your credit file. If a CA has been hired for this purpose, they won't appear in your file after you have paid off. But, during this time, you might have both the companies reported in your file with different statuses.
Please go through the link for more information on Fair Credit Reporting Act.
Repair
Curlycarl,
If my account is with a collection agency now due to charge off wouldn't that mean that the original account was sold off to them? It is a paid charged off but I am cleaning up my credit report and hoping that this will reflect better on my credit report that I paid it off.
A creditor will not always sell off a charged off to a collectio
A creditor will not always sell off a charged off to a collection agency. They can hire a CA for a recent charged off account.
You can verify the actual status of the account by contacting the creditor or viewing the account in your latest credit copy
The charged off account will be shown as 'paid charged off' in the credit copy. Although, charged off is a negative mark that has tarnished your credit already, a paid status will improve your scores slightly. Paying off any account is better than not paying anything. It boosts up your credit even if there is a negative remark.
Read this informative book on improving your credit scores.