2 credit cards charged off, now want to pay them off

Account paid in full or as agreed is better than having an item marked as Paid, charged off. I know some companies will agree to mark your acct. favorably if you tell them you'll pay the balance or agreed upon settlement figure right away. I'd be tempted to get them to put it in writing first though, because me being the suspicious person that I am, would expect them to tell me what I want to hear to get the money, then mark the acct. any way they want. At least if you have what they agreed upon in writing, you can show this to the credit bureaus to get them to remove something negative.

Should I talk to the OC or the CA about paying them off and getting it off my credit report?

Account paid as full will make it seem better.

I would be tempted to talk to the creditor rather than the collection agency, because my fear would be that the CA would just tell you what you wanted to hear to get a result. The original creditor might be a bit more honorable.

needadvice

Read this post before you finally make your proposal to the credit company. I hear that your account is in charged off status. This makes me think whether the SOL on the debt is expired in your state. You will be renewing the SOL after making a small payment to this account. It's a good decision that you are paying off the debt. But think for once, if the SOL is expired and it is near the seven year reporting time, the account will automatically get off from your file after sometime. There will be slight improvement to your credit after paying this account because the account was already in serious negative shape. I will think from every point before paying off this debt.

1) Confirm the SOL of your state with the DOLA of this account.

2) Check the date of first delinquency from where the seven year reporting time is calculated.

3) If you are close to the seven year reporting mark and the SOL is expired, give a thought before paying to the credit company.

At this stage, I can only assume that since the account was in charged off stage, the company might have sold the account to some debt collector with whom you will have to work out arrangements. The original company won't be of any help because they may not have your file. You will have to work out something with the CA only if they have purchased the debt and given you the complete information about the account.

If the creditor sold my account to a debt collector, do the debt collector have the ability to authorize the removal of the negative marks on my report?

needadvice811, you can't get the accurate negative items removed from the credit file before the seven years. The federal regulations are explained in the Fair Credit Reporting Act.

I think you should talk with the company before they report anything derogatory to your credit. I know some companies will do fair reporting if you are doing regular payments towards your debt accounts.

Sorry this information is just not correct, or at least the likelihood of it happening in the way you are being instructed is next to none.

a) Once the OC sends it to a Collection agency, they usually have contracts stating they can no longer negotiate the debt...so you will probably have to go to the collector.

b) Charged off does not mean SOL has ran out. It simply means they have given up, wrote it off as a loss and most likely taxes.

c) the fact that it is charged off means they sold it to the collector witch confirms point "A"

d) anything ANYTHING can be negotiated. Which means collectors can report it any way they want. Point being if they wanted to show it as paid,never late they do have that power......getting to do so is another story.

Best course of action is Dispute validity with CRA if they verify, make sure it is accurate to the exact penny and day of reporting. If its off by even a cent, then you can sue for improperly validating an inaccurate debt.

I stop making payments on a credit card back in 1999. I recently review my credit report and I noticed that this credit card debt (delinquent in 1999) has being passed to many different collection agencies and that each time this happens the DLA changes to the date that the account was transferred, thus making the DLA seem more recent that what it really is 1999. Is this legal? Is this a loop hole in the statue of limitation? Is it true that this negative mark should be erase from my credit report after 7.5 years? But if the DLA keeps on changing this can be on my records for years...Please help.

Veronica, dispute with the credit bureau reporting it. The date of last activity should not change by any cause. Some companies are trying to fiddle with your information so that negative information can be reported for longer period. The negative remark should be removed after 7 years from the original date of delinquency, but this cannot be done if some company is changing the dates of reporting in your credit report. So, dispute the item with the credit bureau and get accurate information reported in your credit file.