How does OC show on CR if settled with CA
Date: Wed, 05/19/2010 - 23:24
Thanks in advance for any help
Quote:Originally Posted by travisvn1If I settle with a Collectio
Quote:
Originally Posted by travisvn1 If I settle with a Collection Agency for a certain amount, say $700 on a $1000 balance with the condition that it is deleted from my credit report. Is the original creditor also deleted form my credit report or what would it show? Thanks in advance for any help |
It'll continue to appear as charged-off. The collection agency would remove their part from the report. But they can't alter any information other than the one they have reported as they don't have the authority.
Honestly, the 'pay for delete' is more effective when the accoun
Honestly, the 'pay for delete' is more effective when the account is still with the original creditor. As the above poster has mentioned, the CA might remove the item from your report but the OC would continue reporting it as charged off.
Regarding the settlement issue, I'ld advise you to negotiate fur
Regarding the settlement issue, I'ld advise you to negotiate further and lower your settlement amount. A good negotiation will allow to settle your debts by almost 60% of your original outstanding amount.
Since your account is with the collection agency, so the Pay for delete will help you much since the collection agency will remove its account from the report but the account from the original creditor will not go. It generally remains as 'account charged off' in the credit report for 7.5 years.
You can try to contact your original creditors and see if you've some luck. Who knows, you might be able to make them agree to your request.
