I have paid off all my debts, how do I get the chargeoffs, off my credit reports?

Question

I really hate creditors.

I was fortunate enough to come into some money and paid off my $40,000 debt. This was in Feb. of this year.

Equifax, is showing several as charge offs. What can I do to repair my credit? I would like to remove the negative marks off my credit...any suggestions?

My banker told me to write the credit bureau disputing the negative reports. Is this true? Who do I contact to remove the negative reports?

thanks in advance.

Answer 1

It costs money to report to the bureaus, so most companies will not update the report. Go to all 3 bureaus websites online and file disputes. You will need the report # from the copy of your credit report and the account numbers. The bureaus may request documentation that they were paid. It normally takes 30-90 days for the update to be completed.

www.transunion.com
www.experian.com
www.equifax.com

Good luck, and don't get too frustrated!

Answer 2

For starters, you messed up bad.

Credit reporting agencies report what creditors tell them. The only way that information can be changed or deleted is if the creditor does it.

Once you have paid off your debt, you lost all leverage over the creditor. It's very unlikely that they will help you fix your credit once they have your money. The best you can hope for is they will show your account as "paid", but it will still reflect late payments, or that it was in collections.

What you need to do was send the creditor a negotiation letter saying you would consider paying off your debt, but only if the creditor removes all negative information from your report. They have to give you this agreement IN WRITING before you pay them a dime.

The only opion you have left is to use the procedure set in the Fair Credit Reporting act. That involves sending a dispute letter to the credit bureau. They will contact the creditor to verify if the information is correct. If it's confirmed, the listing will stay. If they don't respond back in 30 days, the listing is automatically deleted. This will remove some of the bad marks, but most will most likely remain.

Good luck.

Answer 3

Creditors have every right to put anything they want on your report for a minimum of three years, or longer. Scary-but true. That is why it is sooo importatnt to keep your credit healthy as the creditors have all the power to say anything they want with regard to your payment history. But, yes, it will remain on your report for as long as they wish. You can write them and ask that they remove their negative comments but I seriously doubt it. I had bad credit and when Mervyns was paid off they still put a negative remark on my credit report, I asked what was up they basically told me they wanted every other creditor out there to know I was a "bad seed" and it would be on there for as long as they had the right, indefinitely if they could. I was shocked, really bummed too. I paid them but they wanted to hurt me because I seemed like a looser to them, but I had been very ill and still they didn't care. Sorry for the bad news. You can write them and try anyway, it won't hurt!

Answer 4

Time heals all wounds when it comes to bad credit. If you've got no debt, open a few credit cards (they might not have great rates if you have past bad credit, but you don't have to use them).

An alternative is to have somebody who trusts you add your name to their cards. This will increase your available credit and give you an instant boost. It worked for me. This doesn't mean you should go and spend money on somebody else's card. In fact, they probably shouldn't even give you a card. Just get your name on there.

As far as I know, the only way to get stuff off a credit report is if it is inacurate. If everything on there is real, then you'll just have to wait it out. If not, write or call Equifax. Check Experion and TransUnion too, and get your score and report from them as well. It's important to check all three in a situation like this.

If you're old enough to have $40,000 in debt, you're old enough to find the phone numbers. Get to it!

Answer 5

I went down this road a couple years ago.First of all get a copy of your credit reports from all the agencies then call whoever you owed the money to and ask them why that is still on your reprt then file a disput with all the credit agencies,that's what i did and now my credit is clear and actually have good credit now

Answer 6

The charge-offs will remain on your credit report for "years". (That's why they call it a credit report, good or bad) Now you should be able to get the credit bureaus to update the charge-offs to "paid charge-off".

Answer 7

I used Lexington Law Firm, and it worked well. It is only $100 to join and $40 a month. They take care of all the letter writing.

Answer 8

W8 about 10 years, or move to Canada

Answer 9

All the info u need is here.