Im paying settlement amnts on my credit cards which have been seriously past due for a cpl years. They are closing the accnt with the settlement payments, Im making great headway in the past 2 months, 3 are settled. Im very proud of myself, but I am concerned on how long it will take for my score to go up. I notice that the accnts I had settled are still on the report, saying charged off or what have ytou. How do I make sure these come off the report or at least show that I have paid them a fair amount to close it? I request a letter from each stating that I have settled, do I need to contact all 3 agencies with a copy of the letter stating I want that reflected on my report? I hope someone here knows what Im talking about and has been through the same thing . Plz give advice on my next step to ensure my credit report will reflect the progress Ive made Thx.
2006-07-18 18:39:34 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
If you are "still" paying on these, before you make another payment send a pay for delete letter.
If you have nothing in writing saying that they will delete after they are paid, they will probably only report that the account is a paid negative. Which will be just as bad as what you have now.
"Do not" send that settlement letter to the credit bureaus!!!!
I don't know if you are still dealing with the original creditor or a collection agency with the charge offs. I know some original creditors will hold onto a charge off and never sell - Cap One.
If you are dealing with the original creditor, send a debt verification letter then send the pay for delete. If you are dealing with a collection agency, send a debt validation letter then the pay for delete.
You might want to go to the site I've listed and do some reading in the newbie forum and then in the credit forum. You will find information on validation, verification and pay for delete etc.
All of the info on there is "free" to read and use.
2006-07-18 19:05:09 · answer #1 · answered by echo 7 · 1⤊ 0⤋
After you have payed off those accounts, you should see it reflect in your credit report. If you do not see that the account is closed, and no money owed - then you need to contact the account holders and request copies your account status that you can send to the three credit companies. The only way you can have the collections reports erased from your credit report is if you petition your account holders to make a correction to your credit report. They can go back and say they made an erroneous entry on your credit report. Otherwise those collections will count against your credit score for 7 years. Its not the end of the world though, there are companies that offer credit to credit risks. The interest and monthly payments will be higher, but you will be able to build on your credit score this way.
2006-07-19 01:47:59 · answer #2 · answered by Christopher B 6 · 0⤊ 0⤋
From many years of experience, and my advice...
Don't waste your time and your money, if its "CHARGED OFF" they aint going to fix it on your credit. What you want from them is a letter saying they will "DELETE" it from your credit report after you pay them... You don't want "PAID LATE" none of that... You just want it DELETED, or don't pay those bastads a penny, ya hear?
Your credit score will go up when you get these suckers removed. If they don't delete them go get your credit report and DISPUTE the charge, if they don't reply back in 30 days (they won't since its charged off) then the credit burou will dete it from your credit.
Best of luck!
Kosher1
2006-07-19 01:47:56 · answer #3 · answered by Kosher1 2 · 0⤊ 0⤋