2006-09-14 19:47:38 · 6 answers · asked by emil g 1 in Business & Finance ➔ Credit
with a charge off they can call you all the time, ruin you credit report, and eventually sue you if they want
2006-09-15 03:40:31 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
Well . . . It has most likely been reported to the credit bureaus already. You'll get calls from collection agencies now. You may be able to negotiate a deal with them that would include the removal of the previous report, but it usually doesn't happen.
The collections agencies purchase debt in bulk from companies. They take a huge risk, knowing that they'll only collect about 5% of the debt they purchase, but they still make a profit.
The collections agents that usually call are working from home and are paid on commission. They don't always follow the rules, and they'll say anything in order to get you to pay. Tell them to put you on their do not call list.
Depending on what you're trying to "do" with your credit, you can decide what to fix if you want to improve it. If you're trying to buy a house, make sure that there are no outstanding debts to landlords, etc,...
The past two years are always going to be the most important. If you open a couple of secured credit cards or "bad credit" charge cards, your credit will gradually improve if you continue to make payments on time.
2006-09-14 19:57:29 · answer #2 · answered by Dallas Jordan 1 · 0⤊ 0⤋
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2006-09-18 00:32:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The charge-offs will remain on your credit report for the next 7 years and it will lower your fico and work against you in terms of credit.
2006-09-15 00:41:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you mean written off? well you are a freeman but one setback is that you have a record already and might be having a hard getting any other loans or even getting an immigrants visa,all countries have access credit management association, you might as well learn now how to pay everything in cash.
2006-09-14 19:54:39 · answer #5 · answered by rt6635 1 · 0⤊ 0⤋
i have had them try to collect 15 year old debt. i didn't even talk or write back then the collection agency sold the debt to another agency i didn't talk to them or write back have heard from any of em in two years now they know legally they can't do any thing debt way past limitations
2006-09-14 21:13:09 · answer #6 · answered by moonwalker 3 · 0⤊ 0⤋