I paid all credit cards off through a credit agency in 2003. I also paid this agency also..probably too much.

Question

How do I get these credit card companies to remove "bad" credit reporting. Most of them were paid in full, minus a small amount of interest. I am trying to raise my credit rating and don't know how to do this with these companies still reporting bad news. also trying to get a securtiy clearance and these are still popping up. HELP.

Answer 1

You are finding out the trap I've been trying to tell people for years now.....

Just because you pay off a collection account does not mean it will improve your credit score. All they are required to do is report that the bill is paid, but all information about late payments and charge offs will remain on your report. You paid the bill but it's still hurting you! Is that fair?

Note that there are only two ways a negative report can be deleted from your records.

1) The creditor must delete it
2) The creditor fails to respond to a dispute investigation from the credit bureau.

So, as Amanda states, you can file a dispute with the credit bureau and HOPE that the creditor doesn't respond back. But this doesn't happen that often, especially if it's a large collection agency. They are wise to this game.

And once you have paid this bill, you are going to find it extremely difficult to get the collection agent to help you. But this may be your only way to get this fixed.

Send them a letter and ask them to delete the report.

In the future, NEVER pay a collection agent unless they agree IN WRITING to delete the negative information from your history. Don't pay them a dime until they do!

Answer 2

First, what is it that is wrong? Is it showing a balance owed? If the balance is incorrect, dispute that.
Otherwise, a bad mark remains becuase you did indeed default on the original agreement.

And FYI, the "statute of limitations' has nothing to do with credit reports. The bad credit can only be on there 7 years and it doesn't 'reset'. If it is a collections, it can only be on there 7 years from the original default on the original account-- the first 30 day late payment (that eventually becomes the default) starts that ticker.

Credit history is a 7 year thing. You can pay off every bad item you want, but if you dont start new, good accounts than the bad stuff continues to haunt. You need to establish some accounts in good standing so that you can lessen the impact of the bad stuff.

Answer 3

You can't get these deleted. Although bad marks hurt your credit, they will not hurt as much a couple of years from now. Credit reports must show accurate credit history, whether good or bad. Even though your account are paid in full, how many times you were late or how long in between your payments is what's hurting your credit.
And you don't reset the reporting period for making a payment. Making a payment will only reset the statute of limitations for collecting the debt. And that's not the case.

The 7yr reporting period starts 180 days after the account becomes delinquent and is sent to collections (internal or 3rd party) or charged off.

Answer 4

You must understand that your credit is your "history" not whats going on now, but what has happened in the past.


The "paid" collections are supposed to stay for another 7 years becsuae you reset the statute of limitations.


You need to dispute the items with the credit bureaus if you want them gone anytime soon.


You an use this sample dispute letter:

To Whom It May Concern,

I am requesting that the following inaccurate items be immediately investigated. Please delete this misleading information in order to show my true credit history. By the provisions of 15 USC section 1681i of the Fair Credit Reporting Act of 1970, I demand that the following items be re-verified and deleted from my record.

Company Name Account # Comments
__________________________ ____________________ ______________________
__________________________ ____________________ ______________________
__________________________ ____________________ ______________________
__________________________ ____________________ ______________________
Under federal law, you have 30 days from receipt of this letter to re-verify these entries. It should be understood that failure to do so within a thirty day period constitutes reason to promptly delete the information from my file FCRA 15 USC s1681i (5)(A).
Also, pursuant to USC s1681i (6)(A) of the Fair Credit Reporting Act, please notify me when the items have been deleted. You may send an updated copy of my credit report to the address below. According to the provisions of 15 USC section 1681j, there should be no charge for this notification. Additionally, please provide me with the name, address and telephone numbers of each credit grantor or other subscribers that you contacted for follow up.
My personal information is as follows:

Full Name :______________________________________________________________

Social Security Number: ________________ - _______ - ________________

Date of Birth ____________________________________________________________

Current Address _________________________________________
_________________________________________
Sincerely,

_________________________________________

Signature

Date:____________________________________


YOU WILL PROBABLY HAVE TO DO IT MANY TIMES!!!


the bureaus make it as aggrivating as possible....

I tried and got a few removed using that letter and evenyually got so annoyed with the bureaus that I hired a company to do it for me. http://www.expert-credit-advice.com/credit_repair_service.htm


You say you need bettter credit for security clearance eh?

Will its not going to happen fast. The company I hired did help but it took almost 9 months.

Time is one thing no one has conmtrol over when dealing with the credit bureaus...


Oh yeah, here are the addresses, phone numbers and fax numbers for the credit bureaus if you want to try it yourself:

Current phone numbers

Equifax: 1-800-525-6285
Experian: 1-888-397-3742
Trans Union: 1-800-680-7289
CheckRite: 1-800-766-2748
ChexSystems: 1-800-428-9623

Equifax
P.O. Box 740241
Atlanta, GA 30374
800-685-1111
http://www.equifax.com
Fax: [phone]
or 1-866-233-3777

TransUnion
P.O Box 2000
Chester, PA 19022-2000
1-800-888-4213
1800-916-8800
http://www.transunion.com
Fax:[phone]
or 714-830-2449

Note: TransUnion allows you to dispute online without a file number as of June 2004. Simply go to their site and click on "dispute". Start the dispute process and just leave "file number" blank.

Experian
P.O. Box 2104
Allen, TX 75013-2104
1-800-682-7654
1 800 493 1058
1-888 EXPERIAN
http://www.experian.com
poss. fax: [phone]

Note: If you have been denied credit within 60 days go to www.experian.com/reportaccess and get a free credit report online and dispute items right then and there! No credit card needed- it is completely free as of June 2004.

Innovis Data Solutions (a newer 4th credit bureau)
Innovis Consumer Assistance
P.O. Box 1358
Columbus, OH 43216-1358
WWW.INNOVIS-CBC.COM
1-800-540-2505
Poss. fax: [phone]