Is there a service I should use, or are they a scam?
2006-12-18 06:15:57 · 16 answers · asked by Eric S 2 in Business & Finance ➔ Credit
I believe seven years, five if you reside in New York.
2006-12-18 06:18:20 · answer #1 · answered by Anonymous · 0⤊ 1⤋
This happened to me. We had heavy medical bills and asked five creditors to accept "interest only" for 6 months. They agreed and even volunteered to stop interest from accumulating so long as we sent a token payment ($25. a month). 3 out of the 5 pit us as a "charge off" with credit bureau. The other 2 did not, just accepted the payments and waited. We got a tax refund in month 5 and paid off the balances in full. The charge-offs remained on our credit record for 7 years!!! We tried to buy a house about 2 years after the agreement and this almost stopped us from getting a mortgage. Luckily I had kept all the records and cancelled cheques to show the bank/lender. We sent a letter to the credit bureau with all photocopies so they would know that the bills were NOT written off, that we paid in full. Problem is that , although the credit bureaus keep your letters and proof in their files, 95% of credit offices simply look at the initial response - they do not bother to look at the file further for explainations. I went to the credit bureau and they showed me that they had the letters and proof but they explained that they are not bound to force enquiries to look into the files further. The services that advertise to clear your file are, for the most part, a scam as all they do is what you can do yourself - photocopy proof and send to credit bureaus. Once again, this does not guarantee that the people will look at it. Write a lettre to the people you owe, make sure the date is on the letter when you write it and the date you promise to pay. After you pay your bill in full, keep copies of your cancelled cheque or bank statement to show that the bill was paid on or before the promised date. Then, at the time you ever apply for credit or mortgage or loan , show the company your letter and your proof when you apply. Be upfront with them so they don't have to search or ask you later. Good luck!
2006-12-18 06:26:38 · answer #2 · answered by Wifeforlife 6 · 1⤊ 0⤋
It stays on for 7 years after the date of last activity. It will show as being a paid charge off. The services are a scam. They have no power to remove negative information.
2006-12-18 06:18:04 · answer #3 · answered by I hate friggin' crybabies 5 · 3⤊ 0⤋
Do not use a service. They cannot do anything for you that you cannot do yourself. It will be seven years from teh date of last activity until something is off your credit report. Though it will look much better to have something paid off even though it was charged off. Good luck and remember the best credit repair is time and paying everything on time.
2006-12-18 06:19:10 · answer #4 · answered by Pysees 2 · 2⤊ 0⤋
If your bill is a charge off, then it's already been settled with the creditor. So why are you making payments on it?
Example: You owe a creditor $5,000 and can't pay that much money. You negotiate with them for a settlement payment of $2,000 (40%) and they accept. That's a charge off. You don't make any payments after the $2,000 is sent to them. They write off the $3,000 balance.
This activity stays on your credit report, and reflects negatively on you, for 7 years from the date of the charge off.
Credit services are a scam. You can negotiate your own lower interest rates, lower payments, and write offs if you need to.
This is for the USA.
2006-12-18 06:19:11 · answer #5 · answered by kja63 7 · 1⤊ 1⤋
It will stay on your credit report for 7 years weather you pay it off or not. If you pay it off it will show as charge off paid, but like i stated it will remain on your credit report for 7 years as a paid charge off.
2006-12-18 13:21:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
7 years
2006-12-18 06:18:00 · answer #7 · answered by ? 7 · 3⤊ 0⤋
It will be on your credit report for 7 years and will stop negatively affecting your score in 2 years.
2006-12-18 07:02:09 · answer #8 · answered by greekgirl 2 · 0⤊ 0⤋
If you pay it off and call them it will be taken off right away. If you don't contact them and ask for it to be removed then it will stay there as paid but still on your credit report.
2006-12-18 06:23:34 · answer #9 · answered by freakyallweeky 5 · 0⤊ 1⤋
so which you in simple terms sat on the table for fifteen minutes with out any checks being executed or checks finished? Did they get a temperature and weight on you? Did they decide what your project became? You owe the invoice and could be finding out to purchase it. You tried to pass out on it, yet they got here upon you. you need to have puzzled the invoice some time past. it relatively is going to take place on your credit checklist. you need to make preparations for a cost plant in case you are able to no longer have the money for to pay it in its entirety as we talk.
2016-10-15 04:36:44 · answer #10 · answered by ? 4 · 0⤊ 0⤋
It can take up to 60 days for it to show on your credit report as paid.
2006-12-18 06:24:15 · answer #11 · answered by Anonymous · 0⤊ 1⤋