Is there are way that I would be able to negotiate the removal of a collection from my credit report?? Maybe if I tell the collection agency I will pay if they remove it from my report? Or would it be easier to pay and then write the credit bureaus and say that the information is incorrect because I have paid?? I have the money to pay off the collection agency but I want to make sure that my credit will start to get repaired, so I dont know if I should only pay under the terms that it is removed or what....ALSO...
If my account for a credit card has been charged off and sent to a collection agency is there anyway to have it removed where it says: Account charged off/past due 150 days if I pay it? Can I still negotiate with the actual credit card company or is it too late since it has been sent to collection?
I am trying to get my credit fixed on my own. I am now able to pay most of my debt, and want to have GOOD CREDIT instead of just paying off my debts. Thanks!
2007-01-27 11:20:52 · 8 answers · asked by Kate R 1 in Business & Finance ➔ Credit
I meant I want to have good credit instead of my credit report just saying that I have paid off my debts (they would still be on there, and have a negative effect I believe)
2007-01-27 11:22:39 · update #1
yes you can negotiate with them, my husband did, he asked them if he paid the full amount if they would take it completely off his report and they did. Just make sure everything is in writing first.
2007-01-27 17:38:32 · answer #1 · answered by sweetjenv23 3 · 1⤊ 1⤋
Okay. Here we go:
All negative information (collections, charge-offs, etc.) will remain on your credit report for 7 years from the date of last activity. For example, if you were considered 180 days past due in December of 2006 and it was turned over to a collection agency, it would be 7 years from 12/06. It will NOT be re-dated for when you actually pay the debt.
Having said that, once you pay the collection, it will still have to run its course for the 7 years. The collection agency may contact the credit bureaus and let them know that it's been paid. It will be noted as such on your report until it falls off completely.
Any negotiations that you do will be between you and the collection agency. When the original creditor sells the debt to the debt collectors, it belongs to the collection agency.
I hope that helps!
2007-01-28 07:29:24 · answer #2 · answered by YSIC 7 · 0⤊ 2⤋
Your first inclination was correct. It is a known fact that the credit bureaus hate it when collectors remove a negative item that is legitimate. However, it is also quite common.
Many collection agencies will agree to eliminate any negative entry on your credit record. They usually require near full payment on the debt. If you settle for far less, then they may be hesitant.
If you can successfully negotiate this, good for you. Just be sure you get the agreement in writing. Collection agencies break the law everyday. Don't think they won't disregard an oral agreement.
2007-01-27 11:28:23 · answer #3 · answered by Anonymous · 2⤊ 1⤋
No, the collection will remain on your report ,however it will say paid. Negative marks on your credit stay on your report for 7 years from date of last activity. So if you had something on there and you only had a day before it is to be removed and the company runs a check or looks at your account, then it will be another 7 years from that date. This is a terrible thing but what I would suggest is that once you pay and everything is satisfied on that account, don't call to inquire on it ever.
2007-01-27 19:00:09 · answer #4 · answered by Candygirl 1 · 1⤊ 1⤋
Who are you planning to call? The hospital that billed you or the credit reporting agency? Once the hospital reports something to the credit agency, they can't revoke it. If you want it removed, you need to negotiate that with the agency that generates the credit report, not the company that billed you. You may be able to get the company to agree to recommend to the reporting agency that it be removed, but it's not in their control. It will be very difficult, but you have nothing to lose so go ahead. Good luck.
2016-05-24 06:53:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can't have the collections removed right away. Most credit reports completely regenerate every seven years. The collection accounts will show as satisfied.
My advice: pay off as much of your debt as you can. Keep any and all accounts in good standing - meaning current, and don't let them get out of control, and your credit will show as GOOD soon enough.
2007-01-27 11:53:09 · answer #6 · answered by zippythejessi 7 · 0⤊ 2⤋
Anytime a collection agengy is used to collect money, it will go on your credit report. If you paid it, it will show as a paid debt and not be has "negative" as not having paid it. I am not sure how long it stays on there though. Good credit comes from paying on time. Dave Ramsey is a good person on debt. He has lots of books out and has a radio talk show. Good luck.
2007-01-27 11:30:37 · answer #7 · answered by TennesseeChicky 5 · 0⤊ 3⤋
Any reputable company will report to the credit bureaus accurately as is required under fcra. Any deviation from that can be considered 'selling a deletion' and is illegal.
If it's past 90 days it will reflect as such. If it's paid in full it will say paid in full. If it's settled it will reflect as settled for a lesser amount.
2007-01-29 12:58:49 · answer #8 · answered by siren381 2 · 0⤊ 2⤋