What about if you paid the whole amount owed?
2007-02-19 04:13:49 · 5 answers · asked by Chaino 3 in Business & Finance ➔ Credit
Actually you can. I've done it. But here's the catch, I had to enlist some help. http://www.lexingtonlaw.com. If you want to go the do-it-yourself route, you could write endless amounts of letters to the creditors you paid to see if they would remove the debt out of goodwill. Lexington Law, these guys are GOOD, money well spent. I've had some charge offs removed along with some other things. And no, they haven't reappeared on my report. I'm sure that they can help you with your situation. They provide several different services in additon to discrepancy disputes.
2007-02-19 06:15:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi!
Common misconception..a paid off debt on the credit report is better than a unpaid. The sad truth is..it is not. In fact..by paying it off you have started the 7 year clock again..and that is not right..but that's the way things work.
Some may off to take it off of the report completely if you pay...but make sure you get this in writing. I should point out many break even the written agreement...it is a fact.
My advice? Don't even negotiate without first learning if the debt is "in statute" or "Out of statute". This varies from state to state..and only determines if or if not they could really take you to court over this. If the debt is out of statute..I recommend doing what I did..send them a cease further communications letter and file a complaint with the FTC and many others.
Also...learn your rights in the Fair Debt Collection practices Act.
2007-02-19 04:30:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Charge offs will remain for up to 7 years. Accounts that are paid in full may be removed it you request it of the credit reporting agencies. However, an account that has been paid off is usually an advantage on your credit report.
2007-02-19 04:22:20 · answer #3 · answered by Enchanted 7 · 0⤊ 0⤋
As the term charge-off includes the term charge, many people think term means cancellation of the account by the creditor. This means you cannot pay for anything with your credit card. But it not what the banks mean. According to banks and bill collectors, a "charge-off" is the point at which the creditor writes off the outstanding debt as a "bad debt." This normally occurs after 6 consecutive months of non-payment. From this point onwards, they do not consider your debt in their books as an asset.
2007-02-19 18:19:47 · answer #4 · answered by queen i 1 · 0⤊ 0⤋
i can't because i don't have know job. i did have good credit but someone in my family got my number and used it.
2007-02-19 04:39:03 · answer #5 · answered by bad girl 1 · 0⤊ 0⤋