Credit report says multiple accounts written off when infact I have paid the ENTIRE amount to the collectors?

Question

I need help please. I as a student incurred many debts and 2 years back learnt that the accoutns were in default. I called up the banks (wells fargo, BOA and few others) only to learn that the accoutns had been closed or were referred to collection agencies. I contacted the agencies and inspite of being enticed to pay in part only I went ahead and completely paid off about 9000$ through 4 credit card accounts in 5 months. I requested them to report it as paid. Now when I go through my credit report after 2 years I see that they have mentioned the accounts as $**** written off! Is this something I can dispute. I did the best I could and paid off the amounts in whole. I don't have the receipts as the payments were direct debit transfers but I can order bank statements if I have to. I would really appreciate some inpute from you on the credit forum.

Answer 1

If you read through my past answers on Yahoo over the past year, you will notice that I have warned people over and over about this trap!

Paying off a bill that is in collections does NOT automatically get it removed from your report. At best it will show "paid" but it will still show it was in collections, had late payments, or was written off.

I suspect that this account was written off by the credit card company and sent to a collector.

You MAY be able to get this taken off through the dispute process. Give it a shot. Send a letter to the credit reporting agency. Also send a letter to the credit card company demanding that the validate the debt.

You don't mention exactly who posted this to your account. If it was the collection agency, they may only update it to show paid but won't remove it.

Answer 2

What I would recommend doing is getting a recent copy of your credit report (sounds like you may have done this already) and following the instructions given in order to dispute everything wrong that is displayed on your credit report- meaning go through the agency you received your credit report rather than Wells Fargo and the other creditors currently reporting wrong info.

By the way, if you don't have a current credit report you can go to annualcreditreport.com to receive a free report from experien, Trans Union, and/or Equifax once a year. This is genuinely free and a great program.

Answer 3

The original creditor probably DID write the accounts off, even if you eventually paid a collector, so the reports are probably accurate. In which case, you can dispute it all you want, but they will just put it back on there.

I had credit probs from college, too. Now, I've cleaned them up & I no longer borrow for anything - NOPE, NEVER! therefore, I couldn't care less about my credit score. I only check it to make sure no one has stolen my identity. I follow Dave Ramsey's "Total Money Makeover". I strongly suggest you read it.

Answer 4

NEVER pay the collection agency. Even if they agree in writing to remove the account from your report, they can ONLY remove the report that THEY submitted. The report from the ORIGINAL creditor remains. The original creditor can remove both.

Answer 5

Hi!
Even worse..by paying..you have started the seven year clock all over again on those records.

I have even heard of collection agencies promising in writing they'll remove the record all together if you pay..and then don't.

Bottom line: don't trust collection agencies.

Answer 6

Get you bank statements,that was crappy of them to try to get your credit damaged.Make copies of your statements and get in touch with your credit bureaus which are Equifax,Transunion, and Experian, p.s. try to save receipts on this major stuff as long as you can, U never know when people will try this kind of stuff on you, Also make sure it is really you on these accts and not someone else.
Good Luck...

Answer 7

Yes, you can dispute this...
If you have a login I.D. go to:

https://partner.experiandirect.com/Premium/Login.aspx?sc=655900