How does negative credit history appear on your credit report once it's settled or paid off?

Question

I have 4 negative accounts. One I settled in November, and should already be updated to "Paid in Full, 0 balance". Another is, as of last month, "Settled in Full", and I have 4 more payments one one and a few more on a judgement. They are supposed to be updated as paid in full once final payment is sent.

After that, even though they will remain on my report, how much will my credit score go up, because with them as they are my score is currently around 613-632.

Will they still be reported under the "negative account" category on my credit report(s)? How do they appear?

Answer 1

Even if they are paid in full or settled in full, they are still negative remarks on your credit report. In time, the information will have less and less weight on your credit score.

If your account is paid in full and is not showing on your credit report, send COPIES of your statements showing the account as paid, and have them update the information. They will contact the appropriate agency to verify your information. Once verified they are required by law to update the information.

To be honest with you, for having that much damaging information on your credit report, you don't really have that bad of a score. I have clients with less negative information on their reports and lower scores.

You can always opt to undergo the credit restoration process. If you have learned your lesson about overextending yourself and living outside your means, then you should try it. You can do it yourself or hire a professional to do it for you. Like having a car fixed, it is usually better to have a professional do it for you.

If you have any further questions regarding credit issues, please feel free to contact me at [e-mail]