I thought if you pay something off it will still stay unless you ask the company in writing to remove it. I also thought that some companies can say no and soem will say yes. Also this takes some time to happen. Is this all true or some parts of it? Let me know!
2007-03-25 06:57:18 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes, a paid negative item will remain on your credit report for 7 years. You can ask the company to remove the derogatory item from your credit report. Visit the website creditboards.com, it has a "pay for deletion" letter. Get the agreement in writing before you send them a dime. I suggest all correspondence between yourself and the company be done in writing only. They are less likely to stall on the pay for delete option when they can only communicate with you by mail. Some companies will say they can't or won't delete the entry, but if you're persistant that you will only pay the account in return for them deleting the negative tradeline, the company is likely to grant your request.
Good luck, and remember, before you send them any money, get the pay for deletion agreement in writing first.
2007-03-26 02:37:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You can request that the tradeline be removed upon payment.
A paid negative is still a negative.
Also, when a person pays, the account will be updated (updating is not re-aging) to make the negative account "look" newer than it actually is. Even though it looks like a newer account, it cannot remain on the credit reports for longer than the original running period.
If you are dealing with a collection agency - they make deals like that every day. Original creditors are harder to make deals with, though some do.
If you are past the collecting SOL, or near it, a collection agency will probably jump to agree to a pay for delete. Since you would be past the collecting SOL that would probably be the only way they could get paid and they know it.
If you are dealing with a collection agency, always send a debt validation letter before even thinking about paying.
Make sure the amount they are requesting is the true amount, that they have a legal right to collect on the debt, that they are licensed and/or bonded in your state (if your state requires it)
Send everything certified mail return receipt.
If they are reporting inaccurately, send a dispute to the CRA's when you receive the signed green card back from the cert. mail.
After they have "properly:" validated, you should send a letter requesting they delete everything from your reports upon payment.
If you are out of the collecting SOL for your state, you are not legally bound to pay. You have a right to send them a SOL letter that tells them the debt is no longer collectible (and to go away)
As for the time length, yes it does take time. You have to give them 30+5 days to respond to every letter you send (the 5 days is for the mailing of their response) You also have 30+5 days to respond to their letters.
You might click on my profile and do some reading in the links listed - to the FDCPA, FCRA, etc., etc.
Learn your rights and learn how to use them
2007-03-25 10:14:24 · answer #2 · answered by echo 7 · 5⤊ 0⤋
States collecting SOL have nothing to do with the reporting period. If the collector owns the debt and it is still within the reporting period, they have a legal right to report it. If they are reporting, they MUST report accurately. They cannot report, for example, past due, past due balance, open account, factoring company, 1 month terms, etc., etc., etc. If they are reporting and the original creditor is reporting also, the original creditor MUST report with a zero balance. You have a right to dispute any and all inaccurate info that is being reported by either the collector or the original creditor. One poster mentioned that the collecting SOL might be reset. The collecting SOL in Ca. "cannot" be reset once the account has been charged off - even if a payment or an agreement to pay is made. Once it's charged off - that's it. Code of Civil Procedure § 337(2). RNC, Inc. v. Tsegeletos (1991) 231 Cal.App.3d 967, 972 edit++++++ SCH posted that they can report the account forever - NO Once it has passed the legal reporting period it would be illegal for them to continue to report or for another collector to place it on your reports. If they do, you have a legal right to sue them for FDCPA, FCRA and California's own FDCPA violations. If you create a solid papertrail of their violations, you would more than likely win. Ca. has their own, very strong, version of the FDCPA, you should read it.
2016-03-29 04:10:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A company is allowed to report a negative item to the credit agencies for up to 7 years and positive items indefinatly. Yes, you can try to haggle w/ companies to have domething removed, however it does not usually work (depending on circumstances) First I would contact the company that you have the bad repor w/. then you can sumit a claim you can try to submit a claim to the credit bureau. Good luck.
2007-03-25 18:08:54 · answer #4 · answered by Jada515 3 · 0⤊ 0⤋
yes it will stay on there but that is not always a bad thing.contact the credit bureaus and ask if it is now showing a paid status.if not go back to who you owed the bill and force them to notify them ,if possible while you are standing there,that it is paid,you can also send proof you paid it and demand they mark it paid which is something positive.you can get negative things removed off your credit reports.its really quite simple.if you are interested please feel free to email me and i will tell you how.we recently spent a bunch of money to find out how when if you know where to look its really quite simple.you can also receive 1 credit report a year free from all 3 bureaus.just go to the following website.hope i have it right.
2007-03-25 09:09:05 · answer #5 · answered by mamanana9 4 · 0⤊ 1⤋
It stays for 7 years, regardless of whether you pay it off or not. The only thing that the company can do is say that the debt has been paid.
2007-03-25 07:01:27 · answer #6 · answered by Mirch 3 · 0⤊ 0⤋
yes you have to call the credit company to get the bill taken off your credit report. its not an easy thing to do and it will take some time, but be patient and it will happen.
2007-03-25 07:01:22 · answer #7 · answered by imromantic41 2 · 0⤊ 0⤋
It will stay on for 7 years. The difference will be that it will now show as paid where before it was showing as a default. Paid is better than default by a long shot.
2007-03-25 07:04:50 · answer #8 · answered by Faye H 6 · 2⤊ 0⤋
mostly it stays for 10 years I think
if they have made a mistake, maybe takes a year to enev see what it is and maybe another year and paperwork to fix it
banks and credit reporting moves SLOWWWWWWWWWWW
2007-03-25 07:02:52 · answer #9 · answered by Anonymous · 0⤊ 3⤋