question about write offs on my credit report?

Question

some of my accounts say that they have been written off...ya i havent been the best with my credit but now that im a MAN...im trying to take care of my business but i need some advise....should i call the company whom lent me the money (capital one) or the collections they have chosen and ask them if i pay in full will they have the ability to erase off my credit report...and also...other past due accounts which i have already paid off...do i have a chance of calling them and having them erase the "bad" debt thanks and god bless

ohhh ya one more thing....how can i start over and build my credit up again?? thanks again

Answer 1

It's rare that Cap One uses an outside collection agency, but it does happen from time to time. Whether it's an outside collector or an in-house collector, you can still request a pay for deletion.

Cap One will "never" agree to delete.

If Cap One has placed the account with a collection agency and the collection agency is also reporting, Cap One MUST report a zero balance.

NEVER speak with the collectors on the phone.
You will have no paper trail if they trample your rights, you will have no leverage if they fail to do what they claim they will, etc., etc., etc.
Always do everything in writing, never sign the letters (print your initials or type your name) and send the letters certified mail return receipt.

Before you start talking payment there is a few things you should do first.
Order your credit reports (if you haven't already) and check them over for ANY inaccurate information either the collection agency or Cap One may be reporting.
Check the collecting SOL for your state - if you are past the collecting SOL you have a legal right to not pay and to send them a SOL letter. Or, if you are past the collecting SOL and want to pay, you can request to pay far less than you normally would have requested (since your offer to pay is the only "legal" way they can collect)

Then send a debt validation letter to the collector.
Make sure the amount they are requesting is the legal amount, that they are licensed and/or bonded in your state to collect if your state requires it AND that they have a legal right to even collect the debt. (collectors have been known to illegally inflate amounts, to not be licensed/bonded when the state requires it AND they have been know to try and collect on accounts they have no legal right to collect on)

After you get the green card back from mailing the validation letter, file disputes with the CRA's for any inaccurate info they are reporting.

When the collector properly validates, you are still within the collecting SOL (or past it) and you want to pay, you might want to send a pay for delete letter. Request to pay a portion of the debt as "payment in full" and that they will remove anything they have placed on your reports upon payment.

Never send a payment unless you have it in writing from them that they consider the debt "paid in full" and that they will agree to delete (they make deletion deals all of the time, since it usually means they get paid)

Never pay by personal check. Only pay by money order or cashiers check.

Keep that letter safe "forever" for a couple reasons.
If you are still within the collecting SOL or if your states SOL statutes allows an accounts SOL to be re-set upon a written agreement to pay - the collector may try to file suit even though they considered it (in writing) paid in full.
Also, you never know if another collection agency will suddenly start trying to collect on the full debt or on the remaining portion (yes, even though the collector agrees that it is paid in full, it's been known that they sell off paid debts to other collectors)

You might click on my profile and do some reading in the links I have provided to the FDCPA, FCRA and also do some reading in the last link I have listed.


As for rebuilding, much depends on your reports and scores. If you have positive accounts and the age on them, if all you have are baddies and the age on them, etc., etc., etc.

If your scores are somewhere in the 500's and you have few positives, you might have to start with secured cards. You can check with your bank or credit union to see what they offer. Also check with Orchard or HSBC.
Stay away from the super subprime cards that have fees that almost match the credit limits.

If your scores are in the upper 500's low 600's, you might check your bank/credit union. Also try Orchard/HSBC and try a few store and/or gas cards (Walmart, Chevron, etc)

Without knowing how good or bad your reports/scores are, the above are ONLY suggestions.

You might do some reading about rebuilding on the last link I have listed in my profile

Answer 2

I think you are talking about negotiated payment history's. It doesn't actually erase the debt from your credit report completely. In such a case a company will agree, in writing, that if a payment is made in full they will change your credit report to a neutral rating. Basically, it will show your account at Capital One with a zero balance but no payment history information will be listed. It won't show that you made any payments late, but it also won't say that you paid your bills on time either. What you are speaking of can be done, but it is very dificult. Most large companies don't offer this service either because it is against their corporate policies or the person you are working with doesn't have the proper clearance to do so. If everyone made such deals to customers they would have no way to correctly evaluate your credit worthness. You can try it, but most likely Capital One will say no. If they do, your next best option is to settle the debt with Capital One for a fraction of what you actually owe. They would rather get a portion of your bill than nothing at all, and a large portion of that bill is probably interest charges and late payment fees anyways. Your credit report would reflect the account as "settled/paid", still alerting future creditors that your account was once very late, and that you made an agreement to only pay a portion of the balance due. This is still way better than a collections account with an outstanding balance.

Answer 3

Well I would let them be since it is going to be several years before you buy a house. They do fall off after 7 years. I know this because I had been in a mess for years and they just slowly disappeared. It is against the law for old bills to keep being reported over seven years, just because they keep getting sold to other companies. If they continue to do this you need to report it.They are definitely violating the law. I am sorry I can't remember the name of the place to report it to. But I am sure you can ask the question on here and someone can tell you. Yes IRS can remain. Do not contact the credit companies. There is a statue of limitations on debt in each state, I know in California it is 4 years on CCD. If you contact he debtors they can start the statue of limitations all over again. You can look it up on the internet and see what the statue of limitations is in your state. Just look under Statue of Limitations.

Answer 4

Don't pay in full. Whether you pay your debt in full or you settle it for 40%, it will have the same results on your credit report. And it won't be erased either way.

Answer 5

pay your debt (in full or settle), then correct your credit report. you can't change history but your can correct bad information (you can't change a late payment, but you can change the amount due (ex $1000 balance is now $0).