Credit Bureaus killing me?

Question

I cleared all my debts in the mid of the year 2006. But still I see some of them says "Charge Off". I have info about the payments I did. What I have to do now. Its messing my credit score.. suggestions help me out please

They are not at all responsible to update my info. It has been an year now. I am really confused, what to do now

I didnt paid to the collection company. I paid to the creditor. I think the Creditor has its own collection department. No proper contact information for that.

Answer 1

You need to contact the reporting agency and challenge the post - you will probably have to prove that it is in error.

Answer 2

Negative information will remain on your report for 7 years. These accounts that are Charged-Off will remain on there for 7 years from the last delinquency date. So if you missed a payment on 1/2005, and paid it off on 7/2006, it will remain on there until after 1/2012. As long as the balance is reported as 0, it is correct. You will not be able to get it removed legally.

If the balance is not reported as 0, you need to dispute that and have the amount corrected. The good news is that over time these accounts will have less of an effect on your score.

Answer 3

A paid chargeoff or paid collection is little better than an unpaid chargeoff or unpaid collection. It's counterintuitive, I know. Some have even reporting seeing their FICO score DROP after a collection or chargeoff was paid.

For future reference, and for the benefit of anyone listening, NEVER pay a collection or a chargeoff unless you get a PFD (Pay For Delete) agreement or you HAVE to pay it. You might have to pay it because they have given the account to a lawyer meaning they'll sue, assuming it's within SOL. Or you might have to pay it because you're trying to qualify for a mortgage with a prime lender and they will demand it be paid.

If it was paid in full, then they are obliged to report it as paid in full. Balance $0.

Once it's paid, you can try a goodwill letter. Success is spotty. Odds aren't good.

Find out the DOFD, Date Of First Delinquency. It will remain on your reports for 7 years, give or take 180 days, from the DOFD--not the date you paid. DOFD is normally the date it went 120 days late. Take a guess, or call the credit bureaus. They have to store this info, and they are supposed to tell you if you ask.

Hop over to http://www.creditinfocenter.com discussion forums. Various ideas on how to get a paid collection or chargeoff deleted. Again odds aren't good. Persistency usually is what pays.

You could try disputing it as inaccurate.

Answer 4

Once a debt is a charge-off, it will be a charge off forever. It means the debt was written off and went to collections.... it was probably sold or transferred to a subsidiary.

Once you paid it, it will show as paid, but it still was a charge-off and will remain for 7 years.

Within 2 years of good history, your score will improve a lot, because the charge-offs will be old.

Answer 5

They will say charge of but paid and will remain on your report for 7 years after the last transaction, unless you can get a written statement that if paid off they will remove them from you report. Sorry

Answer 6

You want to make sure they update your record by showing that you paid. It is up to them to do. Call them up and say "I paid but now you need to update my account to show it's paid". If they don't do that, you can dispute the balance - you have the proof.
It will continue to say charged off but they need to show the balance of 0 - or paid charge off - or charge off but now paid in full. You've done your job last year and they need to report that to the rest of the world.

Answer 7

Getting a ''charge off" on your credit does kill you as you are finding out. And the CRA's - Credit Reporting Agencies - could care less. Experian, Equifax and Trans Union are paid by finance companies to purposely keep consumer's FICO scores in the toilet so you get hit with high interest rates. Then the CRA's get a kickback. You aren't the only one by far that this is happening too.
Go here: debtorboards.com
It's a great site that has forums you can join to get good advice on how to deal with the CRA's. I use it and have had good luck.
If collection agencies are after you go here: budhibbs.com. His site has good info on how to deal with those bastards. I have used his information to good success.

Good luck!!!!

Answer 8

write them saying that it has been paid in full and needs to be removed from your credit