Paying off Credit Card Debt..NEED HELP 911!!!!!!!!!!!!?

Question

I am 23 and I have a total of $2,000 in credit card debt and medical bills. I want to pay all of these things off, but at the same time I want it off of my credit report once I pay it. The question I have is, if I place in the memo line of my personal check "upon cashing this check parties agree the balance is paid in full, and collector agrees to take negative information off of my credit report", do you think that the companies will cash the check, and if so, is this considered a "Written" Agreement, and can I use this so that I can get this info off of my credit report. Like I said, I want to pay these items in full, but I also want them off of my credit report. If you dont think this will work, please list a alternative route. Thanks

Answer 1

It'll stay on your report, but show that it is Paid In Full.

THEY have to send YOU a letter though, a "resolution of debt" letter. And you have to pull your report to make sure that they reported it as paid.

Answer 2

First, your memo line idea will not hold up in any court. Period. Generally, the company will take the necessary arrangements to your credit report.

Second, it can take several months for your credit report to reflect a paid account. However, it should be noted that all accounts stay on your credit report for 7 years--sometimes longer. The only thing that will reflect on your credit report is the fact that you have paid the account and its current balance.

Answer 3

Firt and foremost, if a collector agrees to take a set dollar amount as payment in full for a debt GET IT IN WRITING FROM THE COLLECTION AGENCY. Send them a cashiers check, so that they do not get the routing number and account number to your bank and try to debit any other "miscellaneous" funds they may see fit.

The accounts will appear as paid collections on your credit report. The actual line showing the account was in collections will not go away but shows you paid for it.

Answer 4

I would pay the bill in full and then check your credit report to see if it is taken off in approximately 30-60 days. If it is not then write a letter to the credit issuing companies and they will have to investigate by policy to check the validity of your claim that you have paid it in full. There are tons of templates and forms for letter writing at credit agencies. Check this blog post out:
http://savingwithme.com/2007/05/03/how-to-dispute-any-item-on-your-credit-report/

And check out this credit discrepancy letter:
http://office.microsoft.com/en-us/templates/TC010175531033.aspx?pid=CT101467971033

Answer 5

O, they don't work that way. Contact the creditors and ask about what they can do to help you. If not, to with a credit counselor.

You're inluck, $2000 is nothing and at 23 you can work at getting your credit built back up in no time.

Answer 6

Sorry, but that won't do the trick.

I would call the creditor and tell them you are ready to negotiate the pay off balance, but only if they delete them off your report. They will usually agree to do it if you pay it off by check over the phone. I did this and I was faxed a letter, signed it and faxed it back. That way the company and you both have something to protect yourselves.

Answer 7

I used to be a credit collector, if your bill is in collections, they will normally rereport it so that it will be taken off your credit report. It's that simple, it may take a few day sto go through though. Hope this helps~!