In November of 2005 (right after my husband and I deployed to Germany) a collection agency started reporting a charge-off to Experian. In March of 2006 I paid the collection agency in full and it still says charge-off. Is it possible that they could post this as a charge-off? What is the time frame that it must be in collections before it becomes a charge-off? Is there any way to get around this? Especially since technically my husband and I are deployed? Please help someone!! I don't want to have to live the next 7 years with bad credit!!
2007-10-08 05:27:22 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Even if you paid it in full it will still show on your credit report for 7-years. It should simply show as paid with $0 balance.
As long as the information is correct, it can not be removed from your credit report.
You should have asked for a pay for delete agreement before you paid this account.
2007-10-08 05:41:25 · answer #1 · answered by ? 7 · 4⤊ 0⤋
The account was charged off by the original creditor before he sold the account to the collection agency. Charge off is an accounting term. The creditor removed it from their books and took a tax credit for the loss.
If the account show as being charged off by the original creditor, that is an accurate report. It should also show that you paid it off.
This is a negative and will stay on your credit for 7-1/2 years from the default date. However, a paid negative is much better and as it gets older, it will have less impact on your score.
Remember your credit is more than just your score. Creditors do look at the whole report.
2007-10-08 05:41:38 · answer #2 · answered by bdancer222 7 · 0⤊ 1⤋
Write to Experian and ask them to correct the information on your credit report and send you a free copy of your credit report once it has been corrected. After that, they have to do an investigation into the matter. Most credit reports have huge errors on them , so you have a good chance of correcting this.
2007-10-08 05:36:05 · answer #3 · answered by boots6 7 · 0⤊ 1⤋
It would be much easier simply to use a credit repair service rather than get in the trenches and fight yourself for months (likely to no avail). Check out the free evaluation form at www.totaldebtsolutionsllc.com They or one of their partner firms can help. Good luck.
2007-10-09 04:48:19 · answer #4 · answered by Nicki W 2 · 0⤊ 0⤋
Call the credit bureau and ask for an explanation
2007-10-08 05:35:22 · answer #5 · answered by Anonymous · 0⤊ 1⤋