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I have some charge offs in my account now, and 90% of them are paid off now, I was told they are going to stay there for 7 years? Is that true? If so, I've heard of companies that can legally erase that paid charge off for a fee. Anyone hear anything about it?

2007-12-09 22:03:34 · 7 answers · asked by Mark W 2 in Business & Finance Credit

7 answers

Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of
your score, sometimes by removing accurate information that will reappear later.

Hope this helps.

2007-12-10 00:43:57 · answer #1 · answered by Sgt Big Red 7 · 0 0

The only way to get make your bad credit less visible is to have good credit. Start out small again, secured credit card or a credit card with a small limit. Keep a running balance but pay at least double the minimum monthly balance. Avoid department store credit cards as these do not help your credit. If you keep a running balance with a couple cards and pay them on time every month within a two to three years your credit will be better. Yes the charge offs will still be there, but they won't matter as much.

2007-12-09 22:09:01 · answer #2 · answered by Nick 5 · 0 0

These companies are usually rip-offs.
The law says that derogatory trade lines can remain on your credit reports for 7 years after last delinquency. The information has to be correct, however, otherwise it has to be removed.
What these companies do, you can do yourself for free.
They will merely dispute the validity of a trade line (usually with the statement: "It is not my account").
The credit bureau has to contact the creditor to verify. If the creditor does not respond within 30 days, the trade line has to be removed.
There is no other way that derogatory information can be removed. Sometimes these companies will do more harm than good by disputing everything, even positive information. If the creditor does not respond, that information has to be erased as well.

Hope this helps.

2007-12-10 00:23:02 · answer #3 · answered by Ti 7 · 0 0

In the UK the companies that you owed the money to should contact the credit reference agancies and ask them to mark the acconts as settled. You may need to prompt them to do this though. The details will remain on your credit file for 5 years as settled with the date of settlement on it. After 5 years they will be deleted.

You will not automatically have good credit but your credit score will be neutral and you can the work on making it better.

If you can't get the companies to write to the credit reference agencies then you can request a letter from them stating that the account is settled (they have to send you this if you request it). You can then send this letter to Experian, Equifax and Callcredit and ask them to mark the accounts as settled.

Hope this helps

2007-12-09 22:15:55 · answer #4 · answered by mummymoomoo 4 · 0 0

There are many options including credit repair programs but I endorse the seasoned tradeline programs. They can raise your score 100 points in 45 days so you can use your credit. Check out the free evaluation form at www.totaldebtsolutionsllc.com Good luck.

2007-12-11 02:02:44 · answer #5 · answered by Nicki W 2 · 0 0

credit repair companies take peoples money and do not
repair their credit. stay away from them.
some bad debts if reported can stay on your credit
in some states for 7 years.
you can check with a serice and find out for sure, the time
factor.

2007-12-09 22:08:52 · answer #6 · answered by Jerry S 7 · 0 0

I believe if you've paid off the debt you can clear your credit rating but don't know how, the 7 year thing sounds more like if you're declared bankrupt!

2007-12-09 22:07:38 · answer #7 · answered by Anonymous · 0 2

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