credit report?

Question

my credit score and credit is in the trash and i mean trash! my score is a 525!! i want to get it cleaned up but ive been doing some reasearch and ive read that paying off debts on your report can sometimes be a bad idea and you should let them fall off after 10 years..is this true? i dont see how.. i have 2 charge off's as well. can i call the creditors and maybe work something out where i pay the full ammount and can get them removed? also how do i get a hold of the creditors on my report to send them money.my report show roughly 6 grand i owe so i want to get this done asap..most are med bills and 2 or 3 credit cards but they are charge off's!! i screwed up bad but i want to fix it and i need my score to raise too....any help??

Answer 1

If you contact any of those old creditors and start a payment plan or just pay it off, this will re-start the clock on the debt, which means it will continue on your report for another 7 years plus 180 days.
They will still show as being charged off but paid as agreed, which really doesn't raise ones score a lot.
In some cases it is best to let the clock run out on the reporting time. However, the creditor can re-list the debt again at a later time.
You have to check your states statute of limitation on debt and if the debt is time barred, then the creditor can not legally sue you for payment, but can continue to hound you.
Here are some links to help you with this battle.

http://www.fair-debt-collection.com/index.html
http://www.ftc.gov/bcp/menus/consumer/credit/reports.shtm
Download a pdf file regarding how to dispute with CRA's
http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.pdf
Information on time barred debts.
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm#improve
Building a better credit report.
http://www.fair-debt-collection.com/SOL-by-State.html

These are all free resources. Hope this is of help.

Answer 2

It's always a good idea to pay back what you owe. Delinquent accounts will fall off of your report seven years from the date of delinquency (not ten). Even if the old accounts fall off of your report, it doesn't mean that you no longer owe the money....depending on your state's statute of limitations, those organizations can still attempt to collect the debt.
Yes, you can work out a discounted pay off amount or a payment arrangement in order to settle the accounts. Unfortunately, they will not automatically be removed. The accounts still must run their seven year course. You can still contact the credit bureaus and have them update your report to have the accounts reflect that the balance has been paid.
Make sure you pull a credit report from all three bureaus - TransUnion, Experian and Equifax. Each account should have "contact information" for whichever company is holding that debt. It should include an address and phone number and that's the way to contact the collection agencies.
I hope that helps...good luck to you!

Answer 3

The bad debts reported on your credit report drop off after 7 years and not 10 years. When was these debts reported delinquent on your credit report ? What is the amount of these chargeoff ? You can make a deal with them to pay them if they send you in writing that these bad debts will be removed from your credit report. These debts are sold by original companies to collection agency. You have to contact them.