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Trying to get score up and need advice?

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dani1130
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Subject: Trying to get score up and need advice?
 
Posted on Fri Sep 04, 2009 11:35 pm  

I owe 2 different collection agencies a total of $1500. I want to get them payed off and off of my credit report, but I was told that since they are negs on my report they will stay on for 7 years even if I pay them off now. Is this true? Also if they do stay on from the last date of payment for 7 years, what if I pay them and something that will fall off in 3 years will now be 7 years-should I still pay it? Will my credit score go up a little if they are payed and still on the report vs. non paid and on my report?

Also I had a student loan that I defaulted on around the same time, I have since paid it off. It still appears on my report and it makes it look like there are 2 of them. How long until that comes off even though it is paid? One says paid the other says unable to locate. (Even though it is the same loan)

Any advice you can give will be helpful
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



96 Magic Points

 
Posted on Sat Sep 05, 2009 12:38 am  

Hi Dani, You could ask for a pay for delete but that will only remove the collection agencies marks from your credit. The original creditors mark will remain and it will stay on for seven years. For a pay for delete you must settle the account (sometimes for less) and ask them for a pay for delete in writing before sending any money.
Even if you pay unless you get the PFD it will remain for seven years since you FIRST defaulted on the loan with the original creditor. Making a payment does reset the SOL on collecting the debt but does not change the fall off date.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



390 Magic Points

 
Posted on Sat Sep 05, 2009 12:18 pm  

Pay for deletes are very hard to get, hopefully you will have one that will cooperate, the problem is if it not the original creditor. If it is a collection agency they can not delete the original creditors entry on your credit report, and vica versa, no company can remove another companies entry, they have no authority over it.

I paid off four old debts and they are still in the negative column and still count against me every time I apply for something, honestly if I had it to do over again I would have left them alone and paid my current bills to build credit history in a current status.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: credit score
 
Posted on Sun Sep 06, 2009 7:44 am  

I'm re-building my credit, slowly but surely. My score HAS risen a little...I was surprised to hear that!! I AM going to have a few debts 'fall off' this year ( actually, they should have 'fallen' off by now), but, I haven't checked my Credit recently to see. If they HAVEN'T 'fallen off' yet, and I dispute them, should the CB's remove them automatically?
robertsmith



Joined: 04 Oct 2009
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Posts: 11



153 Magic Points

 
Posted on Sun Oct 11, 2009 5:23 pm  

how can you go for dispute? you need to prove entry as wrong. only then it will be removed
kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

 
Posted on Sat Oct 24, 2009 2:44 pm  

From my experience I know you will be surprised on just how much paid collections affect your credit score versus unpaid. If you pay on it now it will definately be updated on your credit reports and the date of last activity will restart the time clock for the 7 year expiration all over again. Either way your credit score is being affected by it being reported in the public records portion of your credit reports. So paying it now versus it falling off is really up to you.
kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

 
Posted on Sat Oct 24, 2009 2:45 pm  

I believe 7 years from last date of deliquency or activity reported.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



390 Magic Points

 
Posted on Mon Oct 26, 2009 1:40 am  

That is correct, seven years from the last delinquency it should fall off, if it don't you will need to write the credit reporting agencies and see to it that they follow through with what they are supposed to do.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



96 Magic Points

 
Posted on Mon Oct 26, 2009 1:12 pm  

I was pretty sure that you could also try to dispute the listing online. Maybe by claiming it is past the time period for reporting a debt. Does anoneknow if this is correct?

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