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Negative removals or "paid" statuses?

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cocoachanel98



Joined: 20 Jul 2009
cocoachanel98's page
Posts: 1



68 Magic Points

Subject: Negative removals or "paid" statuses?
 
Posted on Mon Jul 20, 2009 6:19 pm  

I'm in the process of paying a off a number of collection accounts now. I didn't send the DV letter b/c (1) they are my debts and (2) I didn't know I could do that before making an arrangement to pay them off.
Should I send letter to request that they (the paid debts) be removed after paying them off or just be happy they are listed as "Paid or Paid Settelment"?
trd



Joined: 20 Jul 2009
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Posts: 2



44 Magic Points

 
Posted on Mon Jul 20, 2009 11:26 pm  

You can try. Is it already showing Paid on your cr ?
fireyone



Joined: 26 Feb 2008
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Posts: 4246



96 Magic Points

 
Posted on Tue Jul 21, 2009 1:06 am  

If you have not completely paid off these debts you may still be able to get a pay for delete. It doesn't hurt to ask but if they agree make sure you get it in writing before making your final payment. You do need to know that if the accounts were purchased by a collection agency and no longer owned by the original creditor then the original creditors mark will remain on your credit report for 7 years regardless.
azwildcat



Joined: 21 Jul 2009
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Posts: 7



319 Magic Points

Subject: Settlement Letter
 
Posted on Tue Jul 21, 2009 1:14 am  

I have already paid my collections but the letter I got from the agencies only says that they will no longer collect debt from me. I am still waiting for the final settlement letter.

Can I still get it deleted from all the credit bureaus?

How do I remove the charge offs on my credit reports
fireyone



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



96 Magic Points

 
Posted on Tue Jul 21, 2009 1:27 am  

You can not remove charge offs from your report. They usually just have to fall off. It generally takes 7 years from the date you first defaulted on the debt with the original creditor. Make sure you keep that copy of the letter saying they will no longer pursue you. I have heard some scary stories around here about people paying off debt and then the collection agencies trying to recollect. Believe me iot happens so keep your proof somewhere safe.
azwildcat



Joined: 21 Jul 2009
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Posts: 7



319 Magic Points

 
Posted on Tue Jul 21, 2009 2:11 am  

I understand that it takes seven years for charge offs.

BUt i cant get a job unless the debt is paid as well. So i needed to get the collections removed. As long as the credit report says that i have paid what I owed. Atleast i could tell my potential employers that I have paid.
I can try sending the credit bureaus the letter to remove it from the credit report as it has already been paid.

What incentive the CA has to keep the collection on the report if they got the agreed amount?
fireyone



Joined: 26 Feb 2008
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Posts: 4246



96 Magic Points

 
Posted on Tue Jul 21, 2009 1:14 pm  

The collection agencies should update your report and show the collections as paid once you satisfied the debt. This may take up to a month but if it is past that mark you could dispute the listings with the credit reporting agencies. Send them proof you paid and a dispute letter.
How long has it been since you made the final payment to the collection company? I recently paid off a hospitol bill and they sent me a letter within two weeks stating it was paid and the amoun t due was zero. If you just paid these off then you may need to wait a couple weeks for all the wheels to get into motion. I would call them and keep calling them until I got the settlement letter.
azwildcat



Joined: 21 Jul 2009
azwildcat's page
Posts: 7



319 Magic Points

 
Posted on Tue Jul 21, 2009 2:51 pm  

I just made a payment 10 days ago and one more is going at the end of this month.
They are saying it takes them 30 days to send the settlement letter and after that I need to send it to all the credit bureaus myself.

Once I get the settlement letter, I am planning on sending it all the credit bureaus to mark it paid.

Should I try to get it deleted from the the credit bureaus?
fireyone



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



96 Magic Points

 
Posted on Tue Jul 21, 2009 11:39 pm  

I am not sure if you could get it deleted entirely. Remember if this is not the orginal creditor that you are dealing with then their mark will still be on there. Usually bANKS WILL ONLY COUNT THIS AGAINST YOU ONCE. If they see it is the same debt it should still count as one. I would be sure to get the letter sent to all the bureaus. Maybe after you get that done you could try and dispute the mark but if they see it was paid then they probaly will not remove it since it would show you claimed the debt. But don't worry when it is updated and showed as paid it will help your score and creditors will see you paid.
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1269 Magic Points

 
Posted on Wed Jul 22, 2009 12:18 am  

Collections and charge-offs CAN be deleted... They have to meet the exact same standards of completeness and accuracy that all other credit info does... If it doesn't, IT'S WORKABLE...
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