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shabbi.khan
Joined: 26 Jan 2009
shabbikhan's page
Posts: 2
68 Magic Points
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Subject: OmegaCreditRepair
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Wed Jan 28, 2009 4:06 pm
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Has anyone used Omega Credit Repair from Texas.
secondly, how can you get a collections account that has already been paid or settled for less off ur credit report. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Thu Jan 29, 2009 10:06 am
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You cannot remove the collection account out of your credit report once it is paid in full. If after payment of the debt, the status of the listing gets changed to "settled for less", you can ask the creditor to change it to "paid as agreed". You could have removed it if you had made the creditor agree to pay for deletion before you have paid off the debt. Now, the creditor would not agree to remove the listing as he has already got back his money and the FCRA does not require the listing to get removed from your report once you pay off the debt.
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All the Best 
Justin |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Thu Jan 29, 2009 1:11 pm
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Hi Shabbi
Instead of going through credit repair agencies to repair your credit, I think that it would be better if you repair your credit by yourself. This is because you can do whatever the credit repair companies does to repair your credit. Moreover, if you repair your own credit, you can save the dollars which would have gone as fees to the agencies and use this money as a payment towards your smaller debts.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 203
Location: McKinney, TX
954 Magic Points
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Thu Jan 29, 2009 5:03 pm
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Justin... The possiblity of deleting credit information is dependent on the accuracy and completeness of the reporting... NOT the balance.
Scott... As I have mentioned several times in this forum, paying off a collection does NOTHING for your score. It does, however, (theoretically) eliminate the possibilty of future collection activity or civil action. And for the amount WE charge, you wouldn't be able to pay down much debt anyway... We're not like the guys who charge thousands to do it... I'll stop short of posting prices, unless I get the OK from the forum moderators... (I don't want to seem like I'm soliciting anyone through this forum...)
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-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Thu Jan 29, 2009 7:29 pm
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What is the difference in "settled for less" and "paid as agreed". In the end doesn't it effect your score in the same way? By doing this is it for future loans..lets say when a bank looks at it as "paid as agreed" instead of "settled for less" does it look better?
This question is for Doc..how accurate is most credit information? If the debt has one inacuracy can it be removed? If so how does a person stop them from relisting it? |
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sk
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Subject: Omega
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Thu Jan 29, 2009 9:57 pm
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| I have signed up with Omega Credit Repair. I will keep all of you posted regarding the results. The reason I went through a credit repair company is because I would rather let a specalist (on a side note: ci alis in speci alist is a bad word) handle my work and save me time then me scouring all over all three credit reports, drafting separate letters, writing envelopes, taking it to a post office for certified mail etc... Thank God, I have a decent paying job that affords me the luxury to pay someone to do that (in a more efficient/timely and organized manner). I will see if the money was well spent. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Fri Jan 30, 2009 7:22 am
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Hi Fireyone
"Settled for less" means that you have paid off the debt to the creditor or collection agency after they have discounted the outstanding amount and you have paid only the discounted amount and not the entire amount. This does not give a positive impact on your credit report because your future creditor would think that if they offer you the loan you would end up paying less than the outstanding debt amount.
However, if your credit report shows "paid as agreed" or "paid in full", it would mean that you have paid off the debt through repayment plans as agreed by the creditor or you have paid the full amount of the outstanding debt.
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Keep in touch
Carol |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Jan 30, 2009 2:52 pm
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| OK thanks Carol for giving me the reasoning behind the two. Paid in full would then be a much better route to go. Is it hard to get a creditor to agree on a "paid in full" mark and will the want extra money to do so? If so I could see paying that since it is definaltely better than the other. |
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yvonne ramirez
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Subject: credit card
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Sat Jan 09, 2010 11:22 pm
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| take me out of the program |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sun Jan 10, 2010 3:55 am
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| yvonne ramirez , Hello and welcome. I would like to know what program you are speaking of. If it is a credit card program then you need to contact them by phone (for quickest results). If it is this forum you need to just simoly contact the moderator or not continue posting. Please give us more info if you need more assistance. |
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