I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
What’s the point in paying a debt collector if the derogatory item will remain on your credit report for 7 years from the issue date?
If the debt collector doesn’t agree in writing to delete it from your credit report, what incentive would anybody have to settle the debt??
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
I file for Chapter 13 several weeks ago and now every account in my credit report is listed as part of the Chapter 13 plan and there is record of the Chapter 13 been filled with the court. They plan hasn’t been confirmed. What happens if I decide to withdraw the filling? can I do this? what happens to my credit? and how my possibilities to (ie. apply for an apartment) be affected?
I filed for a chapter 7 bankruptcy on December of 2001 and it has since been discharged. I would like to know how long that bankruptcy will be on my credit report. I filed the bankruptcy in the state of Connecticut. Thanks in advance for your help.
I spoke to a collection agent today about an old debt that I am trying to pay off. They offered a settlement for about 20% less than the total. They informed me that if I took the settlement it would look bad on my credit report. Any truth to this or is this slimeball agent just trying to get as much money out of me as possible?
I was under the impression that even if I pay the settlement offer from the collection agency that it will still show as being paid on my credit report and the account being closed.
How can it ding your credit. If it is an old account that is in collection. Won’t my score go up when it’s paid? Do you mean it won’t go up as much?
whats the best way to settle a debt and have it show good on your credit report?
My brother is going to file bankruptcy next week. On one of his credit report there is an account that is MINE. How did it get there, i dont even have him as authorized user. (FYI we have same address, same last name). Experts tell me me not to worry about doing anything because when the court calls the creditor, (citibank) they wouldn’t have a record of having a credit card with them. I just wanted to get some comments here. Good Day 
i had a lease with 2 other people about 5 years ago. the total debt amount is about 5200 (1200 of that interest). how much should i offer to settle the debt and remove it from my credit report? should i say remove the interest of 1200 leaving 4000, divide it by 3 (3 of us on lease) and offer 50-70% of that – 650-900 bucks to get the debt removed off ‘my’ record. i don’t care about the other 2 people.
When my husband and his ex-wife separated, the ex-wife went on a ,000 shopping spree on credit cards.. My husband (being the dummy he is) just started paying off collections as soon as he found out about them. One collection agency (stanley weinberg and associates) called him and told him he could settle his 34 debt for 3800. Again, being the dummy that he is he agreed to an electronic check and never received any letter confirming the settlement. 4 to 5 years later we are trying to buy a house and the 34 debt is still on his credit report. We have no proof that they promised to settle, all we have is the bank statement showing he paid 00. Any ideas what we can do now? We need this off as soon as possible..
I was wondering if I have a reposession on my credit report will it come off if I go bankrupt or will I have them both on my credit report?
Someone told me that even if you file bankruptcy, all of your past bad credit history would still be listed on your credit report to be viewed by anyone who requests it along with the fact that you have filed bankruptcy. Is this true?
What you’re saying is not true SmartA$$…people can get loans pretty quickly even after filing bankruptcy and I know quite a few that have done so. For myself, that was not my intent anyway…I just thought that the fact that it says "bankruptcy filed" was damage enough without having to list all the crap you are no longer responsible for.
I am looking for how to advice on how to settle old debts and collections that are on my credit report.
We just got an offer from Bank of America that offered us a chance to settle our 00 debt for 00 if we do it in 4 payments. We are delinquent on the account, I believe past 90 days without a payment, so its already affecting our credit report.
By taking this settlement, would it affect my score even more in the years to come as we rebuild our credit?
Filed for a chapter 13 but could not come to terms with the payment and the modifications that the court wanted. never made a payment on the plan and it was dismissed 60 days later. I negotiated my own terms and paid my creditors off. Now I have a big negative on my credit report for a plan that was never used.
i did settle my credit card debt(written off) for half of the amount few days ago,the collection agency says it will show on my credit report as paid,,i heard the bank is in charge to report it to the credit bureau not the collection agency,,,how it will show on my report then? should i warn the ban or the collections?
I filed my taxes today and included a 1099c form for a credit card debt of ,107. Now that this debt is paid, how can I get the credit card company to remove this from my credit report so my credit score can go up. All of my bills are paid on time and I only have one debt left that is a positive on my report. My goal is to be debt free and buy a house this year.
I have unpaid Medicals bills that are in collections (about 11, in the amount of 7,000 $$) With 2 positive current loans on credit report. Should I file for bankruptcy? Please offer Pro & Cons. Keep this in Mind I would like to purchase a home within a year or two.
I have a good job now, and make pretty good money. I got all my college credit cards paid off, except for one. I was told that I can "settle" that credit card debt for approximately 0 less than what the full balance is (settle the ,100 debt for about ,650 if I paid in full). Problem is: I can afford to pay in full the whole ,100…it is already on my credit report as negative because of it being delinquent so much (several times in about 3 years with no payment on the debt for 3-4 months). Someone told me if I settle for less, it will be worse on my credit report. But if its already negative…what is the better option? Keep in mind also that I closed the account about 2 years ago. Should I pay it off fully, or just settle and save money? Will it ever show up as positive on my credit report? Or just as "closed/paid off" status. Which is better? Sorry about all the parts to my question! Please help!!
its charged off
i want to send a pay-to-delete letter in other words pay an amount to have them delete this account off my credit report. I was thinking of offerring ..is that to low?
My husband has a large amount of personal credit card debt, I notified all the creditors that he is deceased. Now they are calling trying to collect from me. My credit report shows that I am an authorized user for 3 of the cards. Am I liable for any of them? I live in NY
I have been unemployed for 9 months with bad credit as a resultof late payment. Should i file chapter 7 b/c I currently have no assets or dispute with my creditors to have some things removed from my credit report to improve my score? I am only 21yrs old and in need of a car and I am trying to straighten things up. Please help!
I have a credit card debt of about ,600.00 with a major credit card provider. They are charging me 24.99% interest. The minimum payment is around 0.00 and 0.00 of this is interest. What would be the best thing to do? Should I use a debt management program to pay it off or stop paying it all together and let it go to a collection agency where I could then settle with them and ask that when I settle that they remove the negative information from my credit report?
are you one of the millions in the world who have filed bankruptcy because of over spending? bad money management? It seems legit enough for a business to go bankrupt, but an individual who has just been on one too many shopping spres? I dont really agree. This stems from a particular person that I know who has filed 2 times. Not only was she unable to control her spending one time, she failed 2 times, and still gets offers for new credit cards within months of filing. Now, if you have filed once and have shown that you cannot support the line of credit that was given to you then why would companies offer you more lines of credit? I cant get any type of credit due to late fed student loan payments. Im in default, and they dont budge! But yet, get a few credit cards for personal spending and hey if you cant pay for it, file bankruptcy and we will give you more credit you cant afford! I cant file bankruptcy on the student loan, and because Im behind it will stay on my credit report until
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
My husband and I recently purchased a house. Right before our purchase we found out about a delinquent credit card. To make a long story short, it was a credit card that was in my husband’s name that he was to use when he was in college that his mom was supposed to be paying for. My husband had no idea that there was a delinquency until we were notified by our lender. The account has been closed since 2002. It states on his credit report that the "account closed at consumers request, charged off account, bad debt; placed for collections; skip." We do not want to bother his Mom about this. After no communication with Discover, for 5 years, we have now received a letter from Northstar Location Services, a collection agency (not from Discover), for a settlement amount which is 40% of the debt. What should we do, contact Discover, deal with the collection agency, or something else? I realize everything needs to be in writing beforehand, but can anyone advise me on this at all?
I will check out your other posts, Studly, thanks…as far as my concern with it, it is mainly because of the recent contact with the collection agency now after so many years. We were still able to get the loan for our house, so I am not really concerned about that part of it. Since it "technically" wasn’t our debt, but my mother in law’s, the bank didn’t really care. Actually the amount was pretty significant, 00 with an offered settlement of 00, which is why I’m extremely surprised that we were not contacted before about this. I believe the statute of limitation on credit cards is 3 years in our state. I know they can still take us to court over it but its probably unlikely since the statute of limitations has run out. I just don’t want to settle on an amount and still have it show up on our credit history for another 7 years. I think this just may be a last ditch effort by the collection agency to get some money and I just want to make sure we make the right decision.
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
Account is in charge-off and reported to bureaus as so. Amex is giving me 2 options.
1. Pay in full(80) and recieve a card with them to help reestablish credit.
2. Pay 60%(~00), settle debt, and cease relationship with Amex.
Both options report the same to my credit report: paid charge off.
Wanting to get a mortagage ASAP and need to clear this up before banks will give me one…
What is my best option. I can afford either one. I don’t necessarily want or need a credit card, but if it will improve my credit, is it worth the extra 0?
thanks for your guidance!!!
My credit report is alot less than my husband’s, and I was wanting to just pay mine off and file for bankruptcy on his. Is that possible?
My husband has a collection on his credit report for non payment of a credit card, he owes them 00.00. They are willing to settle for 0.00 and put a settlement on his credit report. Would it be better if he paid it off (would it raise his credit score even higher) or would the settlement due? Can anyone answer this question for me. Thanks in advance.