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| *Loan,banking and credit>>>credit report |
Can I request that the creditor take the "collections" history off of my credit report once I've paid it off? |
I owe like $7000 to AMEX. I'm trying to get a loan at this point to pay it off. Credit score's 633 and I have two late payments on a motorcycle payment last year. I've been told that I could get a loan with a co-signer involved, but even if I pay it off, won't the collections stay on my report for 7 years? The guy I was talking to says that he'll delete that off my report and reinstate my credit card if I pay my debt, but I have a sneak suspicion about that... either way, I'm going to lose money, so I'm paying for what I failed to pay them in the beginning, but I'm just wondering about that collections ding. Anyone have any stories, or suggestions? It will stay on your credit report for seven years. I had a similar situation where credit companies called me everyday to pay off debt. My credit score is now 700, but the collection agencies still report on my credit report. The three credit bureaus: TransUnion, Equifax and Experian, offer to give you a copy of your credit report each year for free. You can go to freecreditreport.com to obtain this knowledge, or you can contact them and they will send you a copy. This way you can see what's on your credit report, and at times they give you advice on raising your credit score so that you don't get severe interest rates in the future. to my knowledge i think it will say on your credit It will be reported as "paid collection account". The collector doesn't have the authority to reinstate your card, only Amex does...and they won't. Great Scott is wrong. Trust me...I've helped many people do it. Lets look at the facts: There are only two ways you can legally get negative information removed from your credit reports. 1) The creditor must delete it 2) The creditor fails to respond to a dispute investigation from the credit bureau. So if your intent is to simply get this removed, start by disputing it with the credit bureau. Many times (especially of the debt has been charged off or is very old) they no longer have records. Or, they may not want to mess around investigating it. They don't respond, presto! It's gone. If they do, now you have to figure out how to convince the creditor to delete it. That's simple! They want your money! So negotiate with them. In exchange for paying back the debt, demand that they give you IN WRITING an agreement to delete the entry once you have paid off the debt. Yes it's legal. There is no law preventing a creditor from deleting an item. There is noting in the credit bureau's user agreements preventing it. I know, I've read it. Not there! Great Scot is wrong because the collection agent is working as a representative of the credit card company. If he agrees to delete it, the original creditor is bound by that agreement. Just remember that collection agents lie! Don't take their word for it, GET IT IN WRITING! If Amex agrees to delete the derogatory information, get it in writing first. If they refuse, then ask if they could settle for a lesser amount. You got nothing to lose. Bill collector 35 years. |
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