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Should paid acoounts be taken off my credit report, they are in the negitive part of the report? |
Should paid acoounts be taken off my credit report, they are in the negitive part of the report? DaMan is right...I was wondering if ANYONE would answer this correctly. You have fallen into a trap that I have spent many months trying to warn people about! Just because you paid off a bad debt does not mean the negative information will be removed from your reports. All they are required to do is who the debt as "paid" and you have no balance. But all informaiton about charge off's and late fees is still there, killing your score. This is why you must demand IN WRITING that the creditor DELETE the information from your report once you have paid the debt. Your problem now is you have no leverage to work with. They have your money, and you are going to find them very uncooperative in helping you. But if you want this removed you have no choice but try. Call them up...play kissy-face with the agent and try to sweet talk them into helping you restore your credit by deleting this information. It rarely works....so your next step is to use the dispute process. When you file a dispute with the credit bureau, they must investigate it by contacting the creditor and verify the debt. If the creditor fails to respond to this investigation request, the report will be deleted. If they were not paid on time, then they can remain on the report and in the negative part for 7 years. Paying late is something negative, even if you do pay eventually. Unfortunately even if you settle and pay on them, your late payments will still be on there such as 30 day late, 60 days late, 180 etc. So NO you can't have them removed legally for 7 years but in time they will come off. So they should show paid off or settled on the report but there is no way to dispute and have the late payment records removed. I mean, you can try to dispute it but you won't win the late payment factor I do not think. BUT if they do not show any of the following I would dispute them over and over till they reflect it... CLOSED BY CONSUMER PAID OFF/ZERO BALANCE SETTLED Hope that helps...been there and done that myself. personal experience Even after a debt has been paid, if it is settled for less than the original debt it can be reported as a negative on your credit for 7 years! Also, if a collections agency "buys" your debt, the debt may be reported on your credit twice (once by the original company and once by the collections agency). Im going through the same thing myself.... They are valid information, and will remain on your report for 7 years. That is perfectly legal and allowable. You should have done a pay-for-deletion letter BEFORE settling with your creditors. See hyperlink below. Given how you handled the situation, your only option is to dispute the balances with the bureaus AND hope the creditors do not respond within the legally required time. If they validate the debt, then it will still stay on the report until the appropriate expiration date. |
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