Repair Credit Report Help
Can creditor erase bad credit if I settle with the collection agency?
I have a debt for 911 with Chase and I think it was sold to a collection agency and then resold to another collection agency. this third one sent me a letter yesterday to settle for 274. If I pay this amount who will fix my credit report. the collection agencies have never put there negative on my credit report only Chase is on there and it says charge off since 2006. So can the collection agency have this fixed or not?
Public Comments
- That is something you will need to speak with the collection agency about and very possibly with Chase too.
- What you can do is...you talk to the Collection agency about getting it removed from your credit. If they don't want to help you then, once you since the payment of $274.00 or the last payment of the $274.00 on the back of the check write on there that if they cash that check they are agreeing to remove all negative information in re to that account from your credit report. If the check is cashed and they don't remove the negative information, you can dispute it with the credit bureau's
- Nothing can fix your credit report, including paying it. The thing to check is if you're original credit card is being updated. If it's not, you could call the CRA and launch an investigation, then do the same for the collection agency. If it's only $274 and represents a fraction of the original then probably it's worth it to 'make it go away.' Then in 6 months to a year, call, request an investigation on your credit report, tell them you don't recognize the account and there's a good chance it will just be removed.
- The collection agency can only remove/change their listing, not Chase's. You need to get an agreement (in writing) with the collection agency that says they will not report this to the credit bureaus and remove any listings they have already placed there. This is important as alot of collection agencies will turn around and place the negative listing on your reports even if you pay before they do so. As for the Chase listing, you can try filing a dispute with the credit bureaus or sending Chase a goodwill letter.
- The collection agency can only remove derogatory items it submitted to the credit agency. They cannot remove the original creditor's charge off. That will stay for the full 7-1/2 year reporting period. After you pay, you might be able to get the credit bureau to show the debt as paid -- always looks better than unpaid debt. The settlement offer is a pretty good deal. Be sure you have that in writing and keep it, along with your payment proof, forever. Do not give them direct access to your bank account.
- I would do some more research into this before you pay it off. I don't believe that the collection agency will be able to remove from report. They may be able to show it as paid though. It usually takes 7 years for stuff to come off your credit report. I would speak directly with a debt arbitration specialist if possible. Also you can check out this website for more information: http://www.credit-card-loans-debt.com/credit/
- Unfortunately, I doubt if agency is able to do that nor would Chase be obliged. Generally, this stays for 7 years even if you've paid. Check out http://www.cheap-credit-cards.org/ for more tips
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