Repair Credit Report Help

if a credit card company offered deal on total payment and you except will it come off your report?

I heard that if your credit card gets turned over to collections and they contact you offering to lower the amount you need to pay them back, and you end up taking that offer and pay it in full, that since you didn't pay the ACTUAL amount off, the bad credit with that card will never come off your credit report. Is this true? If so how do you fix it? Is there anyway to pay off the rest that you owe to them so that that bad mark comes off

Public Comments

1. Once you have a bad mark it's always there on your credit. If you pay less, you will now have a bad mark and a note that states that they settled the account for less.
2. he's right. but "settlement accepted on this account" is better than an unpaid accout, or a collection.also, nothing is permananent except judgements against you. accounts (even bad ones) come off 7 years from the date of last activity, collections come off after 10 years. your lenders can ask the credit bureau to take something off anytime they want, so you might be able to work something out with them
3. It will eventually come off your credit report. Usually 7 years after account is listed as paid.
4. It does little to fix your credit. It should improve your score slightly, so if your overall FICO score is just under some bare minumum to qualify for a purchase, then it may be worth it, but otherwise, it does very little. The reason why it doesnt do much is because the account STILL MAKES NOTE OF THE FACT YOU PAID LESS. However, if you are able to get them to agree, IN WRITING ONLY, that the account will reflect no "negotiated payment" then its worth it. Problem is, most these collection agencies arent to bright so they wont know how to do it.
5. If you accepted a payment less than what you owed on the credit card it is still called a charge off, so the company you paid in all probability will mark your credit report with a "Paid Charge Off". If it has been recently that you have agreed to pay them with less than full payment you might be able to negotiate another annotation they can place on your credit report and that is simply "PAID". A "Paid Charge Off" will stay on your credit report, which will reflect negatively on your credit score for awhile, but over a few months and definitely over a few years the annotation will weigh less on your credit score. An annotation of "Paid" will simply stump your bureau and will reflect less negatively on your credit report over short period of time and you credit score will rise a little faster with this annotation. I hope this has helped in some way. Good luck The one thing that you must remember is that the debt will not count against you when you purchase a car or house. In other words the person you are attempting to purchase someting from will immediately see that you have paid the account and it will not matter the amount you paid whether the full amount or an agreed on amount.
6. WRONG WRONG WRONG! Listen to me....they are all wrong! Let me point out a few things about your credit report. -Credit Reporting Agencies will only list what the creditor tells them. Once it's on your record, the ONLY way it can be removed or modified is if the creditor changes/removes it, or if the creditor fails to verify the debt upon a complaint from the consuner. -Anyone who tells you that it can not be removed or changed for ANY reason is lying to you. Ask them to point out where in the law it prevents it? They can't, because it isn't there. If the creditor wants to remove it, or change a negative report to a positive one, they can. It's their report! The only way they will get any trouble is if YOU file a complaint about a false item. And you surely don't plan to do that! -Creditors (especially collection agents) will lie to their mothers if it means they can get money from them. That said....the ONLY reason you are offering to pay your debt is to get this negative report off your credit history. The ONLY leverage you have over the creditor is the money. Once you have paid, you lose all leverage, and you will never get any cooperation from him. So, since the collection agent has made you an offer to settle, make a counter offer. Tell you you will pay his amount, but ONLY if he gives to you, IN WRITING, an agreement that they will remove the listing, or change it to "paid in full, never late". Don't pay a dime, or agree to anything, until you get this agreement. Use the sample letters below to write your reply. Yes, it can be done! Yes, I have done it myself! They will do it if that is the only way they will get your money. DO NOT believe these people who tell you it can not be removed.
7. It will come off your credit report after 7 years even though it will state settled for less prior to that date.