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Additional Details
unfortunately i already have one, so not point telling me not to get one.
Also, there is ... |
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Justagirl24 | If I ask collections to remove an item from my credit after it is paid in full, legally can they do that? |
I was told "you should negotiate that any payment you make will not just be "settlement in full", but that they agree to completely remove the collection from your credit report."
What if they say "We can't" does anyone know if they can? |
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Joe L
 |
Okay...great attempts, but I'll give you the correct answer. First off, a settlement is fine. Now, legally, they do NOT have to remove the collection because it did at one point exist. What they legally HAVE to do is report it "paid in full" or "settled for lesser amount" and show your current balance as "zero." After that, they can not report it anymore and it will eventually age off. However, having the balance reduced to zero will increase your credit score more than having the account completely removed |
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BMW BFD
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A settlement is bad, because the difference in what you owed and what you paid is considered income, and you will be taxed on that. You want it to be paid as agreed. |
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Together
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They CAN but they do not have to. If the collector you are talking to is high up in the company and in a good mood they may grant your request, but it is unlikely. |
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ramses8p
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They can. If you pay off anything you should recieve a letter stating that it has been paid off and is closed. They you need to contact each credit reporting agency to ensure that they are aware of the change in statues. The creditors are not required to report to the credit reporting agencies out of their own kindness. If you initiate a credit check from the reporting agency, then thier is a limited amount of time that the agency has to finish the inquiry. If the inquiry is not completed in the legally required time frame, then the reporting anency is required to discharge the item from your report. |
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dianer381
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Per FCRA laws, they collection agencies are required (by Federal law mindyou) to update your credit report to show the accurate status of the account. Whether its paid, unpaid, settled, 90 days past due, or included in bankruptsy, it must show on your credit report. |
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aprilcda
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once they except any money from you they have to take what you give, and after it is pd, yes they have to remove it |
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x
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At the very least, it can be listed as "paid as agreed" by the company that sent the claim to collections (with the collections company removed from the report). I've had it done, but I had to file a small claim against the original entity to make it happen. |
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roger v
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Yes they can delete it, you need to send them a certified letter stating that once you pay it that they will agree to either remove it, or not respond when you dispute it with credit agency. You need the letters though for proof so be sure and do it certified mail. I have done it 3 times already, and can tell you that not every one of them will agree to it. If they do not agree then if you pay them it will reage the debt, and it will kill your score and NO it will not be removed from your credit report! |
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lubosfan
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They can, but it is fraudulent reporting. Most companies will only report setttlement with a zero balance. What your asking for them to do is lie and state you paid as agreed. You didn't. Legally they could be held liable by a future lender or creditor if they gave you credit and you defaulted based on their fraudulant reporting and the creditor/lender found out. |
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Mienangel
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I paid all of my loans in full but due to a few late payments..and it is still on my report. It's hurting my credit....want to remove all the items that are hurting me tha are paid in full. |
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