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angel p | If/when i pay off my debt how long will it take to come off my credit report.? |
currently i have 5 things on my credit report.
2 of them are student loans, im good on those.
the other 3 are in collection.
those are:
apartment $5,065
verizon $451
bright house networks $270
as soon as i pay them off will they come off my report? and wich should i pay off 1st? |
 |
 
Studly
|
*sigh* Lots of wrong answers again. These folks just refuse to do any research...and don't even read past Yahoo answers because this very same question gets covered over and over.
Das is on track though. Let me go over this again.
When you pay off a debt that is in collections and is being reported as a derogatory item, all the creditor is required to do is show "paid" on your credit report, and show a zero balance. But all of the negative information such as late payments, collections, and charge off's is still there. It's still a derogatory item.
In other words, you can pay off this debt and it will NOT help your credit score one bit. To make matters worse, it will reflect new activity on this item. Your credit scoring formula gives new items more importance to your score, and this "paid" item can actually HURT your score even more!
Don't believe me? Ask any mortgage officer. They advise their clients to wait until the last minute to pay off their debts, so their score doesn't take a big hit. Or ask any who attended a Fair Issac scoring seminar.
So what you need to do is follow DAS's advice. Send the creditor a negotiation letter. Agree to pay off the debt, but in exchange they must agree IN WRITING to delete this debt completely from your credit report.
Many collection agencies will tell you they can't do it, or it's against the law. Trust me, I've done my research. There is nothing in the law preventing a creditor from deleting an item they posted. And there is noting in the credit bureau's agreement preventing it either....I've read them all.
If they tell you they won't do it, it's for one simple reason. They want to continue to punish you. They will lie to you about how it will actually help your score by paying the debt, but as I just explained to you the opposite is the case.
Should you pay? Here is how I see it.
When you failed to pay your debt, the creditor gave you two choices. Pay up, or they will destroy your credit for the next 7 years. Well, they now posted to your reports, and your credit is ruined. Why on earth should you have to pay this debt a second time? |
|
DAS
 |
You can also try to ask your creditor if you can Pay to delete, this record on your credit report. If they accept, then this entry will be deleted from your report. If not, it will stay on there for approx. 7 years from the date of last activity. Or you can pay and then try to dispute this information at a later date.
The person that said that this information will come off right away is incorrect, unless the creditor decides to take it off or you both agreed on this. |
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SaintAvalon
|
This actually varies based on state and what kind of debt they are. If they are simply a bill, they are removed as soon as you pay them off.
Now if it is a "debt" and has gone to collections it works differently. Each state has it's own laws, some states it is upward of 3 years while others go up to 7 years (most are the latter).
Now, if you pay a debt off they can remove it right away, but they can also do what is known as a "write off" which hurts your credit the same as basically a "bankruptcy" meaning you will have to work on rebuilding your credit even with it removed.
You may want to look up your stat laws, a company is only allowed to "talk" to you about them for so long before it is required by state law to be written off, unfortunately for me that is the 7 years. Other states have 3, 5 and 7 year laws.
This means if you live in a state that has a 3 year limit law, after 3 years they can no longer collect it. But there is a catch, they can reset the clock on you if you ever say something like "I'll try to pay" or "I plan to pay" or any other "verbal" agreement to pay them.
So hold your ground and tell them, "I have no money sorry." then if they won't let you off the phone hang up.
Also, there are laws about how they are able to contact you. You may request "No calls", this means they are no longer allowed to call you through the debt collector only the original company can then call you, thus the collector will have to send you snail mail to talk about it.
Best method for this is to simply answer the phone and ask upfront the company name, the persons' rep ID (they must give you this if they won't ask for there manager), and the phone number to contact the company. This information can be used to file a claim against them, which can have the debt removed with out having to pay it (though it is usually written off).
Hope that helps. There are so many laws out there, and I knew a debt collector and all the rules that were based around me so it helps to get informed of your rights. When companies break those rights they tend to do whatever, including wiping the collection to prevent any issues.
-Saint |
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THe T
|
ASAP but YOU have to notify them and keep all receipts for at least 7 years. Notify all three credit burrows and the companies you owe money to.
Congrats! |
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Jennifer
|
Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://is.gd/7il |
|
NoneOtherThan
|
Accounts in collections stay on your report for about 7 years. About 2 years after they are paid off, it will stop significantly affecting your credit. I would suggest paying the two lower amount accounts off as soon as possible. then work on getting the $5000 account paid down.
Hope this helps! |
|
Moriarty
 |
You can add the "paid" comment to your credit report as soon as you pay them. Send a letter with the final payment and ask the creditor to "close" the account on you credit report. If you cannot pay them all at once, ask them to take it out of collections after so many payments. Regardless of all that, it still remains on your credit for 7 years from the last negative activity. Your best bet is to have much more positive credit as opposed to negative reports. Taking a 'secured' loan from your local bank, and getting smaller secured loans that you can repay will definitely make a difference!! |
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jealous elf
|
it depends on the creditor and the report, but some of those things will stay on your report for up to ten years. AFTER they're paid or settled.
you may be able to settle the ones in collections for less than you owe.
the landlord will probably sue you and get a judgment against you. pay the apartment first. |
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Dennis P
 |
Usually 7 years. I f your paying delinquent bills, try negotiating with collections agency's. They might say no or that they can't ,but they can take it off credit reports when paid. Talk first before paying, and get in writing. If they want money bad enough, and they do believe me, They will do whatever it takes to keep you from going bankrupt on the account! Don't be scared or intimidated by them. |
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Anjell
|
The date of last activity which in your case will be the last time the agency/creditor received the final payment on the account(s). You'll need to pay down that apartment as $5000 is killing your credit score. Then contact Verizon and Brighthouse and see if they'll do a 'pay for delete' after you pay the accounts off ..get this in WRITING..I can't stress this enough.
So if you paid something off on Mar 15,2000 then it won't be due to come off your report until Mar 15,2007. In some states/provinces there's also an additional 180 days tacked on to the 7 years....for good measure I guess. |
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tgrt_home
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Bad items stay on your report for 7 years. Good items for 10 years. They stay based on the last activity, so make sure that you close the account as well; otherwise, stuff can stick around for awhile. |
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