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I just got a copy of my credit report

I just got a copy of my credit report

I just got a copy of my credit report. I have four charge offs accounts listed. How long do charge offs account stay on your credit report? What is the best way of getting them taking off? I have heard about calling the company and asking for a settlement, and if so how would that effect my credit rating.

Two charge offs are duplicate accounts that have beed paid. Should these accounts be on my CR even though it been paid? Thanks in advance for any advice.

Hi, You can contact the credit report agency to tell them something isn’t right. The agency will contact the creditor to attempt to get it corrected. Sometimes it gets corrected right away. As for other things they will stay on your report for seven years. Things like bankruptcy can stay for ten years.

I’m almost done with the collectors, and when I talked to him at the office via phone, he said they do send out a letter of completion, however they are not a reporting agency, so he said I should also take the letter and report this to the major credit agencies.

So, if I ned to do this, what way is bet? Call the EQUIFAX, ESPIRION and such, or just mail out copies to them? What other agencies exist that I should contact if I need to?

You can write and dispute the duplicate entries. You can write and post a statement that they have been paid off, which will be put on your credit report for anyone who pulls it in the future to see. They will stay on there 7 years. You can pay a settlement that you negotiate with the creditor, but get it in writing first. The credit report will say something like “Paid for less than full amount” or something. Not the most favorable wording, but it’s there for creditors, not for you.

The charge offs account will stay on your reports for 7 years starting the last date the creditor stops reporting to the credit bureaus.

The best way to get them taken off is to write to the 3 credit bureaus and claim these account as “not mine.” There’s a good chance they will come back verified, but you might luck out (like I did) and get a few deleted because they weren’t able to verify it.

Every bit of the credit will stay on your credit report for at least 7 years

Every bit of the credit will stay on your credit report for at least 7 years

Every bit of the credit will stay on your credit report for at least 7 years, good or bad. It’s the law.

It shows your history. When you “settle”, your credit report reflects that. It is better than a charge off, which means you did not pay. Settling means that you paid for less than the full balance. Not the best, but better than not paying.

You will most likely be able to get a new cell phone contract, if you want, but they will require a deposit (a couple hundred dollars most likely). Or you can go with the pay as you go type of cell phone.

The only thing that truly helps your credit is to (1) pay on time and (2) wait it out. You need to repair the damage as much as possible, by paying what you owe.

Credit reports are not there for you. They are there for your potential creditors to look at your payment history and use of credit in the past (how did you do with other companies and their money) before they decide whether or not to take a chance on lending you money (extending you credit), what interest rate to stick you with, the terms, the down payments (deposits) required, etc. The whole thing is there for them, not for you.

That said, you must make the record as accurate as possible. Get anything negative removed 7 years after the last activity. Put it in writing, send it registered mail to each of the three major credit bureaus (they all have separate info and scores, depending on how the companies do their reporting) and keep copies of everything. Bankruptcy is allowed to stay for up to 10 years on your record before it will be removed.

The 7 years is from the last activity, not when the account was opened.

Thanks for the good information!

I have a follow-up question. I have several charge-offs, and 2 credit cards that will charge off if I miss one more payment. I could settle with one and keep paying the other.

So, the charge-offs stay on my credit report for 7 years, right? So that’s not different than filing bankruptcy in terms of length of time and how bad it looks on my credit report. Right? Or maybe BK is 10 years.

In addition to that, I have:

  • One card I could settle.
  • Another card with a balance of $12,000 that I continue to pay off.
  • Plus there are medical bills for about $1100.
  • And back taxes of about $8000. ( I know I have to pay those).

Will my credit report be worse for a longer period of time if I don’t file BK?

My income is very low and I am also applying for disability. This is an enormous amount of pressure, needless to say. I want to know if there is any advantage to my credit rating if I don’t file BK. I understand the joy of paying everything off. But if there is no advantage to my credit rating, and I’m disabled, then BK may be the route I need to take.


Question about credit rating

Question about credit rating

My situation:

I have a lot of credit card debt, owe for a cell phone that is now shut off, and a dept store card.

I’m paying off the dept store card this month. My understanding is they will reinstate it. I want that just so I have some sort of credit to use around holidays. But I won’t get into debt with it.

I want to pay off the cell phone because I need a cell phone. But I’m not sure if they’ll give me another contract. Will they?

The credit cards are a lot – about $28,000. One of them will settle I only have to pay 20% of the balance. Very good deal.

That would leave me with $24,000 of debt, and those cards are charged off.

My big questions:

  1. can I save my dept store card and get a cell phone?
  2. is it worth settling the one card? i’d still have a lot of debt and lousy credit.

I guess I want to know if my credit rating gets a little better each time I settle an account instead of paying tiny amounts over years. Or, do settled accounts look bad and stay on your credit report for years?

A friend advised that I file for bankruptcy because it’s a faster way to better credit. Is that true?


I would really recommend you go to and get started on his baby step. The first step is to get current on all your past due bills and make a budget. Once that is done, then you focus on putting $500-$1000 in the bank for emergencies. You know it is an emergency when it is something you can’t anticipate like: car repairs or pet emergency or medical expenses. The reason you need this savings is so you won’t be tempted to charge on credit cards again and get bogged down in debt. Also you may get $500 payday loan very fast – but don’t use them too often.

You really need to find another way to pay for holiday gifts. The holiday comes the same time every year, so you have a whole year to plan. For example: if you spend $600 for Christmas, then take $20/week and put it in your savings account. That way you will have it all saved up and there will be no need to use your credit card! Won’t that be a good feeling to pay cash for the holidays!?

Once your cell phone is paid for, you should be able to get another one. If you can settle with the credit card companies, I would do that. They will “forgive” the rest of the debt. It will show on your account as a settled charge off. It is much better to have a “settled” charge off than just a charge off. Your credit rating will improve and you will be debt free that much faster!

You don’t say what your income is or other expenses like car payments or rent. This will make a lot of difference in how fast you pay off your debt and get on the road to financial freedom. Wouldn’t it be great to have hundreds of thousands of dollars in the bank instead of having credit card debt?! If you want to be debt free and have that money for yourself instead of sending to your creditors every month, you have to get intense about paying it off.

Good luck and keep us posted!