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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.