Am I screwing myself?

Discussion in 'Credit Talk' started by KHM, Oct 19, 2001.

  1. KHM

    KHM Well-Known Member

    I recently called Equifax and Experian about the last 2 charge offs on my CR. I told them "I could have swore that when I agreed to pay these that they agreed to take these negative remarks off my CR' both EQ and EX said they would look into it. I did NOT make any such deal, has anyone ever tried this and if so did it work? One acct is scheduled to fall off in 2003 and the other 2004. Kinda hoping they just take it off.
    KHM<~~~keeping her fingers crossed
  2. Quixote

    Quixote Well-Known Member

    What's the worst that could happen? Nothing? You've already got plenty of that.

    One of my older brothers told me once, when things were really at their worst, "Always remember, they can't eat you." Kinda puts it in perspective.
  3. mglanham

    mglanham Well-Known Member

    who are the companies you have paid chargeoffs with?
  4. KHM

    KHM Well-Known Member

    Capital One and Circuit City (Fleet North American?) I settled Circuit City and paid Capital one in full after charge off.
  5. roni

    roni Well-Known Member

    Worse case... they remain... which I think they will if they've been investigated before... Why? Because you admitted they were correct.

    Best case... you get what you want.... GOOD LUCK! :)
  6. mglanham

    mglanham Well-Known Member

    As for Capital One, I thought I read someones post saying Mr Miller of Cap One helped them on a Chargeoff issue. I believe they said that he reopened the account. Any help creditnetters??
  7. PsychDoc

    PsychDoc Well-Known Member

    Well, I can tell you that CRAs actually PROHIBIT collection agencies from trading full deletions for payoffs -- under penalty of not being able to report any longer. In fact, not too long ago an internal Equifax memo to the nation's largest collection agencies leaked where they basically said that such practices violated the letter and spirit of credit file maintenance altogether. Somebody here probably has a copy of that memo they can post. Bottom line: When the CRAs told you that they would "look into it" I'll bet they will -- but not quite in the way you would like! They'll probably fire off a very interesting letter to the creditors reminding them that they frown upon such backdoor dealings. Plus, you have no chance of the CRAs deleting the item on the strength of what you told them. (That doesn't mean you can't get them deleted, though -- just do it a different way.)

    Of course, even though the CRAs openly disdain deletion/payoff trading, it happens every single day since collection agencies are never required to tell the CRA why they are requesting a deletion.

  8. RichGuy

    RichGuy Well-Known Member

    That's bad news (to me) Doc, but very interesting nevertheless.
  9. lbrown59

    lbrown59 Well-Known Member

    Well if thats the way they feel the Cra can pay the creditor for me cause that's the only way the creditor will ever see his money!

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