on my credit report i have cross country bank listed as charge off account closed by creditor with dates listed as date opened/reported since 5/98 credit limit $500/high balance $743. then it was turned over to midland credit management that says date opened 9-2000 credit limit $743/high balance na recent balance $784 shouldnt the numbers be the same? or can ca keep adding fees until its paid? also they have did an inquirery every month for the past 6 months. this is on my experian. they also are on my other two credit reports but all three balances ect are differant. one last question what is the amount one should offer on a settlement to pay? trying to figure out what to offer midland. thanks for the all the help everyone here is great
You could attempt to send a validation letter, first. That way you may have an option not to settle if they can't verify. If I were in your shoes, I would be offering no more than $500 and no less than $300 to settle this account in full for deletion. If all of the balances on each report are wrong you may have a good shot at disputing them with the CRAs and having them removed. For interest / fees, you would need to look in your cardholder agreements to see if they are allowed to charge fees. Usually they are, and therefore your balance could far exceed the $784 that your speaking of if the account hasn't been updated in a while. Never pay that extra interest. Always negoitate for a fair price usually around 20-50% of balance really owed and ALWAYS GET IT IN WRITING WITH A SIGNATURE FROM SOMEONE WHO CAN ENTER INTO THAT AGREEMENT. Always, ask for deletion or for an adjustment to something positive on your Credit Report. You may not get it, but atleast you won't end up like some of the people on this board who have already settled and didn't ask for deletion/adjustment to Credit Report and want to fix it now. There are ways, but it's easier to do it now while you have the negoitation power.
Once you pay or settle an an account it has no right to be on your report as a Neg. When you paid it that corrects any default.
lbrown - that's not true. I'm playing devil's advocate here. It DOES belong on your report even after you pay it. Your report is supposed to contain your credit HISTORY. The fact that someone pays off a charge-off account doesn't erase the fact that it was charged-off to begin with.
I see your point. Here's another one two people have a loan. One pays on condition of deletion the other one doesn't.Which one is the dead beat? Or how about this example: 2 men have a 5 year car loan At 200 per month for 60 months. One pays the 60 200 pmts.on time the other pays for 25 months gets behind and at the end of 36 month pays the loan off. Who was the first man to pay the banker back in full?
