I have two chargeoffs left on my Equifax report. (Since most lenders check only with this CRA in my area, I'm focusing most of my efforts with them). The two chargeoffs are with Cross Country Bank and FCNB. I owe $1055 and $1214 respectively. I've disputed and had the accounts verified. I've also received copies of checks I"ve written to the company, so chances of removal with payment are slim. My question: Should I offer a setttlement on the two accounts to bring my score up a bit? Does anyone have any experience in paying charge-offs? Did it increase your score? If so, by how much? These two chargeoffs are from 2000, so they are fairly recent. Chances of payment in exchange for deletion/fair rating are pretty much slim to none, so I plan to offer 30% of balance due. Any advice on whether this will help my score? TIA LB
Hi Lizard King, Thanks for responding. To answer your questions: Do you have them on any other violations? You disputed it with them in writing. Are they reporting it to the credit bureaus as a disputed debt? **************************************** During the period when I requested validation, they did not add a note showing that I disputed the debt. Since this is the original creditor, I'm not sure if they are supposed to comply with this. Are they? Any other minor violations that you could nail them with? Did they send a collection letter or call prior to providing validation? **************************************** I haven't received correspondence from either company (accept to provide copy of my check to them) in over a year. My point is, you could ignore the debt and just file in small claims for a few violations. Then you could use that leverage to ask for deletion in exchange for dropping the lawsuits. ***************************************** I wish I could!!!! Unfortunately, I don't have anything to nail them on.
Anyone else have experiences with paid chargeoffs and the effects on their scores? LB, who's trying to figure out if it's worth the $$$
