Paying a Charge-off Account

Discussion in 'Credit Talk' started by muf_fin@3, Oct 22, 2003.

  1. muf_fin@3

    muf_fin@3 Well-Known Member

    Will paying off a charge-off account bring my credit scores up or will it stay the same?
     
  2. jlynn

    jlynn Well-Known Member

    Stay the same - sometimes I hear they drop because the payment makes it appear the delinquency is "newer".

    Never heard of them going up.

    .
     
  3. lbrown59

    lbrown59 Well-Known Member

    Don't pay with out deletion in writing.
     
  4. muf_fin@3

    muf_fin@3 Well-Known Member

    What do I ask themto do?? I'm sorry I am new to this.
     
  5. DOITMYSELF

    DOITMYSELF Well-Known Member

    Re: Re: Paying a Charge-off Account

    When you get some time check out the FAQ located at the top of the forum it may help with some of your questions.

    As far as the pay for deletion goes it is just that! You will offer to pay x amount of money for complete deletion of the tradeline on all three CRA. (some people seek to turn the negative reporting into a positive one but I wont go into that right now) You will need to get ANY agreement in writing in case they try to change the terms of the agreement after you pay.

    I am not sure if the sample letters has a â??settlement letterâ? but if you find the need for one I am sure someone here can post an example for you.

    Good luck
     
  6. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Paying a Charge-off Account

    ---------------SIG---------------
    You did not damage your credit in a day don't expect to fix it in a day.
    DOITMYSELF
    -----------------------------------
    Maybe so,but what about the instant credit trashing the OCs CAs and CRAs
    do all the time.
    Most of the problems I read about here result from this rather than from one damaging their own credit ?*?*?

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     

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