Hi all, 1- I had a student loan. After having difficulty paying it off, I asked a relative to lend me the money to pay it all off which I did. Yet, it says PAID but with late payments. Can I still, after already paid, asked them to remove those 'remarks'? 2- I got an account that is send to collection agency. It says on credit report that it is schedule to remain until 4/02. Should I tried to paid it off? If I inquire about this account, would it reset the time limit again? Will leaving it to expire a bad on credit rating. 3- I like to work out a payment plan with creditor. Should I ask CRA to investigate and try to get it remove first before I go to creditor to pay? 4- I see a lot of inquires on my credit reports. Some dated back to 99. Do they hurt credit rating? If so, how can I get them removed? appreciate all the help! Douglas
i am a newbie, but will try to help 1> student loan that is paid off, no real power to negotiate. who is the lender, maybe they will remove it voluntarily, I would try to dispute it "never late" and see what happens 2> CA, if it is scheduled to fall off, in a few months, disputing it will not hurt... most cra's will take them off a few months earlier anyway .. really it is your choice. 3> I would try to dispute it with cra before trying to negotiate settlement. I would also ask for validation of the debt. I would definitely get everything in writing before i would send them any money!!!! do you want to pay or do you just want it off your credit report??? 4> Inq can stay for two years, so yours should be coming off. INQ can be disputed and you can also ask creditor to remove them, 'Again, your decision. Only certain inquiries are supposed to affect your score, but that has been debated here. People have seen scores go up when they opt out
I can not help with #1 #2 Do NOT pay this item so fast. It will drop off in 4 months...if you pay it will remain on for another 7 years. Leaving it to expire on a bad note will not reflect poorly on your credit rating. If you feel the need to pay this off for moral reasons, then I would seek to have the item deleted in return for payment. You can search the board for the letters to use for that. #3 What are the details on the collection account? How old is it? Who is reporting it (original creditor/collection agency/both)? Find out before going to the creditor to pay. In short though disputing with the CRA and trying to get them to remove the item first will have no effect on whether or not you pay. Likewise paying will have little or no effect on the verification process if you do dispute it. It is your call if you want to dispute the item before you pay...but if it gets deleted, I would re-ask myself if I wanted to pay the item then. #4 YES inquiries DO hurt your score...how much is an enigma. For how long - 2 years with the most harmful effects diminishing at 6 months and 1 year times. How to delete depends on what CRA you are talking about..Experian is the easiest for inquiry removals...then TU then EQ (both of which seem to be mysteries on how they accept or reject inquiry deletions) do a search on the board using the words "inquiry delete" or something similar and see what you get...I bet it will make for some fun latenight reading. -Peace, Dave
