Paying charge-offs

[scott77]

Hello this is my first time on this forum. I have several old accounts that have been charged off. Would it be wise to contact the creditors with a letter offering to settle the debts in return for the removal of these items from my credit reports?

[chane]

Welcome to the forum. How old are the accounts?

[scott77]

Thanks for the welcome! Both accounts were charged off in 2005.

[94B]

Originally Posted by scott77

Hello this is my first time on this forum. I have several old accounts that have been charged off. Would it be wise to contact the creditors with a letter offering to settle the debts in return for the removal of these items from my credit reports?

It really depends on whether these accounts are still with the OC or have been sold.Do you know whether they have been sold? Has anyone contacted you regarding these accounts. What kind of accounts are these and are you still within the SOL(legal)?

[Kdaddy]

I would dispute them. After getting my credit reports I noticed a whole bunch of erroneous and incorrect information. You too should go over each account thoroughly searching for inaccuracies. from there begin the dispute process.

Kyle

[94B]

Originally Posted by Kdaddy

I would dispute them. After getting my credit reports I noticed a whole bunch of erroneous and incorrect information. You too should go over each account thoroughly searching for inaccuracies. from there begin the dispute process.

Kyle

While I agree that disputing the accounts would be the step after the OP has done the basics of credit repair, I still believe its important for them to understand the aftermath of disputing accounts that may possibly be with the SOL.They may very likely open up a can of worms that they are not prepared to deal with.

[Kdaddy]

94B,

Can of Worms? I'm confused. The Law is on your side. If the info can't be proven then request its deletion.

Kyle

[94B]

Originally Posted by Kdaddy

94B,

Can of Worms? I'm confused. The Law is on your side. If the info can't be proven then request its deletion.

Kyle

Not really sure what you're confused about, but I will try and clarify what I am referring to in my posts. I agree with you that disputing is something that the OP should do and they may get the deletion they want.

But just because you get something removed for whatever reason(depending on how it was disputed) doesn't mean that the creditor can't sue you for the debt especially if you are still within SOL. All I was saying is that sometimes disputing items on your credit report can wake up an otherwise sleeping giant and that can have other consequences(i.e dunning letters, lawsuits,etc).

I am not in any way saying that the OP shouldn't dispute these CO's and I am clear on what the FCRA says and doesn't say when it comes to CRA's and FOI/DF's. In fact once they do the basics of credit repair, they should look through the TL's and look for inaccuracies and dispute it as such. I just want the OP to be aware of the other aspect of what may happen beyond the deletion. And if I am reading the OP's question correctly, their question was more geared towards wanting to settle the CO's with the OC's in exchange for removal from credit report.

[Kdaddy]

Oftentimes it is quite expensive to litigate. Also, if you have to go to court make sure you have the deletion letter from the CRA and whatever copies of letters you sent out like verification letters. Also bring along the copies of the credit report of all the erroneous information. Lastly know the laws pertaining to your rights regarding collection agencies and original creditors. Sometimes this alone is enough to dissuade litigation OR could have the Judge decide in favor of you. In my experience thus far the harder I fight the more they back off. So far it's working great for me.

Kyle

[lenci]

My experience is this, they will negotiate with you and lower the amount. But only the originator has the power to remove it from your credit report and 9 times out of 10 they don't, so it still stays on as late payment for 7 years, paid or not. I requested a letter in writing saying if I paid this debt off they would remove the debt, but they would not do it, mainly because they can't without the originator of the debt okaying it. Some of these credit repair agencies as the one I used just take your money knowing that they cannot remove it.