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Can you negotiate with creditors to change the reporting of settled accounts?
Wiki User
∙ 8y ago
Yes, you can negotiate with anyone about anything.
Whether or not the creditors will comply with your wishes, especially considering that the accounts are long since "settled" is a completely different matter.
If you are considered paying your settled debts in full for purposes of your conscience or to honor the receiving of future wealth, then good for you! If you are considering making these payments in order to boost your credit scores, then I suggest looking into other factors that may be having a larger impact on your scores.
These factors included ANYTHING that has taken place on your accounts within the past 12 months, (history accounts for 35% of your score), The amount of credit available to you (open revolving accounts), how long you have had credit, and the number of inquiries on your credit report.
Wiki User
∙ 8y ago
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Can you make a deal with creditors?
Yes but when trying to do so you should understand that you will have to pay the creditors something until the debt is settled and it is best to get a 3rd party to mediate and negotiate the deal. Alternatively you could go bankrupt - and that would void the debts BUT with a serious blemish to your future creditworthiness.
What country did president Polk negotiate with in order to obtain Oregon for the us?
He settled with Britain.
Are creditors compelled by law to report a settlement account as a charge off?
The account will be reported as "settled in full / was charged off"
Your mother died with no estate and all debts were closed What happens if she had a pending lawsuit that was settled a year after her death Can creditors still collect on the settlement money?
If there is a lawsuit that benefits the estate, the estate will have to be reopened. The creditors can make their claims. The court should not have a problem reopening it in this instance. The creditors can force it as well.
What can you do if you are prepared to pay all your chargeoffs in full but the agencies aren't willing to delete the record from your credit report?
Most companies will not delete accounts that have been paid, nor do they have to under the law. The Fair Credit Reporting Act allows them to report the accounts as paid charge offs, or as charge off/collection with a zero balance and to report the date that the account was paid in full or settled.
When is a probate procedure required in a family death in the state of Texas?
If there are any debts associated with the deceased, or they own any real property, it is to the benefit of the family to go through probate. This will insure that accounts are settled and shouldend any attempts by creditors to collect if there are no monies. It also insures that there is clear title to any vehicles and property.
Can you spend money out of an estate if a notice to creditors of death was never published?
No, you have to follow the legal procedure before the estate can be settled. If a person uses the money form an estate without going through these procedures they are committing a crime and will be liable for the losses to creditors.
When you have an account charged off why can someone else buy out this account and have it start all over again?
The simple answer is because it is perfectly legal. Creditors sell defaulted accounts to third party collectors for literally pennies on the dollar. They can then collect the full amount plus interest and penalties until the account is in some way settled or paid in full.
Will going through a debt settlement and negotiation company hurt your credit?
Yes, if you do not follow through with it to the Letter! Chances are if you are in position to use this method of debt elimination, your credit is already shot. If you still have good credit, settlement is a silly option because it destroys the credit rating on two fronts. First, creditors won't consider settling with you until you are at least 90-120 days past due. This kills your payment history and drops your score way down. Second, the creditor can really stick it to you for the next 7 years based on the notation added upon completing settlement on the account. Anything other than "paid in full" is bad. "Paid as agreed" is not good, and "paid -- charge off" or "paid -- collections" are both really bad. Finally, anything with the word "settled" in it goes in your credit file as an "R-9" code, which is a half-step above bankruptcy. Future creditors will deem you an extreme risk. The trick is to negotiate with creditors just what language they will use in their final report -- and get it in writing before giving them any funds. Your credit report summarizes your track record for paying off credit accounts. Specifically, it displays information on any late payments or outstanding debts on these accounts. Any difficulty you have in making payments for your accounts will show up in your report and could negatively affect your score. Debt settlement is when a person enlists the help of a debt settlement agency to negotiate lower monthly payments with a creditor for which there is a large, outstanding debt. Needing debt settlement usually means a person is having difficulty managing credit accounts and debt. Because of this, debt settlement could look bad on a credit report and could possibly have a negative affect on a credit score. FYI: The credit reporting agency Equifax provides a helpful website with information on credit. It's written for the general public, so it's very easy to read. http://learn.equifax.com/
If you settle a chargeoff or collection does this increase your credit score?
Yes! I settled 2 collection accounts and my score stayed exactly the same.
Is it worth settling with a collection agency?
It kind of depends. If you settle with them prior to your credit reporting date it's a win win for you: No credit reporting and you save some money on goods/ services you received. If it's after the credit reporting date it reports as "settled in full" on your credit report, not as good as "paid in full" but better than not paid at all.
What is inter company owings in reconstrction?
Intercompany owings in reconstruction refer to amounts owed between companies within the same group or organization that need to be settled or reconciled during a reconstruction process. These amounts can impact the financial statements and balance sheets of the companies involved, so it is important to properly account for them to ensure accurate reporting.
