If you have debt, start paying highest interest loans first, like credit cards(usually an interest rate of 15% or more). And pay more than just the minimun payment. Try to track your expenses(all of them) to see where you can save to pay more towards your loans.
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
If it's a personal debt, such as something off the record, ya might want to.
No. If they are tell them that the debt is paid off, and ask for them to cease any future calls. You might want to check to see if your credit report is updated with this paid status.
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
Yes.
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
If it's a personal debt, such as something off the record, ya might want to.
It is best to pay off the debt. You can also ask if they will remove their listing completely from your credit report, if you agree to pay. If they agree to this, tell them to send the agreement to you in writing and you will immediately pay off the debt.
IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
No. If they are tell them that the debt is paid off, and ask for them to cease any future calls. You might want to check to see if your credit report is updated with this paid status.
Your credit report is irrelvent. Certainly many debts are not on one. If you owe the debt, report it.
When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.