You cannot remove the collection account out of your credit report once it is paid in full. If after payment of the debt, the status of the listing gets changed to "settled for less", you can ask the creditor to change it to "paid as agreed". You could have removed it if you had made the creditor agree to pay for deletion before you have paid off the debt. Now, the creditor would not agree to remove the listing as he has already got back his money and the FCRA does not require the listing to get removed from your report once you pay off the debt.
Hi Shabbi
Instead of going through credit repair agencies to repair your credit, I think that it would be better if you repair your credit by yourself. This is because you can do whatever the credit repair companies does to repair your credit. Moreover, if you repair your own credit, you can save the dollars which would have gone as fees to the agencies and use this money as a payment towards your smaller debts.
Justin... The possiblity of deleting credit information is dependent on the accuracy and completeness of the reporting... NOT the balance.
Scott... As I have mentioned several times in this forum, paying off a collection does NOTHING for your score. It does, however, (theoretically) eliminate the possibilty of future collection activity or civil action. And for the amount WE charge, you wouldn't be able to pay down much debt anyway... We're not like the guys who charge thousands to do it... I'll stop short of posting prices, unless I get the OK from the forum moderators... (I don't want to seem like I'm soliciting anyone through this forum...)
What is the difference in "settled for less" and "paid as agreed". In the end doesn't it effect your score in the same way? By doing this is it for future loans..lets say when a bank looks at it as "paid as agreed" instead of "settled for less" does it look better?
This question is for Doc..how accurate is most credit information? If the debt has one inacuracy can it be removed? If so how does a person stop them from relisting it?
I have signed up with Omega Credit Repair. I will keep all of you posted regarding the results. The reason I went through a credit repair company is because I would rather let a specalist (on a side note: ci alis in speci alist is a bad word) handle my work and save me time then me scouring all over all three credit reports, drafting separate letters, writing envelopes, taking it to a post office for certified mail etc... Thank God, I have a decent paying job that affords me the luxury to pay someone to do that (in a more efficient/timely and organized manner). I will see if the money was well spent.
Hi Fireyone
"Settled for less" means that you have paid off the debt to the creditor or collection agency after they have discounted the outstanding amount and you have paid only the discounted amount and not the entire amount. This does not give a positive impact on your credit report because your future creditor would think that if they offer you the loan you would end up paying less than the outstanding debt amount.
However, if your credit report shows "paid as agreed" or "paid in full", it would mean that you have paid off the debt through repayment plans as agreed by the creditor or you have paid the full amount of the outstanding debt.
OK thanks Carol for giving me the reasoning behind the two. Paid in full would then be a much better route to go. Is it hard to get a creditor to agree on a "paid in full" mark and will the want extra money to do so? If so I could see paying that since it is definaltely better than the other.
My wife and I used them to try and get a better score when we bought our home. We hired them, set up the account and after we closed on our home we terminated our agreement. A few weeks ago I got an email from OMEGA and they said I was still being charged. I terminated my agreement, but they say I did not. I called my wife that worked at the bank and she said they have been taking from our account for two years. Durning this time, we never ever got a call, email or letter saying we were still active. I would not use these people and spread the word that they are nothing but crooks. We have hired an attorney.
You cannot remove the collection account out of your credit report once it is paid in full. If after payment of the debt, the status of the listing gets changed to "settled for less", you can ask the creditor to change it to "paid as agreed". You could have removed it if you had made the creditor agree to pay for deletion before you have paid off the debt. Now, the creditor would not agree to remove the listing as he has already got back his money and the FCRA does not require the listing to get removed from your report once you pay off the debt.
Hi Shabbi
Instead of going through credit repair agencies to repair your credit, I think that it would be better if you repair your credit by yourself. This is because you can do whatever the credit repair companies does to repair your credit. Moreover, if you repair your own credit, you can save the dollars which would have gone as fees to the agencies and use this money as a payment towards your smaller debts.
Justin... The possiblity of deleting credit information is dependent on the accuracy and completeness of the reporting... NOT the balance.
Scott... As I have mentioned several times in this forum, paying off a collection does NOTHING for your score. It does, however, (theoretically) eliminate the possibilty of future collection activity or civil action. And for the amount WE charge, you wouldn't be able to pay down much debt anyway... We're not like the guys who charge thousands to do it... I'll stop short of posting prices, unless I get the OK from the forum moderators... (I don't want to seem like I'm soliciting anyone through this forum...)
What is the difference in "settled for less" and "paid as agreed". In the end doesn't it effect your score in the same way? By doing this is it for future loans..lets say when a bank looks at it as "paid as agreed" instead of "settled for less" does it look better?
This question is for Doc..how accurate is most credit information? If the debt has one inacuracy can it be removed? If so how does a person stop them from relisting it?
Omega
I have signed up with Omega Credit Repair. I will keep all of you posted regarding the results. The reason I went through a credit repair company is because I would rather let a specalist (on a side note: ci alis in speci alist is a bad word) handle my work and save me time then me scouring all over all three credit reports, drafting separate letters, writing envelopes, taking it to a post office for certified mail etc... Thank God, I have a decent paying job that affords me the luxury to pay someone to do that (in a more efficient/timely and organized manner). I will see if the money was well spent.
Hi Fireyone
"Settled for less" means that you have paid off the debt to the creditor or collection agency after they have discounted the outstanding amount and you have paid only the discounted amount and not the entire amount. This does not give a positive impact on your credit report because your future creditor would think that if they offer you the loan you would end up paying less than the outstanding debt amount.
However, if your credit report shows "paid as agreed" or "paid in full", it would mean that you have paid off the debt through repayment plans as agreed by the creditor or you have paid the full amount of the outstanding debt.
OK thanks Carol for giving me the reasoning behind the two. Paid in full would then be a much better route to go. Is it hard to get a creditor to agree on a "paid in full" mark and will the want extra money to do so? If so I could see paying that since it is definaltely better than the other.
credit card
take me out of the program
Omega Not Good
My wife and I used them to try and get a better score when we bought our home. We hired them, set up the account and after we closed on our home we terminated our agreement. A few weeks ago I got an email from OMEGA and they said I was still being charged. I terminated my agreement, but they say I did not. I called my wife that worked at the bank and she said they have been taking from our account for two years. Durning this time, we never ever got a call, email or letter saying we were still active. I would not use these people and spread the word that they are nothing but crooks. We have hired an attorney.
Hope this answers your question.