Hi, I am trying to repair my credit. I have many (6) negative items against me, a few of which are old charge offs. And also a few collection accounts. All of which are almost 7 years old. I have been doing a lot of reading but there is so much info it's a bit overwhelming so I would appreciate any assistance.
I know that I need to send a PFD letter in order to get the charge-off's possibly removed. What if the accounts are with a collection agency? Can the agency have the authority to remove the items from my credit report? One of the collection agencies just recently sent me an offer to settle for 50% and that they will then consider my account "settled in full." I was surprised to her from them after so many years but figured it was due to accesing my credit report recently. They mentioned nothing of deleting the account from my credit report. How should I handle their offer? Do I ignore the offer and still just send them a PFD letter?
I will say that my desire IS to actually pay these debts, for my moral purposes. But I am worried about the whole SOL thing and restarting the 7 yr clock on my debts. Will paying on old charge-off's restart the clock?
Thanks! :)
Charge-off from your credit.
You can depeste all negaitive idems on your report. Last year I had 13 negative items and now I only have 4 negative items.
you need to be careful about resetting the clock, but it is possible to pay without doing that.
the thing is, how close are you to 7 years? it seems like SOL is likely to be expired depending on what state you live in so they can't sue. As far as your moral purposes go, do you have children? have you put any money in their college fund? it seems like you are splitting some moral hairs considering that you have waited this long and are only paying half.
I would first dispute all items on your credit report and see what falls off. what state do you live in?