Hi, I have a charged off credit card with providian, and have been making monthly minimum monthly payments, but they refuse to change my negative report status on my Cr, Do I have to continue to pay them?
I think they will agree to change your negative report status only when you have paid back the debt in full. Moreover, paying back a debt is always a better option as charge off does not necessarily mean that you are no longer liable for the debt. In fact you are still liable for payment and the creditor might sue you to the court ( until the SOL of your state runs out). However if you are not willing to pay unless they change the negative report status, tell them that you will pay the rest of the debt only when they agree that they will remove the negative status after your debt repayment in installments is complete. If they agree to your proposal, then get it in writing.
I think that you would be wise to listen to Justin. I think that he is correct about why you are still getting negative reports. I have a feeling that once your account is where it should have been had you never defaulted, you will see changes on your CR.
I too think that Justin is correct. You should continue repaying back your debt as you are paying and I think on your full repayment you may see improvement in your credit report
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.
Make sure that you get a letter from them that they will either remove the negative reporting, it is called a pay for delete, or have them report a positive payment activity on your report.
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.
How can a collection agency report anything as positive? FICO determines what is positive and negative. A collection agency is a blemish on your report because people with past money problems are more likely to have future money problems...it is a statistical risk. If paid collections decreased your statistical risk, then your score would have risen.
Actually the Collection agency reports dues outstanding against the borrower, if any to the CRAs who in turn add this negative element in the credit report. This negative element in your report decreases your credit score. If you come out with a PFD agreement with your CA with a repayment plan, then after your full repayment of dues, the negative element goes off from your credit report which in turn increases your credit score.
I think that carol is correct. However to remove the negative element from the credit report after paying off your old debts, you should always go for the PFD agreement with your CA in writing.
What you guys are suggesting is fine and dandy, but in my personal experience asking for a "Pay For Delete" from ANY credit card company turns out the same, I offer to pay back the FULL BALANCE and they simply say that they are required to report accurate information.
So long story short is that they will not budge when it comes to that for me, First Premier Bank, Capital One, Orchard/HSBC Bank. All the same results... And I recently paid one off in full just to see what it would report as, and it still says charged off but instead of a balance it just shows a $0.00 balance. And low and behold paying the debt off did NOTHING to improve my credit score.
I even tried negotiating with them to get something else reported like PAID, or PAID AS AGREED, and they will not do it.... SO I am not really sure how you guys are pulling PFD...
Hi batterup40
I think they will agree to change your negative report status only when you have paid back the debt in full. Moreover, paying back a debt is always a better option as charge off does not necessarily mean that you are no longer liable for the debt. In fact you are still liable for payment and the creditor might sue you to the court ( until the SOL of your state runs out). However if you are not willing to pay unless they change the negative report status, tell them that you will pay the rest of the debt only when they agree that they will remove the negative status after your debt repayment in installments is complete. If they agree to your proposal, then get it in writing.
batterup40
I think that you would be wise to listen to Justin. I think that he is correct about why you are still getting negative reports. I have a feeling that once your account is where it should have been had you never defaulted, you will see changes on your CR.
keep us posted!
I too think that Justin is correct. You should continue repaying back your debt as you are paying and I think on your full repayment you may see improvement in your credit report
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.
Make sure that you get a letter from them that they will either remove the negative reporting, it is called a pay for delete, or have them report a positive payment activity on your report.
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.
How can a collection agency report anything as positive? FICO determines what is positive and negative. A collection agency is a blemish on your report because people with past money problems are more likely to have future money problems...it is a statistical risk. If paid collections decreased your statistical risk, then your score would have risen.
Hi Goodnatured
Actually the Collection agency reports dues outstanding against the borrower, if any to the CRAs who in turn add this negative element in the credit report. This negative element in your report decreases your credit score. If you come out with a PFD agreement with your CA with a repayment plan, then after your full repayment of dues, the negative element goes off from your credit report which in turn increases your credit score.
I think that carol is correct. However to remove the negative element from the credit report after paying off your old debts, you should always go for the PFD agreement with your CA in writing.
What you guys are suggesting is fine and dandy, but in my personal experience asking for a "Pay For Delete" from ANY credit card company turns out the same, I offer to pay back the FULL BALANCE and they simply say that they are required to report accurate information.
So long story short is that they will not budge when it comes to that for me, First Premier Bank, Capital One, Orchard/HSBC Bank. All the same results... And I recently paid one off in full just to see what it would report as, and it still says charged off but instead of a balance it just shows a $0.00 balance. And low and behold paying the debt off did NOTHING to improve my credit score.
I even tried negotiating with them to get something else reported like PAID, or PAID AS AGREED, and they will not do it.... SO I am not really sure how you guys are pulling PFD...
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