Can charged off accounts that were purchased or transferred to other company's be removed from my credit?
Answers:
I'm afraid mphsblue isn't quite on track..
There are only two ways to get a negative item removed from your report.
1) The creditor must remove it
2) The creditor fails to respond to a dispute investigation from the credit bureau.
So here is where you stand now. You have negotiated a settlement with the collection agent. What you now need to do is get them to agree IN WRITING to delete this entry once you have paid them the agreed upon amount.
If they do not agree to this, all that will happen is the report will be changed to "paid" but it will still show collections, late payments, charge offs and all of that nasty stuff that ruins your credit.
In other words, you paid your bill but you will still have terrible credit.
If they don't agree to deleting this, DO NOT pay them a dime!
The other method of filing a dispute will most likely not work. If you are lucky they may mess up and not respond, so the report gets deleted. But it could return later. It's not a certain way of fixing your credit.
Yes. But the question is whether the original creditor is willing to verify the account with the Credit Reporting Agencies (CRA's). Since they charged it off and took their tax break (usually 25%) on the account, they probably wouldn't even bother to respond. Here's how it works:
You dispute the item with the CRA's that the trade line is reporting to. They, in turn, contact the original creditor for proof that the account is yours. If the creditor does not respond within 30 days it has to come off of your credit report. If it remains on your report you can report them to the FTC, who oversee the CRA's. Don't think that the CRA's on your side though. They are about as reputable as Rosie O'Donnell is anorexic. All they do is sell your informatin - but the FCRA is weighted in your favor and you can play that to your advantage if you know the laws.
Good luck to you!
I had two charge off accounts and when I paid them, I ask for them to be removed and they did.. So good luck..
You know go to www.fixmyuglycredit.com they helped me go from 500 credit score to 711 it wasn't over night but it was done it's a free site and teaches you techniques to do it your self..once you learn you will be surprise how easy it was and you can help others by what you learn. Good luck
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