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Help! What should I do?


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I am currently working on three separate settlement agreements with three creditors. We have agreed on a settlement amount, but I am having difficulty convincing them to work with me in restoring my credit.

One OC has reported the account as charged-off and refused to agree to my request to remove the derogatory information. The OC says that the best they can agree to would be to update the account as SETTLED with zero balance. I want to send them a counter offer to have them update the account as PAID AS AGREED, but my attorney doesn't think that it is correct for me to request this because she thinks that the result of a settlement should be a SETTLED entry in my credit. I am having problems convincing her that this is a negotiation and that since they will be getting my money ($10K+), I should be able to negotiate the type of update to my credit they will make upon settlement.

Another OC claimed it has reported the account but when I checked my credit reports, there is no reporting on the account at all. I want this second OC to agree to not report me at all as part of the settlement agreement, but they refuse.

I don't have any problem at all with the third creditor to agree to all my terms. They never reported me and will agree to never report me.

My questions are as follows:

1. What should I do if the 1st and 2nd OC will not budge?

2. The 1st OC reported the account open date incorrectly in my credit report. Should I address this with them or should I do this via the CRAs?

3. For anyone who's ever had a CHARGED-OFF account and settled, was your creditor willing to work with you in updating your report to something better than SETTLED? If yes, how did you do it?

Thanks in advance.

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<blockquote>Originally posted by kb9tbq

The OC dose not have to negociate with you on the reporting, you can advise them that you are disputing this and want them to reflect this to the CRA's.

On the other matter - disputing the open date, go directly to the CRA's with this one.


Thanks for your reply, but I'm not sure if I completely understand your suggestion. Should I go ahead and accept their offer to have the account updated to SETTLED, and afterwards dispute them with CRAs. What should be the basis of my dispute if I have a settlement letter okay-ing them to update the account to SETTLED?

I will dispute the "account opened" date directly with the CRAs as you suggested. Thanks.

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