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robert0803

Settled Debt...Now what?

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I am a newbie to this board so bare with me. I just settled some old debts and I was wondering what' next? Would it be in my best interest to have those on my Credit Report ot have them deleted? I am also in the process of trying to purchase a home. Last month my scores where in the low 600's and I would love to get them in the higher 600's. Any help would be appreciated. :)

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It really depends on how they're being reported. If any of your CR's listed them as "PAID COLLECTION" or "PAID FOR LESS THAN FULL AMOUNT" or anything along those lines, then by all means get them deleted. If any of them are tradelines for a collection agency, get them deleted regardless of what they say. If they're from the OC and they simply say "PAID", with a few late notations then you can probably leave them.

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I didn't know you can remove them AFTER you paid them? Where is the bargaining tool at this point? They got their money.

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MommaMia: It certainly isn't easy and doesn't always work. CAs usually don't keep accurate records and if you use the "dispute" process with the CRA it might get deleted on the first try. If not, then you try the "method of verification" process, and see if the CRA really did verify...if not, you threaten suit.

Most OCs on the other hand do keep records (specially CCs) and those are very difficult to dispute.

No gurantees...

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I am crossing my fingers and hope that this works. I just sent out debt validation letters to the CA's and God willing they don't have any records of the accounts. These are old collection accounts, one for Cap One, an auto insurance cancalation fee that I had no clue about, and one for an old gas card that went our of business.

Should I have done something differently??

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THanks willingtocope. Just found this site the other day, so lot's to learn still. I know we do in fact have a charge off, so that is good to know, I was assuming that would end up staying..anyway, thanks :)

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