Deleting from credit reports
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  1. #1
    Registered User 858Smith's Avatar
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    Default Deleting from credit reports

    Hi. I did a search for this topic, but I didn't see anything, so if I missed it, please steer me in the right direction.

    My husband and I are planning on buying a home next year. We are taking a year to reduce our debt completely and also bring up my credit score which isn't very good. My question is is that if I pay off the debt that has been charged off, but still getting settlement offers from the company which is American Express, if I paid in full, does it make sense to ask them to delete it off my credit report? Is that even possible?

    Thanks for any help & advice!

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    Registered User CPA-Kim's Avatar
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    It will be on your credit report for 7 years.
    Kim
    The Lord will provide

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    You are already past the point of return. Paying something charged off will not help your credit report/score. Are you dealing w/ a company that said they can get it off your credit report?? They are a scam-beware.
    Paying bills on time,and paying more than is due every time,not applying for more credit and not shutting down paid off CC's will help your credit score.
    Go to creditkarma.com and educate yourself on the section about how credit scores are valued. Each thing isnt the same value. Some things you are judged on are Credit inquiries,ratio of debt to credit available,length of credit history.etc. Not on income,what you own,age,whats in the bank.

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    Registered User seattleLMP's Avatar
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    A zero balance on a negative credit listing is still better than a negative balance. It can make a pretty significant difference.

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    Registered User CPA-Kim's Avatar
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    Quote Originally Posted by seattleLMP View Post
    A zero balance on a negative credit listing is still better than a negative balance. It can make a pretty significant difference.
    Actually, It can re-open the statute of limitations and may bring about more aggressive debt collectors.
    Kim
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    Registered User seattleLMP's Avatar
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    It depends on how old they are and how many you have. DH had one collection account from a medical bill on his report that was about two and a half years old. He wasn't even aware of it's existence until he pulled his credit report. He paid it off and it raised his score by about 25 points, even though it's still listed with a zero balance.

    If you have a few collection accounts that are fairly recent and you can pay all of them off quickly, it is worthwhile to do so. If they are over 5 years old and you have many, better to wait it out. It is now illegal for them to re-age the debt on your credit report for paying it off, but if you make a partial payments it can reset the statute of limitations on that particular debt.

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    Registered User James Martin's Avatar
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    I think, this will show on your credit report after 10 years.

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