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Question By
RAADVending

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default on credit card was settled and paid in full - how long do the neg remain on credit report
We went through a tough patch during 2010 and had to let several credit cards go into collections. have been working since then to settle and pay in full each account. How long will the negatives remain on credit report? Was thinking they would be removed once the account was considered paid in full. thanks

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They will remain on your report for 7 years from the date you pay them off, unless you negotiate a "pay per delete" with the creditors.

Reply by
fireeyessam

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"Pay per Delete" how do I go about approaching this?  Macy's was my first credit card Ever and they made a mistake.  It was on my credit report that there was a negative 30 day late mark.  I called on this and they explained that I made the payment towards the end of the day on the due date, so the account had accidentally been collecting interest on a $5 late fee even though I had a zero balance.  Macy's claimed they would "re-age my account" and fix it on my credit report.  Macy's took care of the charges but now my credit report just reflects "paid as agreed" and did not affect my score one bit.  Which, I thought they should have Removed the 30 day late and raised my score seeing as how it was not my fault and they removed the charges completely.  I can now not get ahold of Anyone through Macy's customer service to try and help me - now, no one has a clue and can't help me.

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Negatives and Positives

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They can appear on your credit report (Experience only ) for up to 5 years to my knowledge. even after the account is current and or settled. It is up to the creditor. Technically they will report every month and lets say for example they choose to report missed payments up to 3 years, than after three years of the date of the missed payment they will start disappearing from your record.

There is of course a way to go to www.annualCreditReport.com which will give you once annually a free report from all three agencies. These reports have everything except your actual score. They als include information on how to dispute blemishes on your record.

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Don't lose hope...

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The way I approached dealing with the collections was that I called each of them individually and negotiated a payment plan with them for short term and the agreement was at the end they would remove the ding on each of the credit reports.  I also went into each credit report and filed a challenge for each collector listed after I paid them off which forced them to say it is paid in full even if they forget. The other way to do this if you have a good amount of cash and maybe not all that you owe but let's say 70% that you owe is try to negotiate that amount to consider that your account is paid in full and see what happens.  Good luck!

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Reply by
switchman70

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Even with paying the account in full, or settling for a lesser amount, there is no guarantee or obligation for the creditor to remove from the credit report.  

If you get them to agree, as in the pay for delete mentioned, make sure you get it in writing.

The negative status can show up for up to 7 years from the last activity (payment) on the account.

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Bad credit experience on paying bills

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mthiran's advice was good, but he is not correct on how long bad credit stays on your record. Negative credit generally will take 7 to 10 years to fall off your report and no longer affect your score.  Foreclosures, Chapter 7 bankruptcy, judgements and liens (including tax liens) take 10 years.  Chapter 13 Bankruptcy takes 7 years (but only if you comply with the court order) late payments, as well as all other negatives take 7 years.

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credit cards

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i am so deep ion credit card debt and don't know what to do

Reply by
mzbear1096

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I know the feling about being overwhelmed with credit card debt. Check out daveramsey.com and get his book the total money makeover! I am not out of debt yet, but getting closer all the time!

Reply by
CAC911

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Maybe you could take out a loan at your bank, and pay them all off, and just owe the bank. It is a much lower interest rate, and it is only the one payment a month.

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