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i paid off a derogatory bill why is still there

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Helpful to 58 out of 65 people

just because you paid off a derogatory bills doesnt mean it disapears. if it was an open line of credit aka credit card, auto loan , student loan. it will now show you missed that payment for 7 years then that derog falls off and no longer really hurts after 4 years its 60% effective or so. if it was a collection BEFORE You pay you need to demand "pay for delete" and have a NDA non disclosure agreement with them signed faxed to you or snail mailed to you.  pay for delete and they agree to it means once you have it in writing that you are paying them in return they delete. if they renig on the deal you take the letter and send in in with a dispute to all 3 CB's 

you MUST get PFD and NDA BEFORE you pay. afterwards theres no reason for them to take it off and it becomes harder but not impossible to do .

google credit boards and myfico forums you can learn what you want on there

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Negotiating terms of settlement

Helpful to 8 out of 11 people

If you simply paid the collection, and did not try to get a reduced payment arranged with the creditor or collection agency, it will eventually (about 45 days) show as paid, but not removed from your credit report.  Sometimes you can negotiate and get a very reduced settlement and demand it be REMOVED from your report when paid.  Get it in writing or it will mean nothing if the collector sees fit to do nothing after they have been paid.

Even then, it's difficult to get the three credit bureaus to agree to a total removal of the record.  It may show as paid/removed, but still remain on your report for up to seven years.  Time heals all (many of them) wounds, so it will mean less as the report gets older.

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Removing derogatory marks

Helpful to 5 out of 6 people

You have 2 options.  You can call thecollection agency that placed it on your credit and make payment arrangement, also asking for a removal.  Also request a letter of paid.  They will issue that once your payment is received.  If they fail to remove it as promised, than you can contact whichever bureau or bureaus that has it on file with a letter and a copy of your paid letter.  They will remove it.  However with the new fico scoring system, collection agencies will be required to automatically remove all paid debts once the payment is received.

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collection agent removal

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If I owed a bill and paid it late after a collection agency was hired by the party I owed, and they placed a derogatory mark on my credit report.

How can I get that removed from my report? (I didnt owe the collection agency, and I didnt hire them). How can someone I didnt ever owe of hire put anything good or bad on my report?

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Student loans

Helpful to 2 out of 6 people

My origianl student loan was from Sallie Mae in 2004. I had missed payments on it for awhile. Then I guess they "sold" it to Nelnet who is the company I am paying the balance off to every month since 2011. Why are both on my credit. Both the Sallie Mae accounts are still showing up. The remarks say "debt being paid through insurance", is that what Nelnet is? The "insurance" company? Is that why Sallie Mae is still showing up negative on my credit?!

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Your Sallie Mae accounts wont be updated until they are paid in full.  The company has insurance, just as any other company has just in case someone doesn't pay up.  You can easily use resources like "google" to find out if Nelnet is a company associated with your Sallie Mae account.  If I remember correctly student loans stay on your record forever until they are paid off, unlike revolving credit and other credit accounts.  If Mae did in face sell the accounts they may drop off in 7 years.  Is the reporting current?  or is it from 5 years ago.  That would let you know a lot.  Hope this helped.

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Helpful to 4 out of 4 people

Would you happen to know why it shows an open account from a secured credit card I had in 2009. Rough time couldnt pay it so I just kind of waited until the 7 years for it to hopefully drop off. I still see it under my open account. Now there are different dates on there so not sure which one to look at. If it is for sure been the 7 years, how do you go about getting it taken off your credit?

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