Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
happyconsumer12

0 Contributions
0 People Helped
paying off charged off debt advice
I am getting ready to pay some charged off credit card debt. What should I ask the credit card companies to write on my report? (paid in full, paid as agreed etc) and how do I get them to do this? Have them send me a letter with the final balance and the agreement of what to write on my credit report?
Thanks

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7816 Contributions
1465 People Helped

You don't have to worry about negotiating what will be written on your reports, by law they have to mark the actual status of the account. If you pay the account in full, it will be marked as "paid", if you get a settlement offer and you can pay less to settle the account it would be marked as "settled". "paid" and "settled" are both scored the same. After you either pay in full or settle, it should be updated on your reports within a month or so.

Top Contributor
9915 Contributions
4248 People Helped

Check out the Statute of limitations on collexctions for your state since it varies, and determine if you need to pay or if they are non-collectable due to expiration of the SOL.  Also learn about negotiating a 'pay for delete' agreement with a creditor.  Both can help your score greatly.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.