Thinking about paying a collection account? Your credit scores may not improve unless you get the collection account deleted with a pay for delete agreement.
A Verizon Wireless account charge-off can occur even if a deposit was applied to the unpaid account balance and the early termination fee.
When you reinstate a loan due to car repo, the derogatory marks remain on credit reports that’s why these steps to rebuild credit after car repo are necessary
Creditors can choose when to report a charge-off but the remove date of charge offs does not change. It is 7.5 years from the date of last payment.
It’s great when a public record is deleted from credit reports but Experian can re-insert a public record without 5-day notice if no dispute was involved.
Disputing an old collection account can trigger the collection agency to renew their collection efforts or sell the debt to a new debt collector.
Charged-off account does not mean the debt is no longer owed (unless you file for bankruptcy). Creditors still retain the right to collect the full amount.
Tenant’s have rights and when a landlord sends you to a collection agency for move-out charges without notification you should exercise your rights.
Even though defaulted student loans can be pursued forever, negative credit reporting must be removed after 7 years with the exception of Perkins loans, which can remain until repaid.
Having a repossession in your credit files may not prevent you from getting a mortgage loan but it’s best to have other positive credit to offset the repo.