Could I make payment to a charge-off account?

Question

I made a 50% payment to the balance of my credit card account in 2004 before the account was charged off, and that I was told that this will stay in my record for 7 years. Now I can afford to pay the additional $300, could I call the credit card company , make the payment and have the record repaired? Or there is nothing I can do?

Answer 1

not unless you get in Writing that they will remove it BEFORE you pay it off.  and....HERE is the most important thing...if you pay if off..you start the "DOL" which is date of last activity all over again.  Which means that will stay on your credit report another 7 years from the date you pay it off.  So..I would NOT pay off that bill. period. I know this from personal experiance...

Answer 2

First of all, the damage has been done to your credit report.  Paying off the debt will not change anything unless you get a "pay to delete" contract with the creditor.  It will still be listed as a charge off.

Second, even if you do make a payment it WILL NOT re-set the reporting period on your credit report as per the following FCRA rules:

Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 3

its only my opinion but it should roll off your credit report in 2011. if you pay it off now your looking at2015. you could pay it off but from a credit pont of view youd be hurting yourself.. if they dont have a judgement ignore them.check your states sol for collections. where i live its 6 yrs. btw. if you try to pay 300 theyll probably say you owe 900 interest. fk thm

Answer 4

Most of this answers aren't sourced and I think are being offered from people with no first hand knowledge of this type of problem.  I'm in your shoes and trust me I know what it's like for credit sharks to circle you.  What they said about letting it sit for 7 years is true.  If you pay off your charge then your bad credit will still be there.

I need to dumb it down a bit some people didn't like my answer. They seem to like none-sourced ones better(amazing if you ask me).  That would be like me asking professor is the sky blue and he says yes, but more people believe the bum who is colored blind and says the sky is green.  You should tell which gives a better overall solution unless you are blind.

Just dispute the items, more inlikely they will be knocked off your credit report.  Dont go to spoof web sites or credit mangement sites.  They will only steal your money and do a horrible job.

Question your report on the charge off, such as DLA, was your last statement received, is the balance wrong, if you made a 50% payment  it should be reflected in your credit report, if NOT then dispute balance amount.  The dept collectors have a responibilty to report accurate information and if it's not right then it will be removed.  I listed some links of legit sources to help you.

I had 14 negative accounts, 4 collections, Now I have none.  Took 3 months but I'm in the clear, Disputing dept collectors who twist your credit report is the right thing to do.

Good Luck  I hope this is better.

Also FTC doesn't use wording like if your dept collector doesn't respond in 30 to inaccurate information it will be removed, says should take 30 days.  FTC doesn't really want people to know the true letigation of having depts removed form your credit reports.  The simple truth is if dept collectors lie about your credit history you have a right to have the information removed and possible recover damages due to denial of credit.  That is a Fact!