If I pay off the rest off the debt that I owe, will the deragotory remarks go away?

Question

If I pay off the rest off the debt that I owe, will the deragotory remarks go away?

Answer 1

The deragotory remarks will not go away, but if you pay off the debt it will show that the debt has been paid and this will help your score.

Use credit sparingly.  Do not use credit cards like cash on a regular basis. Reduce the number of cards you have and keep the limit on the ones you do have down to a reasonable limit. This will keep you out of credit card problems.

Start saving money and use cash to buy big ticket items.

Answer 2

nope. unless you get a pay for delete letter signed by the collections agency, it wont be removed. Pay for delete is a tactic you can use to pay your debts if the collections agree to remove that off your credit. Here is an example

http://www.creditliberty.com/credit-repa...

When paying or settling your debt, you should ALWAYS get a pay for delete letter if you can.

Technically the only other way is to have this collection item 7 years old and then it can be removed. 7 years from date of first delinquency first reported by the original creditor, not the collections company!

Paying them simply means you paid but you were late and that doesnt go away. Only thing that makes it go away is if it is removed off your credit report meaning if never existed in the first place. Only 7 years or pay for delete can do that.

Answer 3

No, it takes 7 years from the time it was reported to get off of your credit report.  I am assuming that is what you mean when you say deragotory remarks.

Answer 4

Contrary to what some say, it will go away!  Only problem is it will go away to another area of your credit report.  It will now show as potentially negative with a 0 balance owed.  All this means is that a creditor will or will not take it into consideration and it will not be as damaging to your report

This is by far much better then being listed as a derogatory entry.

It will still take 7 1/2 yrs to be dropped from your report but that is still factored as of the delinquent or last missed payment.

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 5

It usually remains on the credit report for 7 years. I have pulled client's credit reports and there is a notation on the side that states that a debt has been paid. Of course, you must be vigilant about reporting everything to the credit reporting agency so that it can be updated.

Answer 6

I don't know if its one or two bills you have but I think it is like these other people are saying since it will look better on your credit report. That piece of paper is like our life line. I settled with a company's and they were going to put something good on my credit report. They didn't I kept it great all my life now its a nightmare.

Answer 7

The technical answer is Yes.  The practical answer is "not anytime soon".  The information will roll off only after about seven years.  Until then, it will remain available to anyone you request credit from (mortgage, car loan, credit card, dept. store card and most recently, insurance).

If you can pay it off though, do it!  While the debt amount will show up on the credit report, it'll show up as "paid" and that's always a good thing.

Answer 8

I would send them a pay for delete and if they accept then once you pay they will delete it from your report. myfico.com has great forumns that can really help with stuff like this.