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November 29, 2010

If something on a credit report has been charged off, does it raise Credit score if they are paid off?

2

I have a few things charged off on my credit report from when I was 18 if I pay them off will it raise my credit score?

When something is "charged off", that means the company you owed money too has done what they can to collect from you, without success. So they have used thier insurance and/or resources to cover what was owed to them by you.

So now the bad credit is on your record, but the companies books have been cleared of your unpaid bills.

If you now have the money to pay this bill off, you should have been sent several demand letters from whomever the company you owed the money hired as a collection agency. This collection agency should have all of thier information on how to contact them and what was needed for you to pay this bill off.

If you do not have this money, you can contact the billing center at the company you originally owed the money too and ask them what collection agency they use, or used in your case. Sometimes companies use different collection agencies for different parts of the country.

Once you have the collection agencies information, contact them and tell them you are now able to pay off this charge. You will need your account number(s) and other information from the account(s) you had owed on.

If they still have you in their system, then they can process your payment on this account. You will have to stipulate to them that you will require a signed and notarized letter from them, so you can clear your credit record of this charge. You will need to contact all three credit bureaus (if you are in the USA) and get the address of where to send the copy of this letter, so they can remove the negative ratiing from your credit record.

But….since this was already charged off…….if the collection agency has already charged this off of thier records, you might not be able to get anything done about it.

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Comments on If something on a credit report has been charged off, does it raise Credit score if they are paid off?

November 29, 2010

Phobo2 @ 1:06 pm #

I just called a credit reporting agency about the same question and was told that no it does not increase your score. The collector may change from time to time so you might end up with more than one collection account after the original account is charged off. You see, they get sold off from collection agency to collection agency and the original credit can re-report the account so you might see different accounts/amounts since they will roll in the collection agency fees, etc…
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Dr. Phibes @ 1:34 pm #

When something is "charged off", that means the company you owed money too has done what they can to collect from you, without success. So they have used thier insurance and/or resources to cover what was owed to them by you.

So now the bad credit is on your record, but the companies books have been cleared of your unpaid bills.

If you now have the money to pay this bill off, you should have been sent several demand letters from whomever the company you owed the money hired as a collection agency. This collection agency should have all of thier information on how to contact them and what was needed for you to pay this bill off.

If you do not have this money, you can contact the billing center at the company you originally owed the money too and ask them what collection agency they use, or used in your case. Sometimes companies use different collection agencies for different parts of the country.

Once you have the collection agencies information, contact them and tell them you are now able to pay off this charge. You will need your account number(s) and other information from the account(s) you had owed on.

If they still have you in their system, then they can process your payment on this account. You will have to stipulate to them that you will require a signed and notarized letter from them, so you can clear your credit record of this charge. You will need to contact all three credit bureaus (if you are in the USA) and get the address of where to send the copy of this letter, so they can remove the negative ratiing from your credit record.

But….since this was already charged off…….if the collection agency has already charged this off of thier records, you might not be able to get anything done about it.
References :

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