#98QBKiller Posted January 19, 2008 Share Posted January 19, 2008 I had two credit cards in college that I lost control of and they got sent to collection agencies. Well once I got a "real" job and started working full-time, I started making payments on these cards through the collection agencies. One of the balances will be paid off in the first week in March and the other one will be paid off this summer, as I follow the current payment plan. Here's the thing. I just looked at my credit report and even though these are two balances that I have to pay off, they are listed as 4 separate entities on my report. There is a listing for each credit card company and a listing for each collection agency that the balances were referred to for 4 marks on my credit report. How can I fix this? Should I wait until both balances are paid off and have everything removed or can I have the credit card companies' names removed since the collection agencies have taken over the balances and I am paying-off through them? Also how do I go about getting things removed from the report? Any help would be greatly appreciated Link to comment Share on other sites More sharing options...
SnyderShrugged Posted January 19, 2008 Share Posted January 19, 2008 Are they listed as 4 seperate accounts or just 2? I think what you are seeing is that the collection agency took ownership of the loans. Don't wait, get this corrected ASAP. Even if the entries stay on your reports, at least 2 will show as disputed and can be explained. Also, make sure you check all of the main credit bureaus. Ofetn folks just get one corrected, and forget that the others are also used by creditors. Link to comment Share on other sites More sharing options...
chipwhich Posted January 19, 2008 Share Posted January 19, 2008 You can't have anything removed. You can put reasons on your credit report to explain your delinquincies. Sometimes if you get the right person at the collection agency you can get them to delete the offending items...but you should pay them off first before you call and beg. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted January 19, 2008 Share Posted January 19, 2008 You can't have anything removed. You can put reasons on your credit report to explain your delinquincies. Sometimes if you get the right person at the collection agency you can get them to delete the offending items...but you should pay them off first before you call and beg. He may be able to show 2 of the 4 as closed or transfered balance status though, since they were essentially the same debt. Link to comment Share on other sites More sharing options...
techboy Posted January 19, 2008 Share Posted January 19, 2008 Credit Boards is the place I've found that has the best information on these kinds of issues. I'd do some reading there, and maybe even post this question. They know all the ins and outs, including tricks to clear a credit report, even if the items should probably stay (search for "one-two punch", I think, among other techniques). Link to comment Share on other sites More sharing options...
chipwhich Posted January 19, 2008 Share Posted January 19, 2008 He may be able to show 2 of the 4 as closed or transfered balance status though, since they were essentially the same debt. True, but both are reporting him as being in default So in actuality he was in default on 4 incidents. Not sure how this is typically handled. Link to comment Share on other sites More sharing options...
sens11 Posted January 19, 2008 Share Posted January 19, 2008 I work in credit...here's what I would recommend.. Once those accounts are paid in full, order a copy of your credit report. I would order from all three credit agencies (Trans Union, Equifax, & Experian). When you get the reports use the "dispute" process forms and send in proof that these accounts are paid. You have to send them the paperwork showing they are paid.The agencies will go to these companies and they have 45 days to respond to your dispute. Unfortunately, they won't just disappear off of your credit. They can stick for up to 7-10 years. The key for you is that you want them to report as a "PAID CHARGEOFF" or "PAID COLLECTION". That means more on your credit than you realize. Link to comment Share on other sites More sharing options...
#98QBKiller Posted January 19, 2008 Author Share Posted January 19, 2008 He may be able to show 2 of the 4 as closed or transfered balance status though, since they were essentially the same debt. Yep, this is exactly what I want to do. Credit Boards is the place I've found that has the best information on these kinds of issues. I'd do some reading there, and maybe even post this question. They know all the ins and outs, including tricks to clear a credit report, even if the items should probably stay (search for "one-two punch", I think, among other techniques). I'm heading over there now to see what I can find out. Thanks for the help guys. Link to comment Share on other sites More sharing options...
#98QBKiller Posted January 19, 2008 Author Share Posted January 19, 2008 Unfortunately, they won't just disappear off of your credit. They can stick for up to 7-10 years. The key for you is that you want them to report as a "PAID CHARGEOFF" or "PAID COLLECTION". That means more on your credit than you realize. If the accounts are listed on the report as above, will that improve my credit score with any significance? Link to comment Share on other sites More sharing options...
sens11 Posted January 19, 2008 Share Posted January 19, 2008 If the accounts are listed on the report as above, will that improve my credit score with any significance? Definitely! In terms of an actual number, I couldn't tell you. I imagine you are trying to get this score up, not only for the credit purposes, but because you want to buy a house or a car. ?? For a mortgage company, it is HUGE, to have those things show up as I suggested. Not as imporant for auto financing, although it would help. No matter what you do, do not lose the proof of those accounts were paid. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted January 19, 2008 Share Posted January 19, 2008 File an online dispute at each of the 3 credit reporting agencies websites. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted January 19, 2008 Share Posted January 19, 2008 If the accounts are listed on the report as above, will that improve my credit score with any significance? Depends on what it is now, but most likely it will have a significant impact. Link to comment Share on other sites More sharing options...
sens11 Posted January 19, 2008 Share Posted January 19, 2008 Depends on what it is now, but most likely it will have a significant impact. Agreed. Link to comment Share on other sites More sharing options...
#98QBKiller Posted January 19, 2008 Author Share Posted January 19, 2008 Agreed. Depends on what it is now, but most likely it will have a significant impact. Thanks again guys Link to comment Share on other sites More sharing options...
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