Can you pay a company to take a debt off of your credit report?
Answers: Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later.
Hope this answers your ?
no. the only way to remove the debt is to pay the people that you owe the money to.
What you would be doing, if this company is legit, is paying them to pay off the debt for you over a period of time.
You could knock out the middleman and contact the debtors yourself (for free) and negotiate a reduced amount of money to pay off the debt. You pay it off, it goes away, and you aren't paying someone else a lot of exorbitant fees to do it for you.
Not unless that company is the original creditor or the collection agency, which would be considered a "pay to delete", a payment in exchange for removing it from your report. I wouldn't pay anyone that says they can "repair credit". It's a big waste of money and time that you could've invested in doing it yourself. I posted several links that explain on how you could properly negotiate getting debts removed
good luck!
Only if the company taking the debt off is the one that you owe the money to. In that case, you've repaid the debt, or you're settling for less (which kills your credit)
If it's a "fix your credit" company, it's a scam.
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here:
http://tighturl.com/683
Does settling lower or higher your credit score?
Answers: The derogatory already hurt your score. Settling the debt, even paying less than the balance, really doesn't impact your score. However, creditors look at the whole credit report, not just the score. A paid negative, even if settled for less, looks a lot better than an upaid one.
Also, Invisigo.. gave some bad info on credit reporting. Negatives fall off credit reports 7 years and 180 days from the date of first DELINQUENCY, not last activity. Nothing restarts this clock. This is governed by the FCRA.
People often confuse and merge the reporting period with the Statute of Limitations (SOL), the timeframe for bringing lawsuit. The SOL is based on the last activity or payment. Payment, or in some cases, even promise of payment can restart the SOL clock.
It is true that forgiven debt of $600 or more might have to be claimed as income for tax purposes if the creditor sends you a 1099. But the taxes on the amount is certainly much less than paying the entire balance.
Lowers it. Settlement is ment to keep someone from going into bankruptcy. If your getting settlement letters I have to assume your very late on your payments so your credit has already take n the hits. 35% of your credit score is payment history.
Althought far to many companies toss settlement around and it is not taken seriously.
the simple answer is yes, but your question is NOT so simple.
read this article by Liz Pullman about "Weird Things That Can Hurt Your Credit" for a more complete answer.
http://articles.moneycentral.msn.com/Com...
in the long run the debt is gone and that will ultimately raise your credit worthiness.
Something most articles don't tell you is that yes there is a time limit to how long a bad debt can stay on your record BUT that time limit is based on the last known activity on that account and if you have something in collections, then the collection agency will hold it until it's ready to disappear and then they will sell it to another agency who will then post it and the claim cycle starts all over again. So your old bad debt has the potential to stay on your credit report forever until you pay it off or settle it.
It can depend. Just paying a debt off or settling, doesn't help your score that much. While it clears out any derogatory accounts, the damage has already been done to your score. In order to have a positive effect on your score, you must negotiate a "pay to delete", which is a payment in exchange for removing it from the report. I posted some links on another question that you asked, but I'll post them again on here:
Link(s) to debt negotiation:
http://www.creditinfocenter.com/debt/set...
http://www.creditinfocenter.com/debt/neg...
http://www.creditinfocenter.com/debt/Can...
http://www.creditinfocenter.com/debt/Act...
http://www.creditinfocenter.com/debt/deb...
I'm confident that this will help you
I agree, the damage has already been done if they are offering settlements. they are just trying to get something. The guerrilla guide to credit repair helped me get my credit cleaned up.
Bill arraignments??
I am paying a past due bill, and enjoy made all payments, (of $400.00 a month) can the co. come after me for full allowance if they accepted the arringments ??Answers: Do you own something from them in writing agreeing to adopt your payment arrangements? If not, they could push for full pay.
They could just be trying to receive more money. The collectors get remunerated percentages of what they collect.
The arrangements hold to be carved in stone. If not, sorry to right to be heard they will harass you and drive you crazy.