Need Help Understanding my Credit Report

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Post subject: Charge Offs On Credit Reports

Shereen
Date: 1/14/2001 11:47 am CDT

It is better to have your credit report read:
Charge off- Paid in full
or
Charge off- Settled

Or does it really matter anyway because it is still a charge off account.

Thank for your feed back!

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Susan
Date: 1/15/2001 3:10 am CDT

From what I understand, A paid charge off hurts just as bad a an unpaid charge off. It remains on your report for 7 years. Try to negotiate with the creditor for payment in full without reporting negative info to the big 3. Make sure you get it in writing before you pay. Good Luck

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curious
Date: 1/15/2001 6:34 pm CDT

Is a charge off worse than a collection or are they considered the same??

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Shereen
Date: 1/15/2001 8:39 pm CDT

Honestly, Anthing negative is consider bad. But, If you want to scale from bad to worst... A charge off would be more negative:

And I say that for this reason:

If you attack a collection account when its in its early stages of showing up on a credit report...you could negotiate with the collection account agency to SEND YOU IN WRITING a letter stating that they will remove that account, in full, from all 3 credit agencys. I KNOW FROM PERSONAL EXPERIANCE. Let them know that once you recieve the letter in writing, you will me more that happy to pay the balance remaining in full THAT DAY!. THEY WILL MOST LIKELY DO IT!

With a charge off...once the account is charged off, you can continue making payments monthly to the lender that purchased your account to stop from being sued for the balance, BUT...the account still appears on your credit report from the original creditor and WILL NOT show your monthly payments.

But, on the other hand, with a charge off...if you negotiate with the original creditor to pay a good deal of the balance in a settlement, they may be nice enough to remove the negative charge off account for you....BUT GET IT IN WRITING FIRST!

A collection account is easier to negotiate it deletion than a charge off account

HOPE I HELPED!

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Willie Singleton
Date: 2/4/2001 4:40 pm CDT

Can anyone tell me what is the difference between charge off and written off? I recently married a young lady who had a account with (capital one)I check her records an saw on a credit report she obtained in 1999 that the account was opened in 1993 and in 1996 was reported as included in bankruptcy which was not true,however recently we pulled a three bureau credit report and found that two other credit bureaus was reporting a account from capital one under a different account # open in 1996 and reported the account charged off.We tried to dispute the account saying she only opened the one in 1993 ,but the credit burea's response was that the item will remain and also now the account has been wtitten off!!!,it seems to me that capital changed the info only to extend the negative info lenght on my wifes credit report and whatt bothered me was even though we presented documentation showing the original account the credit bureau still sided with the credit card company. We are now trying to contact capital one to get this cleared up but they certainly have the advantage since we are in the process of trying to purchase a home and will need to get the matter cleared up soon,Please forgive the long email,kid of blowing off a little steam !! Any advice will be greatly appreciated.

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