What happens after I pay a collection agency?

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neptunejcw
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What happens after I pay a collection agency?

Postby neptunejcw » Thu Mar 28, 2013 5:00 am

Today I talked the debt collector's on a judgement from Capitol One down from 1409 to 865. Now I paid half yesterday, the other half will be paid in 2 weeks. I need to know what steps to take in getting this removed from my credit report. I was told something about filing something in court, but what do y'all suggest?


Sevenfeet
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Postby Sevenfeet » Thu Mar 28, 2013 8:04 am

Removal from your credit report is not possible. It will be there for the next 7 years. There are many of us (including myself) who have had this happen to them at some point in time. It will not be as bad a ding on your credit report if it is listed as "PAID" versus in not paid. And of course, the further in time it is from now, you will see your scores recover. My wife has a charge-off for $19 that we're still contesting but at 3+ years in the past, her scores are back over 700.
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Postby Sevenfeet » Thu Mar 28, 2013 10:15 am

One more thing...with the paid charge off from three years ago, my wife still successfully applied for her own Amex BCP card with a $8500 CL a few days ago. Your mileage may vary, but it's not a death sentence to have that on your credit report (unlike a BK).
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MemberSince99
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Postby MemberSince99 » Thu Mar 28, 2013 5:45 pm

Typical debt collectors. Told you something about filing something in court. I'm here to tell you, nothing you can file in court can remove that baddie from your credit reports. Only the creditor in question can, for all practical purposes.

And I hope you got that in writing. If you didn't, all bets are off. Maybe they are honest, but I wouldn't trust a debt collection agency given their reputation.

Please bear in mind if you truly are forgiven of the rest of the debt, you will be liable for paying taxes on that amount as the IRS considers that income. I got stuck with that. Might take them a bit to catch up with you but trust me, they will. So be prepared to pay taxes on about 550 some dollars in "income". Just giving you a heads up.

neptunejcw
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Postby neptunejcw » Sat Mar 30, 2013 11:21 pm

OK what exactly does a motion to vacate judgement mean?

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Postby MemberSince99 » Sun Mar 31, 2013 7:07 am

From what I understand, not being an attorney, that removes the judgement from you, if the motion goes forward. In that case with a lot of hard work, you may be able to get the CRA to remove it from your report. But the court still can't do that for you. They can get rid of the judgement, but getting it off your report, pretty much takes an "act of God" to accomplish.

Bottom line: there is STILL nothing a court can do to remove a judgement from your report. Trust me if there was anything the legal system could do, I would be contesting a zombie account that keeps getting re-aged on my reports and apparently will long after I'm dead. These people can basically do whatever the hell they please and nothing is done to them for it, is what I've seen. Just typical in the corporate states of America I guess.

neptunejcw
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Postby neptunejcw » Wed Apr 03, 2013 3:17 pm

Well just made my last payment on my judgement today. The attorneys office said they would notify the courts & I would receive a settlement paid in full letter by Saturday in the mail. I'm guessing I should make copies of that & send it to the credit bureaus. I'm gonna try & goodwill capital One & see if they can delete. I know its hard but it won't hurt to try...If anybody knows of any goodwill letters or have any I can copy & paste let me know.

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Postby randeman » Thu Apr 04, 2013 11:13 am

Let me help you out here a little bit, based on my experience. After you get the "letter of satisfaction" (and you may have to go to the courthouse/pay a small fee to get it), call all the CRAs and dispute the judgment. You don't have to write letters. As a result of my unfortunate experience last year, that's what I did and the court clerk will respond that the judgment has been paid. It will help raise your scores back up a bit, but the judgment will stay there for seven years. I was told that any apps you make after that will be a YMMV extravaganza at least until a year from the date of the settlement/final payment. They start to ease up after a year. Although AMEX will be a d**k about it for a while after.
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Calipso
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Postby Calipso » Thu Apr 04, 2013 8:19 pm

Sevenfeet wrote:Removal from your credit report is not possible. It will be there for the next 7 years. There are many of us (including myself) who have had this happen to them at some point in time. It will not be as bad a ding on your credit report if it is listed as "PAID" versus in not paid. And of course, the further in time it is from now, you will see your scores recover. My wife has a charge-off for $19 that we're still contesting but at 3+ years in the past, her scores are back over 700.


I suppose you never heard of the term PAY FOR DELETE.
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neptunejcw
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Postby neptunejcw » Thu Apr 04, 2013 10:49 pm

Tryed that 10 time's before I paid, they said they couldn't delete a judgement. Capitol one has to



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