I have determined that this is a legitimate entry and now have the money to pay off, however this is several years old. How do I go about clearing this and should I re-surface this? Or should I wait until it is automatically removed?
When attempting to clean up your credit report, should you pay off accounts that now appear to be Charged Off?
If the charge-off is very old...like over five years...it will come off naturally anyway in seven years....If this is a recent/new charge-off and you want to try to get it deleted...Send a request IN WRITING to get a Pay for Delete agreement...where they promise to delete the charge-off upon receipt of your payment.....DO NOT accept verbal agreements....get all terms in writing before giving them one cent. If they refuse the offer...don%26#039;t pay....Be extra careful when dealing with collection agencies...they have all sorts of tricks up their sleeves.
When attempting to clean up your credit report, should you pay off accounts that now appear to be Charged Off?
If this debt has no adverse impact on you FICO score, I would leave it alone. However, to settle this, I would contact the company in writing and inform them that I overlooked the bill and ask them to send you a letter promising to clear it from your credit once you have paid the bill in full.
When attempting to clean up your credit report, should you pay off accounts that now appear to be Charged Off?
If the debt is several years old; I%26#039;d either leave it alone, get a pay for delete, or wait til it%26#039;s not being reported anymore then pay.
Making a payment on an old charge-off can actually hurt your credit score; the activity becomes more current.
The longer a debt remains unpaid the less impact it has on your credit.
If the collection agency isn%26#039;t hounding you for the money, leave it alone.
The debt will usually disappear on it%26#039;s own after 7 yrs. from the date of the delinquency that led to the charge-off.
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