Paying CA's & repairing credit?

[joeyb_05]

What is the name of your state? FLorida

I have 2 outstanding debts with credit cards I am now able to pay. MBNA and Chase, $2,000 and $4,000 respectivly. Both accounts have been charged-off and sold to CA's. Hilco Rec, INC (MBNA) and the Cambece idiots (Chase). I have been making monthly payments through CCCS for the past year and 4 months. That has kept the CA's from harrassing me but now that I am in the position to settle this debt, I want to repair my credit in the process.

Is there anything I can do to repair my credit report by paying off the CA's?

 

[Ladynred]

Paying off the CA's will NOT repair your credit, the tradelines won't be removed. At best they'll be reported as a paid collection - still negative. You can try a 'pay for delete' strategy but don't hold your breath.

 

[TigerD]

Just to add to LNR's comments:

While most CAs will not do "pay for delete" type things. Once the account is paid -- we have no more financial interest in paying someone to dig through paperwork in response to credit bureau requests.

Pay it off, wait six months or so and dispute it with hte CRAs and you may find items dropping off.

DC

 

[ablessin]

When I paid off a couple debts, I waited about 45-60 days and mailed receipts to the 3 agencies.
I am waiting to hear back, but at the beginning of 2005, they did delete the entry on my credit report, which sort of surprised me

 

[TigerD]

When I paid off a couple debts, I waited about 45-60 days and mailed receipts to the 3 agencies.
I am waiting to hear back, but at the beginning of 2005, they did delete the entry on my credit report, which sort of surprised me

I wouldn't send them the receipt -- because verifies the entry for them and all they really should do is update to paid.

Just dispute it. The CRA will will send a letter to the CA requiriing a response validating the entry. The CA doesn't make money doing paperwork on completed collections.

DC