I had a credit card out there in my name that I never used personally but a family member did. The credit card account was sold to a debt collector and the balance is around $2000. I was wondering if the remaining balance was paid off by that family member will my credit be repaired or not? I realize that it will finaly show that it was paid, but will that fix my credit score at all?
If it isn%26#039;t going to be repaired the family member offered me a cash amount of $500 what should I do.
Will my credit be repaired?rate my
Note that when you pay a debt that is already on your credit report as in collections, the only thing they are required to do is show that it%26#039;s %26quot;paid%26quot;. But it will not remove negative informatin that you were in collections, or had late payments. This is still a negative report and it will ruin your score.
What you can do is contact the creditor and negotiate a settlement. In exchange for paying off the debt, they must agree IN WRITING to delete the entry from your credit history. Don%26#039;t pay them a dime until they agree.
Otherwise you are just paying off a debt and you will still have a bad history. The creditor can legally do this, and I can show you in the law. So don%26#039;t let them tell you it%26#039;s illegal. If they refuse, they are just being jerks and enjoy ruining people%26#039;s credit.
If they want their money they will work with you.
Will my credit be repaired?
loan
Yes it can be read some credit tips on this site|||it is so important these days to have good credit do a free credit report on your self and go from there i would rather try to fix my credit then have some one give me 500.00|||I think you still have to build your credit score back up because of past problems. Even though everything is caught up, your credit still remains down until you prove you can pay things back in a timely fashion.|||Here is how I understand it to work. Once the debt has been sold to a collector, paying the debt will not help your credit at all. You have to wait 7 years to have it clear off your credit. If you start paying on the debt, the count down starts over, unless the debt is paid off completely. But at that point you are not paying back the company you owe. Your paying the company that bought the debt, and so it does your credit no good. Try this website.
www.clarkhoward.com|||You are saying that your family member has allowed an account that they opened in your name be allowed to be sent to a credit collection agency. It also sounds as if you don%26#039;t really care if your credit is ruined because if you did, no amount of money would suffice as far as correcting this matter. If you value your credit, which you should because one day you will wish for good credit and if you allow this person to pay you off and accept money for what they have done, you will be sorry later.
I would insist that this family member pay off this debt and once this is done I would report it to the credit bureau that this is what happened. You don%26#039;t have to give up the person unless you want too. Make sure that it is in your records that someone breached your credit. I would let this member know that I am very displeased with what they have done and inform them that if anything like this should happen again that you will report them to the Authorities and do so.
I wouldn%26#039;t have anything else to do with this family member because they don%26#039;t value you as a person if they would do something like this to you. No one who cares about you would ever do something like this to you. I wouldn%26#039;t trust them as far as I could throw them, because if they do this they will do something even more drastic the next time, and there will be a next time if you go along with this program.
As far as your credit being repaired, if it%26#039;s not in too bad of a shape and this is the first time this has happened on your credit report and the company is willing to let you pay them off before it gets to the credit bureau it shouldn%26#039;t even show up on your credit report. Make an agreement with the company that you are going to pay them and do so exactly as the terms are specified that you pay off the debt. Usually companies would rather get paid than to go to court.|||How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-...
Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-...
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