Paid my 3 delinquent bills that were charged off on my credit report...what now??
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Having a "charge off" on your credit report will be detrimental to your credit rating. This kind of information is available to a mortgage company or anyone that has access to your credit report - They do not go away after 7 years as the story goes.
If the charge off was done in error I would contact the financial institutes and request they change the error - if you actually did have a charge off I am not sure what you can do to change the status of your score.
If you have no liens or credit cards or loans the score should go up on it's own.
Paid my 3 delinquent bills that were charged off on my credit report...what now??The collection agencies should report your account as "Paid/Settled Previously Charged Off" or similar. The balance will show 0 dollars. This is usually automatic. If you paid them off be sure to have a letter from them that says it is paid. If you don't have one now, contact them and have them send a paid in full letter. Keep this letter because if it ever comes back several years down the road you have proof.
It takes a couple of weeks at least for the records to get updated, so sending in a dispute too soon after they paid off may not have been necessary. By the time they get the dispute it will probably have been updated. If by chance they still say you owe it and did not update the items, send them a copy of the Paid In Full Letter. Do this through Certified Mail and not the On-Line Form.
As soon as your report is updated with the new information you should see some improvement. The Paid Collection will look a lot better on your account than an Unpaid collection. Then as time goes on it will have less and less effect on your overall report.
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