Re: chargeoffs from Credit reports
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Posted by JR
(152.163.253.37) on June 16, 2003 at 15:38:45:
In Reply to: Re: chargeoffs from Credit reports posted by jpk on June 16, 2003 at 00:31:58:
If they know that you own a home they will be more likely to sue because they know they can get a lien on your property. If you don't own anything and you call them to negotiate JUST to clean up your credit report, they're more likely to be easier to deal with. You have many things to consider: If you contact them and offer to pay AND if they run your credit report and find your mortgage they may want to force a high percentage settlement and they still may refuse to remove the comment on your report. Now, they will threaten you with a lawsuit. How long is the statute of limitation for them to collect in your state? What state are you in? Another option is to wait out the sol for them to collect and then offer a settlement which would be CONDITIONED upon their removing ALL collection comments. I Assume that these have all gone to collections and the original creditor has "charged-off" - right? If the original creditor has charged it off and sent it to collections - you have to deal with the collector. If you wait out the sol to collect, at least you have all the bargaining power. Either they get nothing or they do it your way. YOU HAVE TO BE ABSOLUTLY POSITIVE OF THE SOL OR YOU MAY WARN THEM IN TIME TO FILE A LAWSUIT.
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