Equifax Credit Questions

[Garet Jax]

I applied for a new CC and got rejected. My credit has routinely been in the mid 700s (for all three agencies) so I was very surprised. When I looked into it I found that a company had "Charged Off" two accounts. It should have been "Paid as Agreed" since this was the agreement we made. My score for Equifax dropped to mid 600s entirely because of these two accounts.

I spoke to the person with whom I made the agreement and he recommended that the best thing I could do was to dispute the charge.

I did that and I spoke to Equifax dispute today and they said both accounts have been entirely removed from my credit history.

Questions:
1) Should removing the accounts entirely reverse the negative impact the "Charge Off"s had on my credit score?
2) If not, is there anything else I can do as it relates to this situation to improve my score?

Thanks.

 

[crt1530]

Negotiating to pay less than you owe is not "paid as agreed." You settled a severely delinquent account. Paid as agreed would mean that you paid at least the minimum payment on time every month. If you're looking to do credit repair, go to Creditboards. Going forward, all you need to know is that you should never buy things you can't afford and should always pay your bills on time and in full.

 

[woowoo]

1. Yes
2. N/A

 

[Garet Jax]

Originally posted by: crt1530
Negotiating to pay less than you owe is not "paid as agreed." You settled a severely delinquent account. Paid as agreed would mean that you paid at least the minimum payment on time every month. If you're looking to do credit repair, go to Creditboards. Going forward, all you need to know is that you should never buy things you can't afford and should always pay your bills on time and in full.

Dude you have no idea what you're talking about. Do you read much? Severely delinquent account - you should get a clue before you post.

I signed a contract with a company who sold the financing to a third party. The original company went out of business and still owed me 25% of what was agreed.

I called the financing company and worked out an agreement where I would pay 75% of the remaining balance as a lump sum payment to close down the accounts in good standing. This is as close to "Paid as Agreed" as you can get and as far from "Close Out" as you can get.

I didn't buy anything I couldn't afford and I never made one payment late.

 

[Garet Jax]

Originally posted by: woowoo
1. Yes
2. N/A

Thanks. Equifax said that they sent a revised copy of my credit report (with these two accounts removed). I haven't received it yet, but I bet dimes to dollars that it won't have my new FICO score in the 700s where it should be.

 

[crt1530]

99% of the time when people have a charge off on a valid account, it is because they were severely delinquent with payments. I read your original post and comprehended everything. Your post was vague and had very little in the way of details.

For example: what was your contract for? who was this financing company? did they purchase your contract or were they just servicing the account?

Here's a good idea: Ask people for help, provide them with incomplete information and then chastise them when they form logical conclusions based on the information given.

 

[ISAslot]

Have you checked your other credit reports as well (all 3)?

 

[Garet Jax]

Originally posted by: crt1530
99% of the time when people have a charge off on a valid account, it is because they were severely delinquent with payments. I read your original post and comprehended everything. Your post was vague and had very little in the way of details.

For example: what was your contract for? who was this financing company? did they purchase your contract or were they just servicing the account?

Here's a good idea: Ask people for help, provide them with incomplete information and then chastise them when they form logical conclusions based on the information given.

You're still a tool. I provided all the details required for answering the questions I asked. The other details are superflous to the original questions.

You decided to provide your "holier than thou" advice and came across as arrogant. I simply put you back in your place.

When I looked into it I found that a company had "Charged Off" two accounts. It should have been "Paid as Agreed" since this was the agreement we made.

Not much ambiguity there.

I spoke to the person with whom I made the agreement and he recommended that the best thing I could do was to dispute the charge.

Just in case you didn't know - finance companies are not in the business of recommending disputes for people who have been severly delinquent. They are not also in the business of making "Paid as Agreed" agreements with people who have been severly delinquent.

Face it - you judged a book by its cover - were wrong and got called on it.

 

[Garet Jax]

Originally posted by: ISAslot
Have you checked your other credit reports as well (all 3)?

Very good thought. I got reports from all 3 credit agencies a few months ago and did not see anything from the finance company outside of Equifax.

I confirmed with the finance company that they only report to Equifax, but it may make sense to check again anyway.

 

[Garet Jax]

Well I just got the official word from Equifax that the two negative accounts have been removed from my credit report, but of course they didn't tell me the affect it had on my FICO score.

To get that I'm going to have to pay $15.50 more :roll:

 

[Exterous]

Originally posted by: Garet Jax
Well I just got the official word from Equifax that the two negative accounts have been removed from my credit report, but of course they didn't tell me the affect it had on my FICO score.

To get that I'm going to have to pay $15.50 more :roll:

FICO IIRC is a different credit company and thats why you have to pay more. You might want to check around though - TransUnion only charged me $5 for my FICO score.

Also, your FICO score may still be off since i believe its determined separately from the Equifax score (and creditors choose who they report to - they don't have to report to each one)

(please not the qualifiers on my reply - i am still alittle fuzzy on the actual reporting structure for credit scores)

 

[ISAslot]

You can get your score at MyFICO.com for ~$13 if you use the coupon code. Search fatwallet for the code.