Rebuilding Your Credit

[Greene718]

So i disputed an acct on equifax and they endes up deleting the acct which is great. the acct was with nationwide bank. but just 2daya prior i spoke with someone n set up an payment arrangement AND i also sent a letter out to the VP. i just found out it was deleted. I dont know if it will reappear on my credit report being that i made a payment arrangement. do i call back and cancel it? or just do nothing, and also the letter for PFD is already on its way...what should I do?

[j_casteel]

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Greene718 wrote:
So i disputed an acct on equifax and they endes up deleting the acct which is great. the acct was with nationwide bank. but just 2daya prior i spoke with someone n set up an payment arrangement AND i also sent a letter out to the VP. i just found out it was deleted. I dont know if it will reappear on my credit report being that i made a payment arrangement. do i call back and cancel it? or just do nothing, and also the letter for PFD is already on its way...what should I do?

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same thing just happened to me. I disputed the dates that they reported on my late payments after confirming they were wrong with the creditor. The account was just deleted from all 3 of the CRA's but I still owe for the student loan and made a payment yesterday.

So basically, just b/c it was removed from your CR doesn't mean the debt has vanished. You still owe the money as well; unless the account and been zeroed out and closed by the creditor.

Like you, I don't mind the account had been deleted from my credit file because it has 3 derog's on it, and I have a plethora of student loans (installment loans) already reporting so by having that deleted my score jumped 43pts in one day.

[j_casteel]

my bad, i just noticed this was for a PFD.

so were the terms of the PFD to pay and have them delete, but you disputed before the PFD settlement and it has already been deleted?

[Shogun]

Hmm.. I'd still pay it.  That way it doesn't show up with another JDB.  See what they send back.

[Greene718]

So you think I should still pay it? I just dont want to pay it than months letter it comes back on my credit report as settled in full since right now its completely off. it was a chargeoff acct. i should have waited for the dispute to finish before i settled on an agreement. then i also sent a pfd right after. i hope it all doesnt backfire.

[Rlandon87]

Things to consider:

1) The debt is NOT paid- it can very easily show back up on your report and possibly with the late/missed payments- you still owe so they can still report.
2) Since it is not paid this company can re add the info to your report as a negative TL and then sell to another CA which will also report negatively.
3) You have a PFD letter pending- wait about 30 more days if you have had no response I would start paying the debt.


This is just my opinion on what I would do. But this comes from the ideology that if I borrowed money from someone I am responsible for it. I would sleep better at night knowing the debt is paid and no further negative action can happen rather than save a few bucks and sweat it for 7 years of what might happen.

[Shogun]

You stand a much better chance of it not showing back up if it's paid.

[RobertEG]

When you say you "set up a payment agreement," what specifically did you do?

If it was a mutual agreement on the part of both parties with agreed terms, they could attempt to enforce it as a contract.

If in writing, most likely a slam dunk for them.  If only oral, they could still attempt to enforce it if they can document the contract.

One party cannot just call the other and unilaterally void a contract.  If and when agreed payment is due and not forwarded, you could find yourself in court.