Derogatory account

[Anonymous]

If an account went to collections but the collections was paid and then removed, does the original Chargeoff account stay as "derogatory" or does it become "current"

[OmarGB9]

Unfortunately it remains as a derogatory.

[Anonymous]

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@Anonymous wrote:

If an account went to collections but the collections was paid and then removed, does the original Chargeoff account stay as "derogatory" or does it become "current"

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Derogatory and that is a good thing, trust me, because then it falls off 7 years after DoFD 

I (unfortunately) used a credit repair company for a few years and after their countless disputes blasted at several baddies, they were changed to "paid as agreed", which you would think is good, but is not because they are remaining on my CRs from 10 years if last updated, not from DoFD or when it was closed. I have accounts closed (2005, 2006, 2008) with this "paid as agreed" and I am still waiting for them to drop off! I know it is 10 years from last update because of the "on record until" and "estimated date of removal" dates given.

[Anonymous]

I see, but I guess it won't look as bad as being "unresolved" because it's been paid through a 3rd party?

[OmarGB9]

Do you mean it was sold to a collection agency and is showing a zero balance on the original account?

Or was it still showing a balance on the original charge off, but you worked with a collection agency to pay it off?

[Anonymous]

This is what it says; only reason I ask is because One Main was also in the same boat but states it's current but Lending Point (sold to collections and I paid that) states it's derogatory.

[OmarGB9]

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@Anonymous wrote:

This is what it says; only reason I ask is because One Main was also in the same boat but states it's current but Lending Point (sold to collections and I paid that) states it's derogatory.

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Not sure why One Main is reporting as current if it was charged off. But either way, paid charge offs/collections look much better than unpaid ones. Doesn't matter if it was settled or paid in full. At the very least they'll stop updating monthly and fade away and allow you to regain some points over time.

[Anonymous]

I see, it does show it is "green" so I guess that's a good thing. Thank you 

[Anonymous]

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@Anonymous wrote:

I see, it does show it is "green" so I guess that's a good thing. Thank you 

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I had the same thing happen with a couple baddies that had been disputed many times. Now they just have a single green mark and say "paid as agreed" (even though they were a CO), but still have a "on record until" date, but 10 years from last update instead of 10 years from closing. 

Of course at this point it is a good thing since it helps my AAoA and looks like a positive account since all the negatives have long since fallen off of it. One was closed 2005 and the other 2008 and shows to be removed 2023 lol

[Anonymous]

So this is gonna stay on my account for another 10 years?