Can you pay original creditor after an account has

Can you pay original creditor after an account has been charged-off?


I'm finally in a better financial place in my life. I'm only in my mid-20s and want to fix my credit score before getting any more serious with my girlfriend. I have 3 charged off accounts from Citi, Chase, and Wells Fargo. Question is: I want to have positive reports on my credit report and wonder if it's possible to negotiate with my original creditors now?

Thank you all for the advice that I've gotten over the past 2-3 years.

3 Answers

In case of charge offs, your creditor can either retains the ownership of the account or else can also simply sell off the debt to a collection agency. So, you will have to try and find out if the account has been sold off. If the account has still not been sold off, you can ask the creditor to pull back the account from the collection department. In that case, you will be able to deal with the creditor.

However, if the account has been sold off, the creditor will not be able to pull back the account. In that case, you will have to deal with the collection agency. As for the charge off on your credit reports, you cannot remove it as it is a right listing and is going to fall off, of its own after 7 years from the date of report.

More than likely not.  If your account has been sold, the original creditor no longer owns the account thus cannot negotiate on it.   If the OC still owns it but has placed it in collections, you must work with the assigned collection agency.

Anyway you pay it, paying a collection account will do nothing for your credit score.  Making payments or paying them off do not give you positive credit.

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Yep…you can negotiate with your original creditors. You may try to settle the debts with them on your own. If they agree to do the same, then you can make a written request to them to update your account status as “Settled Charge-off” after repaying the debts. You may also request them to remove the negative listings from your credit report. But, it depends on their discretion whether or not to accept your request.


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