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I have 2 credit card accounts that were charged off back in May 2017 and are currently on all 3 credit bureaus. I would like to know what is the best way to contact the companies that have purchased the debt so I can negotiate a pay down and have them remove it from my credit reports. 


Any guidance will be greatly appreciated. 


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I haven't done this but I would call the 800 number. Usually they direct me over to the credit delinquency guys right away!

But the only thing I have heard is that you have to keep track of them and make sure they are putting the correct info in your credit report. My ex stopped paying the mortgage two years ago for a few months and my score improves a little every month. Luckily we are about to sell the house. I will be glad when my name is off

I also get advice from Consumer credit counseling - the good one.


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Only contact them via written form; letter or email.  Do not do so by phone OR expect to be harassed by them if things don;t work out.  Know that contacting them starts the clock ticking again on the validity of the debt (this time period varies from state to state).


Only make an offer it you actually have money to work with to settle these debts.  Remember, your debt was purchased with a tranche of 5,000 other debts for $5 so your best bet is to low-ball to the extreme, say 10% of the amount owed.

Everything must be in writing.  No payment can be made until a written agreement is in place that states this is what the debt was, this is what we agree to settle on, AND the debt will be marked PAID IN FULL.

Your are wise to read up on the legalities of debt collection in your state and how it works.

Know that paying off or settling debts, only increases your credit score about 20 points per debt.  The negative effects sticks now matter what until the debt dies aft 7 years.

Be sure to keep all your old bills or paperwork, especially some thing on paper that shows the date of when the debt was charged off.  There is much fruad in the industry and  they are know to later state the debt charged off much later then it did, to try to move the finish line.






I would first look at the statue of limitations for credit card debt in your state. Next, I would review the amount of all outstanding debt listed on your credit report. I would then determine if I have enough money to make a settlement offer in writing. My daughter did this earlier this year, but she had the money for all 3 creditors, who settled and removed from her credit report. 

Funny you should ask I got a letter week ago and it was for an old debt. 2006 the letter says if I respond or inquire about it I am admitting it's mine and the 3rd party that bought debt can go after me with a new date of 2020. So this debt would have another 7 years to be removed if I acknowledged. This was an atty letter that sent this to me.

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