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Unfortunately, the answer is no. If you are unable to negotiate the way the account will appear on your credit report, what will happen is that the debt will appear on your credit report as "Paid", or "Paid Collection". This will help your credit score only marginally, but having this collection paid is definitely better than unpaid. So why would someone want to pay off a debt, then?
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Many people have questions about whether or not they can be reported to the credit bureaus for credit card tradelines in which they were only an authorized user. They cannot. Apparently, the credit bureaus have not done proper investigation or due diligence in their investigation with creditors. I received the following letter from a lawyer who wishes to have as many people as possible contact him with similar cases to strengthen his lawsuit. Please do so if you have been so wronged!
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This was posted on our message boards. and is full of such valuable information, I decided to make it into a full feature. It is from a former Credit card customer service rep and makes VERY interesting reading.
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This post was found on the bayhouse.com discussion boards and it was so humorous that I asked permission to post it. It was in response to an actual (but supposedly semi-serious) request for feedback on starting a dating screening service based on credit scores. And it was written by an attorney who can actually write and has a sense of humor. Now we've seen everything!
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I've had a number of people write me and tell me that they have been unable to open a checking account because of ChexSystems. I've decided to check it out for myself and it seems to be valuable information.
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Just my luck that the 4 days I spent in our nation's capital were some of the hottest on record. I did the D.C. thing and didn't use a car, but relied on taxis and the fabulous Metro system. The dutiful pressing I gave my only suit in the hotel lasted about 5 minutes in the un-airconditioned taxi ride I took to the FTC (Federal Trade Commission) building. (I made the driver of the next cab demonstrate that the air conditioning did in fact work before I would get in.)
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The days of Ameridebt are past...and so are debt consolidaiton companies. The title "debt consolidation company" itself received so much bad press that some of these companies have repackaged themselves as "debt negotiation" companies or "debt settlement" companies. Are they as bad as debt consolidation companies? They are worse, using tactics that are not legal. Stay away from these types of companies.
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Under current law, the FCRA (Fair Credit Reporting Act) says we can sue credit bureaus but not the furnishers. However, a Catch-22 situation arises from a legal loophole in the system: it is the furnishers that provide and report the inaccurate information. The Credit Bureaus blame the banks and the banks blame the credit bureaus and the consumers are put in the position of having to prove their innocence and defend their destroyed reputations.
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Divorce lawyers may tell you that your creditors will accept the divorce decree and relieve you of your ex's debt. Don't believe them. When two people jointly apply for credit, they sign a legal agreement to the creditor to pay back the debt. If one can't pay, the other is responsible. A court cannot overturn contracts between individuals unless they are fraudulent or not lawful. A divorce does not fit either of these definitions, so the contract remains in tact until the contract ends (when the debt is paid off).
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As we saw in Myths about Divorce Decrees, divorce decrees do not relieve either party of joint financial responsibility. The purpose of divorce is to split off emotionally, and financially, from your ex-spouse. If you aren't careful, your spouse's handling of your once-joint accounts can haunt you for years. If you had joint debts which existed before your divorce, and these accounts are not both paid off and closed, you are just asking for trouble.
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