Asset Acceptance Capital Corp. Debt Paid off but Asset Acceptance Still ruining my credit. Warren, Michigan

You may have gotten misinformation. Credit bureaus nor collections agencies take an item off your credit report just because it has been paid. They merely show it with a zero balance, but they still show as a collection or charge off for 7 years.

If you made a payment arrangement with Asset and paid them off, the 7 years counts from the date of your last payment. In your case, Asset is allowed to show the account as a charge off/collection with a zero balance. Unfortunately due to the charge off/collection reporting, it still drops your score. It does not matter to your score very much if the balance is zero or not, just the mere fact that the account is listed as charge off/collection harms your score.

Ask them if they can change the designation to paid. I don't know how far you'll get with that, but see if they'll do it.

You might want to visit a mortgage broker to see if that entry will effect your getting a mortgage if the balance is zero. Mortgage companies used to over look a collection/charge off if it was paid, but I'm not sure what they're doing these days.

"Credit Bureas are required by law to take off a item on a persons credit report if the person can provide proof to the bureau that the account was paid off."

This is incorrect. Credit bureaus are required by law to UPDATE your report stating it is no longer past due and/or paid off. Nothing gets TAKEN OFF your report for 7 years at least.

"Credit Bureas are required by law to take off a item on a persons credit report if the person can provide proof to the bureau that the account was paid off."

This is incorrect. Credit bureaus are required by law to UPDATE your report stating it is no longer past due and/or paid off. Nothing gets TAKEN OFF your report for 7 years at least.

"Credit Bureas are required by law to take off a item on a persons credit report if the person can provide proof to the bureau that the account was paid off."

This is incorrect. Credit bureaus are required by law to UPDATE your report stating it is no longer past due and/or paid off. Nothing gets TAKEN OFF your report for 7 years at least.

"Credit Bureas are required by law to take off a item on a persons credit report if the person can provide proof to the bureau that the account was paid off."

This is incorrect. Credit bureaus are required by law to UPDATE your report stating it is no longer past due and/or paid off. Nothing gets TAKEN OFF your report for 7 years at least.

Credit Bureas are required by law to take off a item on a persons credit report if the person can provide proof to the bureau that the account was paid off.

Contact the Credit Bureau or Bureaus in question and send a copy of the payment or payments and other proof of you paying the debt off and ask the Bureas to update their records as the debt being paid.

You can get the Credit Bureau info online on the 3 big Credit Reporting Agencies, etc.

They are required by law to update your report to take off the debt in question, it is the law and if they they do not comply then hire a attorney to fight the Bureau and have the account in question updated as paid or removed.

And you can get a Free credit report once a year thru

annualcreditreport.com

do not use the freecreditreport.com site as that site will try and take your credit card info and charge your card for the report.

A lot of people get the two sites mixed up.

hope this info helps you out.