When does the bank officially default your credit rating?

I had an outstanding loan of about $6K with my bank, that I should have started paying off weekly since May 2007.





I havent paid any of the repayments, and they have now 'given me over' to a debt collecting agency.





Does this mean that they have now officially defaulted my credit, or do I still have a chance to redeem myself through paying my debt via the debt collector?

When does the bank officially default your credit rating?
The bank will "charge off" your debt after a certain amount of time and sell it to a collection agency....The charge-off will cause your credit rating to take a big hit....In your case the charge-offs has probably already occurred....Past due %26gt;180 days/charge-off will affect your credit for at least two years...as your FICO score is most heavily weighted on what has happened in the most recent 24 months....There is nothing you can do about this...Only the passing of time will undo the damage...Paying off the entire $6K loan to the debt collector will not magically fix your credit...although it may make a slight improvement.





If you pay the debt collector, get all terms IN WRITING FIRST prior to paying them one penny...Have the letter from them specify that the account will be paid in full after receipt of the agreed-to amount. Never accept verbal promises from a debt collector. Pay only via USPS money order...DO NOT pay by giving them your checking account number...
Reply:They have sold the debt to the collection agency. Now you must settle with them. The bank "chargeoff" is likely already on your credit report.
Reply:hey in real life 6,000 is not very much money get a second job pay it off. after it pay off call them up and ask them to remove that you owed.


made sure you document every payment.
Reply:More than likely it is already on your credit report. The only thing that can be done is have the original lender remove it from your report, which is also highly unlikely.

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