Dealing w/ collection agency-help!

Validation buys you more time. Using a validation letter causes the Collection Agency to prove that the debt is yours. By sending validation, they can no longer pursue you actively for the debt until the debt has been verified. If they do prove that the debt is yours, then you are screwed, and you might as well pay it immediately before it gets to your report. You might want to draft a letter to the effect of, this check constitutes payment in full and you won't report on my credit bureaus, yadda yadda. Of course, your next step after validation is pull your reports, see if they haven't already put it on there. Tell us what you find out from your reports, then we can go from there. Good luck!

 

Writing post dated checks may be illegal in your state, especially if you are writing them and you know you don't have the money to cover them if they were deposited today. Don't send them anything yet. Wait for validation. That buys you time to save the 300some odd dollars you need to pay it in full. In the meantime, PULL YOUR REPORTS!!!! Collectors lie to you every day. They may have already put it on there and you may be gullible enough to fall for them saying that they didn't put it in there yet.

Look into a payment for deletion letter and see how you feel about that. You pay, they delete. Your debt is still new enough that they may go for it.

 

Collection agencies LIE to people all the time in order to get you to pay. Once they get your money, they could not care less what goes on your credit report.

Wait to see if they respond to your request for validation. Frequently, they can't. PULL YOUR REPORTS. Print them up so you hvae proof that the item ISN"T ON YOUR REPORTS YET. IF IT ISN" and they subsequently add it before they validate, you have them in an FDCPA violation.

IF IT IS ON YOUR REPORTS, dispute it with the CRAs.

Never pay anyone with post-dated checks or give a CA the numbers on your checking acct. They can use these in very unscrupulous ways. Rather, pay them only by money order or cashiers check.

ONLY PAY THEM if they provide complete validation (a contract signed by you) and in exchange for a written promise of FULL DELETION. They'll protest; but they'll do it because what they really care about is THE MONEY not your credit report.

Greg

 

Is there an echo in here?

 

Just a small tip:

NEVER NEVER NEVER NEVER NEVER NEVER NEVER give a collection agency your checking account number or send them post dated checks. They are notorious for taking the account information from your check and clearing out your account up to the amount you owe - all they need to do is call your bank, pose as a merchant, ask what amount is available in your account and send an electronic transaction for that amount. You may be able to dispute this with the bank but in general most banks will maintain that YOU provided them the information at your own risk - if the bank does give your money back to you it could take 6-8 weeks on average.

Bottom line, as others have said FIRST they have to prove you owe it, second if they want the money they have to do it on your terms. I would use only postal money orders if I were going to pay as they are easily tracked and offer the collector no information that they don't need.