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Discussion in 'Credit Talk' started by Mark, Apr 10, 2001.
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I'm not an expert on this stuff so you could disregard it but when you owe some company a dept and they cant collect they either hire/or sell the account to a collection agency. The agency trys to collect and if they dont they usually report your bad credit. I dont think they have any power to repair your ratings at all. My suggestion is to negotiate a payment settlement. Better than getting bad credit.
You didn't mention if you truly owed the money and if you could afford to pay.
A rating of R0, means a revolving account that is either to new to rate, or approved but not used.
If they are just collecting on the creditors behalf, then deal directly with creditor and get everything in WRITING before you make a payment.
But changing from R9 to R0 makes no sense, R1 yes R0 no.
Send a validation letter before you do anything. Have them send you proof you owe them money. You will find good validation letters here. Just do a search. Everytime I mailed a validation to a collection agency (certified mail, return receipt), they deleted the items at once!
" I'm not an expert on this stuff so you could disregard it but when you owe some company a dept and they cant collect they either hire/or sell the account to a collection agency. The agency trys to collect and if they dont they usually report your bad credit. I dont think they have any power to repair your ratings at all. My suggestion is to negotiate a payment settlement. Better than getting bad credit. "
(1) If they SELL it, then the buyer now has responsibility to report accurate info to the CRA (the seller MUST remove the trade line from your reports -- they no longer own the debt).
(2) If they farm it out to a collection agency to try to collect it, they still OWN it. They can do anything they want - negotiate directly with you or tell you to deal with the collection agency - whatever they want.
>> I dont think they have any power to repair your
>> ratings at all.
If they own the debt, or if they are the ones who reported the derogatory item to the CRA, then they are the ONLY ones who can modify your credit report for THAT derog. If the only derog is, for example, listed by SEARS, but the collection company is hired out to try to collect it, only SEARS can change your credit report trade line. But if the item is a reported COLLECTION on your credit reports, then it's the collection AGENCY that has the ONLY ability to remove/update that item.
A debt can only be reported once - they can't re-age it or pass it on to one or two or five colletion agencies and add one or two or five derog items for the SAME debt.
A creditor (or collection agency) is required by the FCRA to report ACCURATE information IF THEY CHOOSE TO REPORT AT ALL. This means they don't HAVE to report at all - but if they DO, it must be ACCURATE. If the creditor/collection agency decided (as part of your 'negotiations') that they 'no longer wish to report ANY information' about your debt, then they don't HAVE to, and it CAN be removed -- by the party that PUT the item on your history (report).