A Collection Agent has recently approached me regarding a 7+ year old debt (around $600, originally $200). I have checked my credit report and it does not show up there, indicating it has probably been deleted by now. I did notice an 'inquiry' from the CA on the report as 'Collection Purpose'. BTW, I am in illinois and the Collection Agent said the "CP open date is Jan 13, 1995" What does that mean? My questions are as follows: - Can the CA, or the OC place a negative entry on my credit reports now, even though the original account no longer appears? What would they report it as? Could they report it as a Collection Account? Does the collection account not have to be attached to the original trade line? What can they do to hurt my credit? - I would like to pay them off, hopefully only the original amount. If I do pay them, could they report that payment as a 'Paid Collection' or something similar, to the credit bureau's even though the original account no longer appears? In other words, can they effectively post new negative information because of my payment, even though the original trade line is gone? The reason I want to pay them off is that I don't want any more inquiries from CAs on my credit reports. What would you suggest is the best way to proceed? Thanks in advance for your input
No, they can't place a neg. TL on your CR since it's past the obsolescence period. As for your second question, you would just be paying them to stop soft inquiries which no one but yourself and CRA can see. It doesn't effect your credit score. If you really want to stop the inquiries, send validation letter along with C&D if they can't validate. Chances are you won't hear from them again. But honestly, you don't even have to bother with that...it's past 7 years...the CA is just spitting in the wind.
Thanks Julesh, So am I correct in saying that a Collection Account can only be posted if the original TL is still there? Also, IF I do pay them, could they report that transaction as something like 'Paid collection'? I apologize for belaboring the same points, I guess I am paranoid about my credit! Thanks again.
1* I did notice an 'inquiry' from the CA on the report as 'Collection Purpose,' kzmsa2000 =========== 2*No, they can't place a neg. TL on your CR since it's past the obsolescence period. julesh *************************** ````````````````````````````````'''''''''''''''''''''''''''''''''' 1* this is a ding on your report. 2*They already have with the inquiry. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
