Here is the situation, Trying to repair my fiances credit, unfortunatly started before i found this forum: Owe about 4k total in 6 collections and 1 Judgement No problem could pay it all...here is the problem... I just discovered the nastyness of Collection Agents, Got an offer to pay a debt, sounded good and being naive I took it, paid if off....Pulled the record, it shows as a paid collection.... BUT...they have a Zero Balance 120+ Day Past due account with the same account number on it open, so now it appears as 2 degoratories, 1 paid collection and 1 past due account with zero balance! WTF! I have no problem paying off her debt, but how the heck can I do it without ruining her already bad (594) credit! I have six collections to work with...now what...Should I retain a lawyer? -Aba
Did you pay it in full? You might have accepted a settlement, but if you didn't get it in writing, they might take your money, and still sell the balance to someone else.
I might have accepted a settlement, does this mean i am hosed? You mean sold the remaining balance to someone else? The thing is, it says "0" balance but is a current 120+ day past due account... Man, I feel like a rube and totally guilty for hurting the one I love the most. -AB
I'm not saying it is right for a CA to settle an account they own for less than the balance owed, and then sell it to another CA, but it has happened. That is why you keep documentation, such as their offer letter, any communication, and your cleared check, for years after paying, so it doesn't pop up again. CYA. With normal accounts and bills, you have the most recent statement to document the state of the account between you and a creditor. With a settlement with a CA, you would need the above documentation to protect yourself, since they routinely buy and sell accounts and could erroneously or deliberately do the same with a paid one.
