New to the credit repair process... I would like to pay a current collection amount but it looks highly inflated to me. I suspect that the CA has padded it with fees. This credit card debt is a few years old and I didn't keep any records of what I originally owed. I'm afraid to call and ask the OC for a statement because I might be tricked into admitting the debt is mine before I can try the dispute or validation process. What action(s) should I take? Thanks very much!! (and sorry if this has already been covered somewhere )
Dispute it through the CRAs first and see what happens. If it's verified, you can then request a debt validation through the CA. Don't get hung up on whether you have the records or not. If you think the numbers you're seeing are incorrect, dispute them.
Above all, you should make a New Year's resolution to keep all receipts, checks, money orders and transactional records. Start the new year out right by setting up a system of books and records on your computer and store them both in paper digital forms. Keep multiple copies of everything. Back up the backups. If you do that you won't ever have to worry about making others prove their claims. Make 2010 the year you start learning the law and how to make it work for you. If you do that then some day you will be very glad that you did and very sad if you don't.
Well of course it's padded with fees! A credit card debt usually incurs a late fee of between 29-39 dollars, OCL fees of 39, and finance charges at a default rate (upwards of 29.99). Multiply all of this by the number of months you have been behind and you are looking at a HUGE inflation.
