I have a credit card co. posted on my credit report as the acct. was charged off for $700. Now NCO sent a notice saying I owe $1400 but they will settle at$700. I would be fine with that, but I want to fix my credit report. Would I negotiate with NCO to fix my report or do I need to try to contact the original creditor who put the account on my credit report? Any Suggestions would be appreciated.
RE: how to negotiate with coll ALWAYS CONTACT the original creditor. Always always always. Unless the debt was sold, in which case the Original creditor will tell you that.
RE: how to negotiate with coll If my Credit report says it was Charged off, Does that mean it was sold?
RE:nope. It was sold if it says in the comment line "Debt sold to ....name....". Otherwise contact the original creditor. They will: 1. Settle for less money (you know collection agencies get 50% right?) 2. You can arrange for removal from credit report. So you have $1400 outstanding, the collection agency is paying half of that back to the original creditor (or less). Use that knowledge to negotiate (in writing from them) a settlement amount, which includes removal from all credit bureaus of the trade line. Don't make any promises until you get their ink, promising to make a payment, will in fact reset the clock. If you can't pay the whole debt off, its better to not pay a cent, until you have the cash to settle in full, on your terms. A paid charge off is no better than a chargeoff to the eyes of other creditors.
