how to negotiate with collecti

Discussion in 'Credit Talk' started by Mary C., Feb 21, 2001.

  1. Mary C.

    Mary C. Guest

    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.
  2. sam

    sam Well-Known Member

    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.
  3. Mary C.

    Mary C. Guest

    RE: how to negotiate with coll

    If my Credit report says it was Charged off,
    Does that mean it was sold?
  4. sam

    sam Well-Known Member


    It was sold if it says in the comment line "Debt sold to".

    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.
  5. Mary C.

    Mary C. Guest

    RE: thanks

    Thanks for the info

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