I need HELP!!

Discussion in 'Credit Talk' started by Lesly, Sep 24, 2007.

  1. Lesly

    Lesly New Member

    I currently received a call from a collection agency for the amount of $2170.00. I was given 3 Options; I could pay the full amount, pay in 5 installments of $434.00 or pay $1193.50 which is 55%. My question is should I pay the full amount or pay just the percentage? Either way my credit is bad. Which one would I benefit from and I can fix my credit quickerâ?¦ or does it not matter?
     
  2. ccbob

    ccbob Well-Known Member

    Paying a collection clears your conscience faster than it clears your credit. As long as you have a collection on your report your credit will be in the dumper. It doesn't matter if it's paid or not. The only way to improve your credit is to remove the entry completely.

    You have more options than those three and they should have sent you a notice outlining, among other things, your rights. If they don't send it within 5-days of this phone call, the collection agency has violated the FDCPA.

    Among those rights (that they haven't told you about, yet) you can dispute the debt, you can ask for validation of the debt, etc.

    The bottom line is you have more options.

    Do some research and read what others suggest. Don't let them push you around. Their goal is to get your money as cheaply as possible. Your goal is to get this off your record first and to figure out how to pay it second.

    Don't let them push you around.
     
  3. bizwiz41

    bizwiz41 Well-Known Member

    First, do you know if this is reported on your credit reports yet? You need to know this fact. If you have not yet pulled them, you can get your credit reports for free from www.annualcreditreport.com.

    Secondly, is this debt yours?

    If you have the money to pay this, then your first strategy should be to request a "Pay For Deletion". This means the collection agency agrees NOT to report this to your credit reports, in exchange for payment. If you can walk away from this without any reporting, that is about as good as it gets.

    If you have any doubt about this debt being yours, request "DebtValidation" from the collection agency. There are several good sample letters here on this forum.
     
  4. Lesly

    Lesly New Member

    Yes, this debt is mine and it is sent to a firm... they have been after me to pay and its already coming out on my credit report. I am just going to pay half of it just so that they can leave me alone and stop calling me. I doubt that they would be able to Delete this from the credit reports once its already on there.
     
  5. ccbob

    ccbob Well-Known Member

    YES, they can delete it. They might not want to, and might put up a fuss, and might claim that it's illegal (it's not), but it can be done and it's done all the time.

    If you have the money, you have the power! You have what they want ($$$), they have what you want (the ability to remove the collection from your report) so why not give it a try? It's possible you could both walk away with what you want.

    Keep the faith!
     

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