if i have a collection from three years ago, can i call the co?

Question

if i made the payment to the co(outstanding since three years ago), would they let me pay and could it be taken off my credit report?

Answer 1

Do not speak on the phone to them !! Do everything by mail and send it certified mail return receipt.

The first letter you should send them is a debt validation letter. Make sure that the debt and the amount is valid.

Then, after they send you validation, and you are still within the collecting SOL. Send them a pay for delete letter.

Include in that letter that after payment they will:
delete anything they have placed on your credit reports.
they will take a percentage of the amount as payment in full.
they will not sell the debt or the remaining portion of the debt (if they agree to the percentage amount)
they will not continue to collect on the debt or the remaining portion of the debt.

If you have nothing in writing, you may find that they "won't" delete from your reports, that even if you pay the full amount they will continue to try to collect or even sell the full debt to another collection agency. (yes, they are very bad about that)

You might check the site I've listed. Do some reading in the Newbie Forum and then in the Credit Forum. Learn how to deal with them, learn the SOL for your state, learn what you should include in your letters to them.

+++++++edit

If you make payments on the account, you may re-set the "collecting" SOL but you will "not" re-set (re-age) the reporting SOL.
Re-setting (re-aging) the reporting SOL is illegal and if it happens they open themselves up to being sued by you for up to $1000

Answer 2

actually no. if the collection for this account has stopped and you no longer receive any calls or letters etc trying to get your payment, then it's a lost cause for them, but good for you (in a sense) Essentially what happens is after the normal collections process happens without result, it becomes a dead/dormant account. they will from time to time sell this account to other collection agencys to collect and keep going until someone does collect. however if no one has collected this amount and it is technically open, leave it alone.

reason being is that IF the collections have stopped trying to get payment for this, this account is dead. if you do pay it and bring it current, it will reactivate the account. you have the best intentions of wanting to pay this off and such but once you do, you will reactivate the account AND the bad credit associated with it. so by doing the right thing, you'll end up hurting your credit score in the process. you;ll have the collections cleared but all those, late payments, chargeoffs etc from when the account was being collected will follow you as well.

Answer 3

They might agree to retract their negative reporting to the credit bureaus if you pay the debt in full. Credit bureaus hate this, but it does happen. If they agree, make sure you get this in writing prior to payment.

If you call them, avoid acknowledging that you owe the debt. That could restart the 7 year clock. Be prepared for a higher balance due to fees and interest. Also, I do not recommend contacting them until you can pay it off in full. Making payments to collectors can extend the reporting period to the credit bureaus.

Answer 4

Go online to www.annualcreditreport.com review your credit, the information you are looking for should be on there.
It will have all the contact information online, make sure you owe the debt, keep a copy of that transaction once paid. Ask that company to record it as paid asap.
You can also go online and record that it has been paid. Include the date, amount and transaction number also.
Don't forget to print out your report. You will have thirty (30) days to review it online.

Answer 5

Yes you can pay any outstanding balance that shows on your credit report. You should be able to obtain that information from your credit report, just call them, give them your name and make arrangements with them. Once its paid, they'll remove it from your credit report.

Answer 6

Yes. Definately do it. It will help your credit score alot.

Answer 7

yes......