There is a collection agencie that has posted two times in october,once in november and two time in december on my credit report, can they do this? I thought there was a law for this. And they are all for the same debt. What should I do, its killing my credit the debt is from 2004 and I plan paying in one lump sum but I am still saving. Will have money in two months.
2006-12-21 01:39:17 · 4 answers · asked by steve 1 in Business & Finance ➔ Credit
They can do this if each item is a separate collector. The same debt can be listed on your credit report multiple times if it is sold and resold from one collector to another.
Sometimes you can get a collection item removed by disputing it, but there is no rule that requires credit bureaus to do this.
Paying in a lump sum is usually best, as long as legal action is not threatened.
2006-12-21 01:57:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you ordered a "tri-merge" credit report, then you have one report that combines the information from all three credit agencies. Sometimes the information from one company to another is not exactly the same. So,it will appear as if you have multiple collections even though you really only have one. You can inform the different agencies to correct this.
Contact the collection agaency and attempt to negotiate the debt down. Often, you can settle for less than the full amount. Also, you can attempt to have the collection company remove the record of this debt form your credit. It doesn't always work, but it is worth an effort.
2006-12-21 11:03:31 · answer #2 · answered by MR MONEY 3 · 0⤊ 0⤋
Relax Steve, they are just trying to get you to bite. Let them update as much as they want, it doesn't matter. The FCRA stipulates they must provide the date of 1st delinquency to the credit bureaus so it doesn't remain on your reports forever. It may APPEAR that way, but don't worry, it won't.
By the way, I woudn't pay them a dime. It will do little if nothing for your credit...a charge off is a charge off, its a black mark regardless if it's paid, so why pay it? You can still get a mortgage with charge offs over 2 years old. I would just let them fall off.
2006-12-21 11:41:15 · answer #3 · answered by Kevin K 3 · 0⤊ 0⤋
Before you pay this as a lump sum settlement, listen to Dave Ramsey's radio show. Dave tells you step by step how to do this and not get messed over.
2006-12-21 11:21:40 · answer #4 · answered by Jeff H 5 · 0⤊ 0⤋