I have recently checked my credit file with all three agencies.
There are two negative records on it from couple years ago. Two files were turned to different collection agencies ($600.00 and $300.00). Both files are legitimate and I am not in position to dispute those. None of collection agencies contacted me yet. However my credit score is obviously affected by negative records and I am thinking about settling those. What is the right way to do that?
2006-12-21 15:24:55 · 3 answers · asked by Mike from CT 2 in Business & Finance ➔ Credit
The accounts may be yours, but you are never supposed to readily admit that. You actually have the ability to dispute the items by having the collection agencies validate the debt. If they can't show proof of a signed contract, they can't legally keep those negative accounts on your record, whether it is yours or not. Go to http://www.creditinfocenter.com/rebuild/debt_validation.shtml. This will give you additional info.
2006-12-22 05:43:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Contact the collection agencies and negotiate a settlement. I'd try for 1/2 the balance. If the person you're speaking to doesn't help, ask for their supervisor, and keep going up the chain. Once you have an agreeable settlement amount, get it IN WRITING that they will report the account "paid in full" in your credit. Keep notes and copies of all correspondence. Copy the money order or check that you sent to them. And make sure you get a reciept. Follow up with them to make sure its reported to the report as they promised. If you don't do this, 9 out of 10 times they'll blow it off, and you'll still have the negative tradeline in your credit.
2006-12-21 16:26:44 · answer #2 · answered by abcdgoodall 4 · 0⤊ 0⤋
Did they put you in the so called "credit desk"? You said they never called, but are you sure you didn't receive any notice via mail? Ok....there are some things you can do about it. First, you have to take care of the credit, so, immediately jump into credit repair. With this, your score will look better as well. It's important not to let them observe this thing because they can prohibit any future attempts of loans if you will ever need a loan from them).
2006-12-22 02:39:18 · answer #3 · answered by lilo 4 · 0⤊ 0⤋