2007-04-11 12:46:27 · 4 answers · asked by extremelucky7 1 in Business & Finance ➔ Credit
Yes, you can have your credit history hurt by the collection agent (CA) if the CA reports your delinquency to any of the 3 major Credit Reporting Agencies (CRAs), whether you pay off the CA or not.
You can try bargaining with the collection agency by offering your payment in full for their deleting their derogatory trade line from all 3 credit reports. Make sure you have the deal in writing. Spoken words are worthless in court and in disputes with CRAs. Do not send money until you get the deal in writing: your cash is your negotiating power.
The CA might refuse such a deal. If they refuse, just pay it off.
Keep records of the payment and bills indefinitely. Your motor vehicle registry can withhold your auto registration renewal and your driver's license renewal until you show proof of payment. Phone them and make sure they have not put a lien on your automobile's title.
2007-04-11 13:28:00 · answer #1 · answered by VT 5 · 0⤊ 0⤋
You will have dings on your credit, yes. Anything that is sent past due or in collections will hurt your credit. It does help if you pay it off... but it doesn't make the damage go away. Pay your bills on time, and your credit will go back up.
It also helps if you get an account at a store that gives you credit (like if you go to a furniture store and buy a chair or a bed, you get it on credit and make payments to the store). Paying these on time will build your credit back up!
2007-04-11 19:53:28 · answer #2 · answered by lionsworth 3 · 0⤊ 0⤋
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-04-12 06:12:24 · answer #3 · answered by gabriel jones 4 · 0⤊ 0⤋
No, you already HAVE a hit on your credit. Paying it off will help, but not much. If you don't, renewing your license my be difficult.
2007-04-11 20:29:30 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋