I settled an dispute with verizon becuase they had sold my debt to a collector and now the collector damaged my credit score which is what I do not get since everything was fixed between me and Verizon. I recently paid the amount the collection agency wanted however the dispute was settled over 3 months ago. I just want to know how i can demand the collection agency to fix my credit score Since the problem had already been fixed. I just unfair that an $80 loan took 110 point off my credit score.
2007-06-21 08:40:19 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
The problem is once you have paid off a collection debt, all they are required to do is show "paid" on your credit history. But all of the information about charge-offs and collections is still there.
Therefore, you just paid off a debt and it's not going to do a whole lot to fix your credit. True, you can put a statement on your records but those statements are NEVER included into your credit scores.
True, you can dispute it (probably your only chance now) and hope that they don't verify the debt. If so, it will remain on your records.
You can try contacting the collection agency and ask them to delete it, but that's not likely either. Like, do you really think a collection agent is going to help you out....especially now that they already have your money?
Lesson learned, you need to get the collection agent to agree IN WRITING to delete the entry once you have paid the debt. Otherwise, do not pay it.
Why pay a debt and still have bad credit?
2007-06-21 12:15:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That little dispute with Verizon and the collection agency will haunt you for the next six years and nine months. When Verizon handed it to collection, the seven year time frame for keeping that situation in your credit file started ALL over again, as if it were day one. You have no bargaining position here.
2007-06-21 08:50:41 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Its not the amount that matters. It actually looks worse when it is a small amount, because any potential creditor is going to ask why you let such a small amount go to collection. What matters to them is that you didn't pay the bill. You can not force anyone to remove something from your credit report. The best you can do is to rebuild your credit by paying your bills on time and filing a dispute with the credit rating company.
2007-06-21 08:45:30 · answer #3 · answered by RayCATNG 4 · 0⤊ 0⤋
Dispute the collection, even though it's paid. It will most likely come off. They already have their money. You don't want collections, whether settled or not, on your credit report. You can dispute as many times as you want.
2007-06-21 09:31:23 · answer #4 · answered by mphsblue 3 · 0⤊ 0⤋
Everyone gave you concrete answers, but Studly is the best. To elaborate further you can dispute the collection account on your credit report and more than likely they will delete it. IF not, you must send them another letter asking them for a method of verification. This always work. Good luck!
2007-06-21 13:16:15 · answer #5 · answered by Maria Gallercia 4 · 0⤊ 0⤋
You can put a note on the credit agency to explain the issue. It still may be there and affect the score but may lessen the effect on loans.
2007-06-21 08:59:11 · answer #6 · answered by ustoev 6 · 0⤊ 0⤋
I don't know what to tell you.... but 110 points off your credit score! WOW! That sucks!!!! I think that's a little over doing it. My condolences.
2007-06-21 12:24:12 · answer #7 · answered by SenateSigma 3 · 0⤊ 0⤋
good, I have an ebook given free by NHBS, Inc
its really helpful it has raised my credit score
you should get a copy, it's still for free
2007-06-21 10:56:53 · answer #8 · answered by Tutti F 1 · 0⤊ 0⤋
i dont know u tell me?
2007-06-21 08:45:36 · answer #9 · answered by Anonymous · 0⤊ 2⤋