It is legal in most states for an initial creditor to sell the debt to a 3rd party (Not the same as hiring a collection agency). They generally don't provide this 3rd party with any notes, details or account info. This gives you little if any chance of disputing the balance. They like it that way. You may be able to get some details from the original creditor, but they won't be able to reverse the sale.
The 3rd party says you owe it, you say you don't. They will probably pressure and threaten, but generally they have no real power to do anything. They usually buy the debt for pennies on the dollar knowing that it's highly unlikely that they will be able to collect on it. They can call you and send letters, but that's about it. They bark loud because they have no bite. If they could sue you for the balance they would. They wouldn't be calling to argue about a long forgotten debt. If there were any grounds for a law suite those grounds would probably have been taken by the original creditor anyway. In most they will try to harass you for a few weeks into making a payment then give up and move on to the next person.
If the item is on your credit you can dispute it through the credit bureaus and have them take it off.
Credit bureaus are not government agencies. They are in business to make money just like everyone else and dealing with the same disputes over and over is not profitable. So this is what you can do.
You can send a dispute letter to the credit bureaus every 20 days.They are required by law to respond to EVERY credit dispute. They will read the dispute and forward it to the company that reported it. The company has X days to reply (maybe 30, I don't remember for sure). If they don't reply the mark is taken off your credit.
Many companies will eventually fail to reply if you are sending your dispute every 20 days. They may even see it and think they already responded confusing it with a previous letter.
Even if they are dilligent in responding to each and every dispute, the credit bureau may simply remove the item from your credit so they no longer have to deal with it. Again, it costs them money and eats away at their profits.
write up your letter, make several copies dated 20 days appart, seal them in envelopes, address and stamp them, and just drop one in the mail every 20 days.
If you go to a credit repair service or credit repair attorney, this is basicly what they'll do, but you can do it yourself for free. There are sample dispute letters you can find online. Just search for credit dispute letters. You may find some sites that want to sell you a service that will do all of this for you.
2007-08-07 10:01:54
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answer #1
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answered by atomzer0 6
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The correct answer is usually not. However, if the creditor has sold the account to a collection agency, then it is possible. Here is what you do. First, advise them in writing that you have the ability via a close relative, that is willing to help you, provided that the account is reflected as paid, with no adverse rating attached. They will accept the payment offer and tell you they will or will not. If they say that they will delete their colection charge off, (called vacating the account's negatives), get it in writing. Their letter should state, "upon receipt of $$$$ they will vacate the credit report of any negative ratings, ie: past due, charge off, collection and settlement received. If the state this on their letter head you will have proof to furnish the credit reporting services, in the event that they are paid, but don't do as the letter stated. The one thing, in addition to this that you need to be careful of is that the original creditor, (like Macy's or Mastercard/Visa and others), will still show that the account was a charge off and put out for collection, unless you get a similar letter and gurantee from them as well. If they are still involved it can be done, but if they sold the account for a small percentage of the total debt, which is generally the case, they probably will not as they lost considerable money. It is about a twent percent possibility and genrally works better if dealing with the original creditor as opposed to a collection agency. Remember, the key work is vacate the account's negative ratings and show only that it is paid in full. The reason it is best to say the money is coming from a third party, is that it puts the creditor on notice that you still cannot pay it with your own money and makes them think, it is now or never on getting the money. Good Luck.
2007-08-06 09:05:23
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answer #2
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answered by H. A 4
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call the collection agency that has reported to the credit company tell them if you bring in cash if they will hand you a letter of deletion stating they will delete it upon full payment they usually will they just want the money and to clear it from books but i suggest you personally take the payment in and before you hand them the money ask that they show you the letter pay the bill get a receipt and then you fax letter and receipt to all three credit companies and they will have it off you re credit within 30 days i have done this 4 times best way to get it to go away quickly
2007-07-30 11:46:40
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answer #3
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answered by Anonymous
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If you live in the UK and the charge is more than £12 you could try saying that it is not a charge and is in fact a penalty which is illegal under the Unfair Terms in Consumer Contracts Regulations 1999, and see what they say, they might drop the charge and allow you to pay just the outstanding balance. As for getting it taken off your credit report it won't even if you pay it. I had a default payment added to my report from O2 which I had never used in my life, when I phoned them to tell them to take it off was told they can't take it off they can only amend the record so contacted expirian and was told that even though the circumstances they couldn't change the record but you can put an amendment on your record explaining the circumstances.
2007-07-30 10:37:35
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answer #4
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answered by Anonymous
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if you do let the world know == i know of no way
2007-08-07 01:43:00
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answer #5
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answered by mister ed 7
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you can ask, but it usually won't happen.
2007-07-30 10:50:57
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answer #6
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answered by Anonymous
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