Some collection agencies said they purchased the charged off debt and demand that I pay. Should I pay them? I am trying to repair my credit.
2007-08-01 05:48:26 · 4 answers · asked by Qualita P 1 in Business & Finance ➔ Credit
Do you owe the money? Then pay them. Most companies sell off bad debt to collection companies.
You should be able to make a settlement offer but make sure you get all the settlement details in writing before you pay. Don't give them access to your bank account either. Make sure the settlement includes putting a "paid" on your credit report.
2007-08-01 05:56:26 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
This is tricky. I paid a debt that was charged off and it has not positively affected my credit score at all. Its still seen as a bad debt. On the other hand paying it off stops it from being reported as a charge off that's 30-60-90-180 days late and from being resold and sometimes reported on your credit report as ANOTHER bad debt.. so you get 3 bad debt reports for the one bad debt. This is not really legal but the whole world of credit and credit scoring is very sketchy and not fun to deal with.
2007-08-01 06:00:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How old are these charge offs ? If they are older then 7 years then at least here in Ca you can not be sued.Ask for in writing with return receipt requested validation of debt.Do not speak with anyone on the phone everything should be in writing and keep records of everything .If you must speek to someone over the phone admit to NOTHING but keep impeccable records for every detail of your conversation.
2007-08-01 08:35:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends how much debt is owed and what the consequences are. Check out the free evaluation form at the source website. They can help.
2007-08-02 03:38:42 · answer #4 · answered by stephen l 2 · 0⤊ 1⤋