It has been on my credit for several years. I have disputed it and requested everything down to receipts showing I made the purchase. It is only 400.00 now and wondering how it will affect my credit to suck it up and just pay the darn thing. I don't want it to show as paid bad debt. ANy help?
2007-09-04 06:40:15 · 8 answers · asked by bma4406 1 in Business & Finance ➔ Personal Finance
A disputed account should not be on your record. Collection agencies usually won't even buy disputed accounts.
You should call them and dispute it. They hate that.
Get a copy of your credit report to see what is on it.
2007-09-04 08:01:23 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
General if its old and you are disputing this and have proof that it is not yours than that is a plus. It should be take off after 7 years. If that is the case contact the credit bureau in writing indicating to them that you would like this removed and mail them the disputing information.. If they don't remove they will put in dispute on the report.. If you can run a credit report on yourself do so make sure this is not repeated several times. What they do is just change the account number so it look like a different derogatory account in the mean time it's the same account. It will look like you did not pay this account unless addressed properly. I see allot of credit report showing this problem if the rest of your credit is fine than that is really up to you as to whether or not you want to pay it.. I find allot of people think the same way they just pay it.
2007-09-04 06:59:26 · answer #2 · answered by Marianne F 2 · 0⤊ 1⤋
If you have disputed it and requested a debt validation then there isn't anything else you can do but pay the item. When you dispute the item with the credit bureau they request proof the debt is valid if that proof is sent the disbute is canceled, if they don't send proof then it is removed. So they have proven the debt is valid, so you are now going to have to pay it. I suggest you offer to settle the debt for less than you owe so it will be reported as paid on your credit report.
Check out this website for tips on how to settle this debt:
http://www.creditinfocenter.com/rebuild/
2007-09-04 07:13:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pay it, and ask if the collection company can mark the charge as paid in full instead of charged off as bad debt. That will make a difference with the credit reporting agencies. If the collection company won't do it, file paperwork with the credit reporting agencies to have it changed. But I would pay unless you think there is a chance that your dispute will be successful and they will remove it completely.
2007-09-04 07:07:03 · answer #4 · answered by jml167 4 · 0⤊ 0⤋
Has the collection agency produced the documentation to prove it's your debt? Or they just ignoring you?
If you've sent written request to the collector requesting proof the debt is yours and they have not responded, try sending another dispute to the credit bureau with a copy of your letter, indicating that the collector has failed to respond and request it be removed as it is not your debt.
That should get it removed from your credit report. If it doesn't, you can always try to settle.
If you do opt to pay it off, negotiate a settlement and get it in writing, include removal of the negative. Definitely offer not more than half to settle.
2007-09-04 07:06:40 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
You might visit with the collection firm and, negotiate a lower pay off amount.
Getting this thing off of your credit is paramount to putting you back on the road to good standing.
If you try to purchase a home, this thing will come back and bit you.
2007-09-04 06:49:10 · answer #6 · answered by The Loan Arranger - ABQ, NM 2 · 0⤊ 0⤋
www.creditinfocenter.com First you dispute it with
Credit Bureaus - check the METHOD of Validation
Letter.
2007-09-04 06:50:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
it will help your credit and it is just one less than in your past that can come back and bite your butt when you are not expecting it!!!
2007-09-08 05:09:18 · answer #8 · answered by mister ed 7 · 0⤊ 0⤋