I just found out I have a collection on my credit report for $69. I have no idea what it is or anything. I have to wait til tomorrow and call them before noon. What would happen if I paid that? Will it lower my credit score or will it go up a little?
2007-12-14 11:37:18 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
I recommend you dispute the item with the credit bureau. Chances are it's an error and will be removed.
If the credit bureau doesn't remove it, sent the collector a letter (certified mail, return receipt) requesting validation of the debt to include any documentation that proves it's your debt. If they don't respond within 30 days, send a copy of that letter to the credit bureau requesting the item be removed as the creditor failed to validate the debt.
Such a small amount is very likely some scam or bottom feeder collection agency. They thrive on people just paying the small amount. If you do decide to pay it, insist on written agreement that they will remove the item.
2007-12-14 14:18:26 · answer #1 · answered by bdancer222 7 · 2⤊ 0⤋
You'd better investigate it first to determine if its really valid.
2007-12-14 11:42:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋