HELP!!!! . . . collection agencies

[Euro Male]

Hi folks, appreciate some advise . . .

Collection agency's have a totally shady rep. Before I squash an outstanding account, l plan on requesting in writing that in return for firing-off a money order in there direction, they'll expunge the delinguent file on my credit report record ie (equifax, transunion etc)

I figure, if I get something written down on paper, make a copy of the money order etc. It'll make it easier down to clean-up my credit report down the road if necessary.

Anyone have any input?

thanks in advance,

 

[stanleyross]

Always good to get some type of proof of payment and that the account has been paid off and closed.

And then get a credit report from equifax down the road. I believe you get one free a year. Check to make sure the history is correct.

 

[DB123]

Hi folks, appreciate some advise . . .

Collection agency's have a totally shady rep. Before I squash an outstanding account, l plan on requesting in writing that in return for firing-off a money order in there direction, they'll expunge the delinguent file on my credit report record ie (equifax, transunion etc)

I figure, if I get something written down on paper, make a copy of the money order etc. It'll make it easier down to clean-up my credit report down the road if necessary.

Anyone have any input?

thanks in advance,

Collection agencies are sketchy as fuck and generally impotent. If you can get something in writing, great. That way if nothing else if tehy keep calling once theyve paid, you can go after them for harassing you.

Go to the source. Get confirmation from your actual creditor if you can.

 

[peter4025]

Deal directly with the creditor, not the collection agency. Even if you pay your credit will show the collection for )7 years.

 

[one.of.a.kind]

Hi folks, appreciate some advise . . .

Collection agency's have a totally shady rep. Before I squash an outstanding account, l plan on requesting in writing that in return for firing-off a money order in there direction, they'll expunge the delinguent file on my credit report record ie (equifax, transunion etc)

I figure, if I get something written down on paper, make a copy of the money order etc. It'll make it easier down to clean-up my credit report down the road if necessary.

Anyone have any input?

thanks in advance,

They can't. Once it's in the report that's it. You'll have to have excellent credit on credit cards etc. and over time it will be over shadowed.

 

[stanleyross]

You may not be able to deal with the creditor directly because the debt may have been sold to the collection agency.


Also I agree with one.of.a.kind about credit history but it was my understanding that you just want to make sure the payment has been reported correctly to the credit report agency. The payment will be reflected in the report but the account delinquency history will remain but your rating can be improved over time with proper debt management.

 

[Titalian]

They can't. Once it's in the report that's it. You'll have to have excellent credit on credit cards etc. and over time it will be over shadowed.

I don't believe thats true, He can request that Equifax or whom ever, have the delinquent lone, removed from his record.
Equifax, by law have to follow through, by sending a letter to the creditor for proof, If they don't hear back from the creditor within two weeks.
Then they are obligded, to remove it from your record. You following up on this, is very important. Always remember its your word against the creditor.
You have as much rights as they do.

 

[stanleyross]

I don't believe thats true, He can request that Equifax or whom ever, have the delinquent lone, removed from his record.
Equifax, by law have to follow through, by sending a letter to the creditor for proof, If they don't hear back from the creditor within two weeks.
Then they are obligded, to remove it from your record. You following up on this, is very important. Always remember its your word against the creditor.
You have as much rights as they do.

The credit report is suppose to provide a history. It has been my understanding that a record can be removed only if there is an error in reporting. But probably best to check the laws to see what the obligations are of equifax and others.
http://www.consumerinformation.ca/eic/site/032.nsf/eng/00038.html
http://www.consumerhandbook.ca/en/topics/financial/credit-reporting

 

[Bobzilla]

I don't believe thats true, He can request that Equifax or whom ever, have the delinquent lone, removed from his record.
Equifax, by law have to follow through, by sending a letter to the creditor for proof, If they don't hear back from the creditor within two weeks.
Then they are obligded, to remove it from your record. You following up on this, is very important. Always remember its your word against the creditor.
You have as much rights as they do.

This is totally incorrect. There is no "obligation" to remove it from his record whatsoever. Once it's paid, the collection item will be amended to show as "paid" as opposed to "unpaid" with a collection agency. Being able to have items removed from one's credit file would defeat the purpose of tracking credit histories to begin with.

That being said, there are ways to accomplish this. But it's next to impossible.

 

[Titalian]

This is totally incorrect. There is no "obligation" to remove it from his record whatsoever. Once it's paid, the collection item will be amended to show as "paid" as opposed to "unpaid" with a collection agency. Being able to have items removed from one's credit file would defeat the purpose of tracking credit histories to begin with.

That being said, there are ways to accomplish this. But it's next to impossible.

https://help-en.equifax.ca/app/answ...sion/L3RpbWUvMTQxMjEyMTk5MC9zaWQvckV5eTZLM20=

What is not mentioned here, is that, if they don't hear back from the creditor within an alloted time, they will remove the that particular credit history.

 

[Vixens]

They can't. Once it's in the report that's it. You'll have to have excellent credit on credit cards etc. and over time it will be over shadowed.

Unfortunately this is true and beyond that what they fail to tell you is that it will remain on your credit report from the date of last activity. So, if you have say a 2000.00 debt from 2010 and you'd like to pay it off now that your circumstances are better, it will stay on your credit report until 2021.... Not 2017.

 

[Bobzilla]

https://help-en.equifax.ca/app/answ...sion/L3RpbWUvMTQxMjEyMTk5MC9zaWQvckV5eTZLM20=

What is not mentioned here, is that, if they don't hear back from the creditor within an alloted time, they will remove the that particular credit history.

Yeah, except having an unpaid collection item on your bureau is not an "error".

I worked in this industry for 20 years. When an account is listed with a collection agency, there is documentation supplied from the creditor, ie a statement of account. The kind of error you're talking about is a collection item being put on the credit file of a guy named "John Smith" when a different "John Smith" actually owes the debt.

I can tell you that this very rarely happens, especially now with electronic reporting.

 

[interactive]

If you have 1 and only 1 collection / bad mark on your credit report and the rest is peachy you won't have a problem.

If your history has more than 1 or other grey marks then you have to be concerned with your whole report not 1 deep black mark.

If your owe them - pay them - end of.

You can pay the original creditor if you wish - it may add to the confusion and delay the payment posting.

Once the bad mark is on your report it stays. All you can do it pay it and it will indicate resolved.

 

[one.of.a.kind]

I don't believe thats true, He can request that Equifax or whom ever, have the delinquent lone, removed from his record.
Equifax, by law have to follow through, by sending a letter to the creditor for proof, If they don't hear back from the creditor within two weeks.
Then they are obligded, to remove it from your record. You following up on this, is very important. Always remember its your word against the creditor.
You have as much rights as they do.

Sorry my friend but you are in error. What use is Equifax, if all delinquents are removed. A legitimate item in collection stays on the report for years.

The credit report is suppose to provide a history. It has been my understanding that a record can be removed only if there is an error in reporting. But probably best to check the laws to see what the obligations are of equifax and others.
http://www.consumerinformation.ca/eic/site/032.nsf/eng/00038.html
http://www.consumerhandbook.ca/en/topics/financial/credit-reporting

This is totally incorrect. There is no "obligation" to remove it from his record whatsoever. Once it's paid, the collection item will be amended to show as "paid" as opposed to "unpaid" with a collection agency. Being able to have items removed from one's credit file would defeat the purpose of tracking credit histories to begin with.

That being said, there are ways to accomplish this. But it's next to impossible.

Absolutely correct.

 

[black booty lover]

very interesting. I started a thread a few years back because of this situation:



A few years back I sold my old vehicle to what I thought was a trust worthy friend for a very small amount as the vehicle wasn't worth much at all.

So a year goes by and I get a call from a collection agency explaining that "my friend" never actually signed the ownership papers. He was evicted from the house he was living in, and the landlord had the vehicle towed, then was put into storage by the towing company for a little while until the police possessed it, and sold it at a police auction. He tells me the tab is 4G's for all this. I tell him he's not getting a dime from me, to fuck himself and hang up. Once a week I get recorded calls from different agencies trying scare me into paying them. I don't give a shit if it effects my credit rating a bit as I don't plan on buying a house or a brand new car anytime soon.

I talked to a friend who used to work for a collection agency who told me other than my credit rating taking a bit of hit, nothing to worry about especially since I don't plan on buying a new house or car soon. Also said if I explained this to a company, they probably would look past it.

Any feed back?

I still get calls as agency keep selling the debt to other agencies. I still keep telling them to fuck off.

 

[Titalian]

Sorry my friend but you are in error. What use is Equifax, if all delinquents are removed. A legitimate item in collection stays on the report for years.







Absolutely correct.

For those of you who have a hard time understanding. I am not talking about a true delinquent statement, but errors that arise in their system, such as,was my case.
I don't know if many of you have checked your status on equifax. You'd be surprised what shows up sometimes.

 

[DB123]

very interesting. I started a thread a few years back because of this situation:



A few years back I sold my old vehicle to what I thought was a trust worthy friend for a very small amount as the vehicle wasn't worth much at all.

So a year goes by and I get a call from a collection agency explaining that "my friend" never actually signed the ownership papers. He was evicted from the house he was living in, and the landlord had the vehicle towed, then was put into storage by the towing company for a little while until the police possessed it, and sold it at a police auction. He tells me the tab is 4G's for all this. I tell him he's not getting a dime from me, to fuck himself and hang up. Once a week I get recorded calls from different agencies trying scare me into paying them. I don't give a shit if it effects my credit rating a bit as I don't plan on buying a house or a brand new car anytime soon.

I talked to a friend who used to work for a collection agency who told me other than my credit rating taking a bit of hit, nothing to worry about especially since I don't plan on buying a new house or car soon. Also said if I explained this to a company, they probably would look past it.

Any feed back?

I still get calls as agency keep selling the debt to other agencies. I still keep telling them to fuck off.

More than 2 years ago and they can't do a thing about it. If you don't care about your credit, nothing else to be concerned with

 

[black booty lover]

More than 2 years ago and they can't do a thing about it. If you don't care about your credit, nothing else to be concerned with

This is literally the only debt I ever encured that I didn't pay (cause I didn't feel it was right) How bad does this effect my credit rating?

 

[peter4025]

This is literally the only debt I ever encured that I didn't pay (cause I didn't feel it was right) How bad does this effect my credit rating?

What is your credit score? How much debt are you carrying right now? What's your salary? Have you apply for new credit I. The last 2-3 years? Are you paying your obligations in time? All these can affect t your credit, not just one collection mark

 

[interactive]

A single dispute will not kill your rating.

Everyone understands this. More than 1 and it is hard to over look.

I wouldn't worry about it all. Given the amount, one would think small claims action would have started but I guess they know it's dodgy.

You didn't incur this debt by the way. Yeah - you are responsible for the vehicle etc. but you didn't stiff anyone.

Remember - collection agencies cannot simple use the reporting system as a means to collect.

Reporting agencies are very skeptical of debtors but do pay attention to whom is reporting the default.