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 Posted: Fri Apr 29, 2005 5:53 pm Subject: original creditor |
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I have a debt that recently went to collections. If i pay the original creditor will it come off my report?
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wah_on
Joined: 21 Apr 2005
Posts: 5
Debtcc Points: 673
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| Posted: Fri Apr 29, 2005 6:53 pm Subject: Re: original creditor |
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| wah_on wrote: | | I have a debt that recently went to collections. If i pay the original creditor will it come off my report? |
Yes..this can happen.
But first is the account with the Original Creditor (OC) or the Collection Agency (CA)?
It is good that you want to settle these and if approached in the correct manner can be beneficial to both you and the "Creditor".
What it appears you want to do is a "Paid For Deletion" (PFD).
Do not accept this type of agreement over the phone, always get it in writing, or even propose it yourself by sending them a letter to agree to and send back to you.
And welcome to the debt consolidation Forums.
NOTE: Not all will agree with me, nor am I a Lawyer offering adivce, just offering my Opinion.
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jtucker
Moderator
Joined: 01 Mar 2005
Posts: 121
Debtcc Points: 7276
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| Posted: Fri Apr 29, 2005 8:24 pm Subject: |
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How is the original creditor's listing showing on the credit report, if the status is sold / transfer and zero balance, then you can't go back to the OC they no longer own the account.
But you can still negotiate as jtucker pointed out with the collection agency requesting that they delete.
If the original creditor does still own the account then negotiate that they retract the collection agency listing and then you will agree to pay.
So you can go 2 different ways with this just depending one how the account is listed on the credit report.
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Pammila
Moderator
Joined: 25 Apr 2005
Posts: 116
Location: Illinois Debtcc Points: 8471
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| Posted: Sat Apr 30, 2005 11:53 am Subject: |
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Hi wah_on
You read the posts of Jerry and Pammila. Apart from their suggestion, I feel like saying that no matter where the debt is presently, if it is with the creditors or the collection agencies, the most important part is that after you have made all the payments, you will have a clean credit report and I think that is most important. 
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50411
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| Posted: Sat Apr 30, 2005 6:45 pm Subject: When you negotiate |
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When you negotiate do not forget to negotiate for your credit report , ask them to report as "paid as agreed" or "paid in full".
_________________
DebtConsolidationCare - Largest Community of people in debt.
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Denny
Site Admin
Joined: 19 Oct 2004
Posts: 1745
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| Posted: Sun May 01, 2005 9:12 pm Subject: RE: |
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Hi wah_on,
Welcome to the forum.
| Quote: | | I have a debt that recently went to collections. If i pay the original creditor will it come off my report? |
It is already a bad sign that your debt has gone over to a collection agency. This shows that you were not regular while paying your bills every month.
Your first step here should be proper negotiation with the Collection Agency. Give them the assurance and convince them that your main intention is to clear your debts on time. Once they are convinced you should concentrate on skilful negotiation. Don't miss out on negotiating for your credit rating.
Your credit rating is one of the most important aspects in your credit report. Make sure your credit rating is "Paid as Agreed" or “Account Closed-Paid as Agreed".
Once the Collection Agency is convinced that you are capable of paying your bills regularly, they usually change your credit rating. They also convince your Original Creditor to change the rating in your credit report.
It is not an impossible task but you need to be diligent and committed in clearing your debt amount. 
Feel free to come forward with any further queries and we expect that you will share your experience and insights with the other members of the forum as well.
Cheers,
Jason
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Jason
Customer Care Dept
Joined: 28 Oct 2004
Posts: 648
Debtcc Points: 4045
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