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 Posted: Wed Sep 14, 2005 5:02 am Subject: After paying Collection Agency in a panic.... |
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Hi.
I had paid a charge off to a collection agency in full, it had to be the second or third letter I did not realize because I didnt open the mail.
Now that it is paid and I didnt get anything in writing from them about what they would put on the credit report, does anyone know what I should do from here? Should I contact the collection agency about this or should I contact the credit reporting agencies about this?
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JohnFish
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| Posted: Wed Sep 14, 2005 10:06 am Subject: |
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Have you checked your credit report recently? Once you pay your old charge-off, your credit report must show it as a paid charge-off. If it does not, you can contact the collection agency and ask them to report the latest update to credit bureaus.
If you don't get a satisfactory response from the agency within a considerable time, you can contact the credit bureau with all the documents of your payment. The bureau will investigate on the matter and will make necessary changes if required.
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4ubryan
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| Posted: Wed Sep 14, 2005 10:11 am Subject: |
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Whenever settling debt like that, you should try to reach an agreement (in writing) before you pay off the account.
For example, ask them to provide you with a letter stating in exchange for X amount of dollars (your debt) they will clear your credit of negative marks or "upgrade" existing marks to something more desirable. When you make the payment, send a copy of their agreement back with it. If they don't hold their end of the bargain you can show that to the credit bureaus and they'll make the changes themselves.
I've done this before and it worked out well.
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cryptowizard
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| Posted: Wed Sep 14, 2005 11:05 am Subject: |
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that's a cool advice from cryptowizard.
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4ubryan
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| Posted: Wed Sep 14, 2005 11:11 am Subject: |
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I now, I realize that AFTER I made the payment. I paid the full balance onto my American Express card so the only proof I have I guess is the Amex statement.
I will contact them and as them to show that as paid in full, because it is still not updated.
Think it is better to call, send letter, or call AND send a letter?
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JohnFish
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| Posted: Wed Sep 14, 2005 1:43 pm Subject: |
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Johnfish
A written correspondence leaves a valid proof of your efforts made because you can track it later. Right?
You can contact them over phone also but also insist on a written communication.
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roxette
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| Posted: Thu Sep 15, 2005 10:10 am Subject: |
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I will start a letter, send it so I get receipt too.
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JohnFish
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4ubryan
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| Posted: Fri Sep 16, 2005 5:46 am Subject: |
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Sweet!
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JohnFish
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