Account sold to lender, but not showing up on credit report
Date: Wed, 05/14/2008 - 13:09
ABout 3 years ago I fell into the credit trap. I have about $10000 in debt and I am looking for a debt settlement route. I tried calling a couple places and they refuse to handle any settlement for a debt that is older than 2 years so I have decided to take it upon myself and negotiate (while saving some money as well).
The problem is, the largest accounts I owe to show as "closed by creditor" on my credit report. When I called them they said the debt was sold and I should contact them. Now, the people that bought the debt have yet to mark my credit report, so should I go ahead and pursue them or wait until they do?
Another Question: When settling debts, does settling with the debt collector have any bearing on what the original debtor says on your credit report?
For instance: If I owe 3000 to Bank One, and it is sold to a debt collector and I pay 1500. I can negotiate to get the debt collector mark completely OFF my credit report, would Bank One update the mark on my credit to report it was paid?
Thanks in advance!
When settling debts, does settling with the debt collector have
When settling debts, does settling with the debt collector have any bearing on what the original debtor says on your credit report?
They will most likely mark it as " settled as agreed "
Should I go ahead and pursue them or wait until they do? I would go ahead and contact them and start trying to negotiate.
I think I am going to try debt validation before settlment... bu
I think I am going to try debt validation before settlment... but If I contact them regarding debt validation, would it not be invalidated seeing as how they never contacted me, and the only way I could have known who had the debt was to call the original creditor?
They may not have reported on your credit report just yet but I
They may not have reported on your credit report just yet but I assure you they will. And I can assure you they will eventually contact you either by phone or mail. Have you moved or changed phone #s recently where they may not know how to contact you yet ?