Balance Pay-off

Date: Tue, 07/13/2010 - 13:53

Submitted by anonymous
on Tue, 07/13/2010 - 13:53

Posts: 202330 Credits: [Donate]

Total Replies: 2

I owe Sears credit card and would like to pay the balance off. I called Sears and they said they sold the account to Encore or Midland Credit. I then called Encore and they said they sold it off to First National Collection Bureau. I still would like to pay off the balance but not sure who to pay to now. Please advise. Thank you.

Hi Ningning, You will have to pull a copy of your credit repor

Hi Ningning,

You will have to pull a copy of your credit report to find out who now holds this account. Once you find out the collection agency who holds the account, talk to them about the payment. Get the payment agreement in writing.

lrhall41

Submitted by lisawhite9 on Wed, 07/14/2010 - 01:10

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First of all, it's good to see that you're willing to pay off yo

First of all, it's good to see that you're willing to pay off your debts. Now, regarding your problem, you must ask for your credit report from any of the 3 major credit bureaus like the Equifax, Experian or TransUnion to know who the owner of your account is. You'll get this credit report free of cost once a year from all the 3 major credit bureaus.

The next step would be to contact the collection agency and start the negotiation process. It's always better to contact the collection agencies before they contact you. If you can negotiate properly, you might be able to settle within 40-60% of your actual debt amount.

It's also important that you have the debt settlement agreement in writing. After you receive the agreement, try to pay the total debt amount immediately. This will save you from any harassment from the collection agency in future.

lrhall41

Submitted by on Fri, 07/16/2010 - 01:17

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