Collection items reported to credit agency...now what?
Date: Thu, 06/14/2012 - 15:11
Quote:1) How adversely will this affect my score? A collection a
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1) How adversely will this affect my score? |
A collection account is always negative.
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2) How does SOL work? I know the SOL for my state on this type of debit is 4 years but what does that mean? The collection agency can no longer collect on this? Can I have it removed from my credit report after the SOL expires or do I still have to wait 7 years? If my credit score is not affected too adversely, should I just wait it out? |
It will stay on for 7 years. Your state SOL of 4 years is the time they can sue you. Even when that expires, you still owe the debt.
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3) Is worth it to send a PFD letter assuming I???ve done a debt validation and they actually own the debt? I???ve heard agencies are no longer responding to these and may counteract by suing for a larger amount? |
They are not going to pay for delete. It is not accuate reporting and quite frankly, is not worth the time to them. The commission on an $80 account aint squat and they are not going to waste manpower time manually doing a delete.
Dispute the validity of the debt. Personally I would be disputing it back right to the internet service provider. Complain on social media like facebook...they hate negative remarks. Find the ISP's facebook or twitter page.
Collection items reported to credit agency now what
What if I took a different route and paid the credit agreement off with my overdraft, could I then transfer my overdraft to a 0 credit card?
lnk removed per tos
^That can be done but it would involve the bank approving a mass
^That can be done but it would involve the bank approving a massive overdraft which they probably won't. If they somehow do, and say you end up -1200, what you can do is open a 0 percent apr credit card and instead of doing the electronic balance transfer, you can get a check sent to you for the balance transfer, then deposit that check into your account thus bringing the account to 0. Again this idea hinges on the bank approving a large overdraft which they probably won't.