How do I know the correct amount to be paid off

Date: Tue, 03/06/2007 - 13:32

Submitted by anonymous
on Tue, 03/06/2007 - 13:32

Posts: 202330 Credits: [Donate]

Total Replies: 1

In searching the web I came across some solution blogs from you all. My question is...on my credit report Palisades Collections and LVNV Funding have reported huge balances oustanding, but when I call I get a totally different amount due. Neither of them match the original balance from the orignal creditor. And why, if my account was sold to a third party, do I have both the original and the third party creditor reporting negatively on my credit report?

The original creditor has to report a zero balance after selling

The original creditor has to report a zero balance after selling your account to some collection agency. The latest balance will be listed under collections. Get the debt validated by the collection agency and know the latest standing of the account. The charges should be according to the terms mentioned in the contract that you signed with the original creditor. If you see anything disputed, show it the bureaus and they will investigate with the information providers.

Inaccurate items should not be listed in your credit report. They will hurt your credit potential and the scores will go down. Get it fixed at the earliest and make payment arrangements with them. The companies will update your account with the bureaus showing a satisfied debt.

lrhall41

Submitted by mcranberra on Tue, 03/06/2007 - 14:20

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