Dealing with bank vs collection agency
Date: Thu, 01/28/2010 - 08:42
Hopefully someone can help me with a few questions I have...
1. If I want to settle a credit card bill with bank of america. Is it better to deal with the bank or the collection agency? In other words who will give you a cheaper rate?
2. I tried to make an agreement with the bank that if I settled they would remove the bad credit rating but they said it was illegal to do that. Is that true?
3. If I let it go to the collection agency and make this type of agreement with the collection agency, does the charged off debt still show with boa? In other words does it show boa charged it off and then a second entry now with the collection agency?
3. I also have an equity line on one of my rental properties that was charged off. If I settle for the equity line, can they still put a lein on the property (I have a main mortgage and this equity line. If I can settle the equity line, I would keep the condo unless they can still put a lein on it.)
Thanks in advance for any help you may provide in answering these question.
Frogger
1. If I want to settle a credit card bill with bank of america. Is it better to deal with the bank or the collection agency? In other words who will give you a cheaper rate?
2. I tried to make an agreement with the bank that if I settled they would remove the bad credit rating but they said it was illegal to do that. Is that true?
3. If I let it go to the collection agency and make this type of agreement with the collection agency, does the charged off debt still show with boa? In other words does it show boa charged it off and then a second entry now with the collection agency?
3. I also have an equity line on one of my rental properties that was charged off. If I settle for the equity line, can they still put a lein on the property (I have a main mortgage and this equity line. If I can settle the equity line, I would keep the condo unless they can still put a lein on it.)
Thanks in advance for any help you may provide in answering these question.
Frogger
1. dealing with the original creditor is better, you will know f
1. dealing with the original creditor is better, you will know for sure they get paid. Try to settle towards the end of the month, you might have a better shot.
2. the OC cannot remove accurate information, the most they can do is update it.
3. Not all debt collectors report, but if you do pay and either just the OC or both are on your credit report, it should be updated as payment after charge-off or paid charge-off.
4. Once you settle, if it be the full amount or less than full, that agreement is binding and no further collection can be taken, that includes a lein.
