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Marcie H | Cleaning up credit? |
I am working on cleaning up my credit after some hard times. I have a few things that have been sent to collections. Is it better that I pay the collection agency or the place where the debt incurred. I just want to start paying these things off and building up my credit. |
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$m¤¤v¥ £¤¢¤
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Hello, Marcie
I think I can help. It's good to know that you want to take control of your situation. I've helped a lot of people that's going through what you're going through, so I know a couple of tricks. Tricks that the collection agencies pray that you'll never get hip to. So let's get started.
When it comes to dergoatory items (collection accounts) there's 2 things that you should know when it comes time to pay them. The 7½ year period that it can stay on your credit report which is the Fair Credit Reporting Act, and the Statute of Limitations for collecting debt, which can vary by state. What this means is that there's a certain period of time that's allowable by state law to collect on a debt in court. Another powerful tools is called debt validation. A lot of times, collection agencies collect money when they're not legally entitled to. True story! Here's a link that explains more about how debt verification and how to do it.
http://www.creditinfocenter.com/rebuild/debt_validation.shtml
Also, I posted a link that practically explains the Fair Credit Reporting Act and the statute of limitations and how you can use it in order to negotiate a payment in return for removing it from your report.
http://www.creditinfocenter.com/debt/settle_debts.shtml
Also, I posted a link on how to rebuild your credit once you've cleared all the bad.
http://www.creditinfocenter.com/rebuild/
I hope that these answers help,
Good Luck!
OBTW, be sure to really look around the creditinfocenter website, there's a LOT more that can help you |
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kmiller9802
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I am not sure... I gave you a star because I am looking for the same answers... |
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beauty s
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Well just make sure u pay off all your debt and keep payments on time.. Then try to get a credit card like Orchard bank or Chase.. Good luck |
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twv851712341
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Since the debt has already been sold to a collection agency, it would be easier to pay them.
Here are some steps to help you rebuild your credit:
First, make sure all the information on your credit report is accurate.
Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.
Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
Repairing your credit and improving your credit score is a slow process that takes time. |
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JB
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Generally, these collection agencies buy the debt for pennies on the dollar. I bet you could call the collection agency and offer a settlement of 40 or 50 percent of the debt and get it. Probably not on the first or second call, but eventually with a little work.
The collection agency owns the debt. They were probably the ones to report to the credit bureau, so talk to them.
Couple of things to remember. Do not offer a settlement you can not pay for. Have the cash. Get the settlement in writing. Do not give them electronic access to your bank account. Do not give them post dated checks. Settle one at a time. Do not open up the whole can of worms. Deal with one worm at a time.
Finally, do not open up any more credit accounts until you have this mess cleaned up. |
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thearizonapenguin
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You have to pay off the collection agency. The original party sold your debt to them. |
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