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MC82 | Pay or Not to Pay Collection Agency? |
While back in college, I left a cable bill unpaid. It went to a collection agency. It is for a minimal amount of $122.62. It has now been 4 years since it showed up on my credit report. After reading many different answers, I am unsure as to how to proceed. Besides this one deliquency, I do not have any marks on my credit report.
1. I can pay for the debt. It will still show up as a deliquency and will probably keep showing up on my credit reports for the next 7 years after I paid it. (just read that they can keep it on my report for seven years after the last payment)
2. Don't pay it, live with the bad credit for the next 3 years until it is wiped off my report.
Not sure what to do. Thanks in advance.
Additional Details
Thanks for the answers, I did talk to someone at the collection agency and she said there was absolutely nothing I can do to get it wiped off. Should I be talking to someone superior to her?
Dontating to the cable company's organizations may be good, but isin't outside of the hands of the cable company since they sold the account to the collection agency? |
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echo
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goz1111 is correct about the statute of limitations (SOL) on that account. That falls under utilities, which has a 4 year SOL for collections. While they still can try to collect, they cannot sue on a time barred debt.
Whether you want to pay or not, first send the collection agency a debt validation letter. Send it certified mail return receipt. (always create a paper trail)
When you get the green card back, send a dispute to the credit bureaus. Pick something inaccurate from the trade line they have placed on your reports - such as - past due, open acct etc.
If the collection agency verifies with the credit bureaus before they validate with you, that is a violation.
If your dispute with the credit bureaus results in the trade line being deleted, after you receive the validation response back from the collection agency, send them a SOL letter.
If you want to pay the collection agency, be sure to use a pay for delete letter.
Request to pay a percentage of the debt. (more than likely after this long, they have purchased the debt for less than $10 or $20)
Request that upon payment, they will fully delete anything they have placed on your reports.
Request that they will not continue to try to collect the debt, sell the debt or a portion of the debt, if they agreed to take a percentage as payment.
If you have nothing in writing, you may find that the trade line will be updated to a paid negative. Also, in another year or two, another collector may try to collect on that debt.
Collection agencys are pretty bad about selling debts that they have received payment on, even ones that are paid in full. They are also bad about just updating your reports to a paid negative instead of deleting.
So protect yourself and have all of it in writing. |
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I'm_Bored
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Don't pay it -- but donate the amount to a charity that the cable company supports (they all have a couple.)
By the way, you may be able to get it wiped even earlier...check your state's statute of limitations on the Attorney General's website.
Alternatively, you could try making a deal with the collection agency that you will only pay the debt if they agree (in writing) to remove it from your credit. Some will do this, some won't. |
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MONIQUE N
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Yes you should pay it, why? It will show on your credit as paid, also there is a place on your credit profile that you can put a note stating that you paid this bill and have zero derogatories, I would recommend paying it then in a year when you want to buy something a house for example it will show paid, and you won't have to pay it then w/all the interest that has incurred from the collection agency, also when you do pay it you can make a deal w/the agency,
that if you pay this w/the interest, they can have it written totally off of your credit profile, I know this because I use to be a manager of a collection agency in San Diego, so make sure to tell them you are willing to pay but want it wiped off of your credit, then in 30 to 60 days check your credit it should be gone and if not call them back and notify them that per the agreement they were to remove it from your CBR (CREDIT BUREAU REPORT).. Hope this helps.. Monique-
YES SPEAK TO HER MANAGER AT THE AGENCY THEY CAN REMOVE IT.. |
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Johnsmatrix
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DO NOT PAY IT
And here's why. 1st check the statute of limitations for your state, the link is posted in my sources below. This is the amount of time a collection agency has to sue you or file a judgement. Very unlikely but good to know.
#2. Stop talking to the collection agency on the phone.
#3. Dispute with all credit reporting agencies.
#4. If verified wait another 2 months and dispute again.
If you pay the collection agency it will reage your account when it is updated to paid. Instead of waiting 3 more years you will have to wait 7 until it is obsolete and comes off your report.
If you do want to pay you can send them a "pay for delete" letter found in the letters section of www. creditboards.com
This letter basically says I am not admiting this is my debt, but I will pay you the amound you request in exchange for deletion off my credit reports and to not post again.
Believe me these things work. I know from experience. Good luck |
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Grist
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Pay it so you can explain to a future credit grantor that you did pay the bill when able to do so. Otherwise the fact that you haven't paid it becomes as important as the fact that it stays on your records. |
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goz1111
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since it's four years ago the statute of limitations have run out so they can not sue you or even imply they will take legal action, wait the three years then contact the three reporting agencies and have it removed |
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CreditMan
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Unfortunately a paid collection account has about the same effect as an unpaid collection account. Since the ammount is so small they will probably not take you to court over it instead they will let the ammount woed grow with interest.
Instead try to negotiate with the collection agency to have them remove the account in exchange for payment. Just make sure to get the agreement in writing. After you pay them you will have almost no power to deal with the collection company.
http://www.creditfamily.com/articles/dispute-inaccurate-information.asp |
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Susan G
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I have a third possibility - bargain with the collection agency to have it totally removed from your credit upon payment in full. They might do it! |
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nova50
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Pay it, its only $122 dumb ***. |
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skl5973
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Well they can take you to court and your $122.62 bill will end up being $522.62, or more.
I once had a bill for 55.00 and the collection took me to court and it ended up being more than $500.00 when we were done!
I would pay it,you used the service right? |
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plucack
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Pay your debt. It's your debt. You got something and didn't pay for it. The fact that it's old and might disappear from your credit report is nice, but you will feel much better about yourself if you just pay it.
Good luck |
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tonalc1
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It will stay on your record for 7 years from the date of the original delinquency, whether or not you pay it.
Pay it. It's worth it. |
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swedishfish012
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you will have to pay it eventually, and it will stay on your credit report the same amount of time whether you pay it now or later, it's just a matter of when the time starts. the collection agency will not just stop asking one day, they don't get any money unless they collect on the bad debt. |
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kilroymaster
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If you can afford to pay it then do so, Why? someday you might want to own a home and you will Be surprise about the things on your credit report that can come back and haunt you.. But if for no other than peace of mind pay it ok......................... |
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jacksonctu
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Don't pay it. And do not talk to them over the phone any more. They can't and won't remove accurate information from your report even if they tell you they will. It will show as fresh negative mark on your credit report, drag your score down again, and could stay on there for another 7 years.
Challenge the validity of the debt. Read up here: http://www.creditinfocenter.com/rebuild/debt_validation.shtml
Has worked a number of times for me. Good Luck! |
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KISH KISH
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pay it, and call the credit bureau(s) and send them a reciept of payment---so it will show up as a paid collection and not a unpaid! talk to a credit counselor about the effects of this on ur credit report. |
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Mightymo
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Go to a Para-legal or Lawyer, keeping it on record as a bad credit its ridiculous. The collection agencies can be pretty rough, even though its against the law to harass you, I would still see someone and pay the bill. |
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Kay Eliz
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Pay it, if you don't it will still be on your credit report after 3 years, trust me. |
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