Wednesday, October 28, 2009

If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay i

I just received a letter from a collections agency. I contacted them and they said that if I paid the debt in full and within 30 days, that it would not show up on my credit report at all.



Does the debt collection agency have any LEGAL obligation to NOT report the debt to the credit bureaus if I pay it off within 30 days of receiving notice?



Or, If they don%26#039;t have any legal obligation to do so, is it standard industry practice not to do so anyway?



I would pay this debt off in full if I could be legally guaranteed that it wouldn%26#039;t show up on my report a few months later anyway.



My only goal here is to protect my credit as best as possible. At the time the debt was accumulating I had no way to pay off the money. I now have the means, but figure if my credit has already taken the hit then I might as well at least keep my money....



So, is my credit ALREADY marred?



Should I bother paying this off? Is there any way I can legally hold them to their promise not to report it



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

You should pay it (and yes, already marred).



Delinquent payments are usually on your credit report before they%26#039;re sent to a collection agency. That%26#039;s bad. If a collection agency makes an inquiry to a reporting bureau, it stays on your record for many years. That%26#039;s worse.



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

the first one u get is before it goes on your credit, however, it does show a deliquency on ur credit, you should pay it...



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

Short Answer: It%26#039;s already on your credit report.



If it%26#039;s gone to a collection agency, the original account has been past-due for 90+days. Generally, companies report after you%26#039;re 30 days late.



The collection agency is going to tell you anything they can to get you to pay them. A little-known fact is the agent who is calling you and demanding payment gets a commission for every dollar they can get you to send, so of course they%26#039;re going to tell you what you want to hear.



Sandy



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

well if you dont pay it on 30 days its going to show up and if you do it might show up and it might not but also it going to show on your credit report that is is paid in full wich is good you dont want to not pay it cause that will be bad so i would pay it and hope that it dont show but if it does better that it says its paid off then still owing the company...



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

you have the right to -1- FREE credit report from all -3- credit reporting agencies...check it for yourself...(numbers are in your phone book and online.) if you pay your debt, then they cannot report you for something you have done, they can only report you for debt you haven%26#039;t paid.



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

It%26#039;s probably not on your credit report yet but call the collection agency first thing in the morning and make payment arrangements. If it%26#039;s already hit your credit report and you pay it , then the report wl be updated to paid late which is better than never paid. If that%26#039;s your first letter and they gave you 30 days then it%26#039;s probably getting ready to be reported.



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

If this is your first letter it will not show up if you pay in 30 days. I would also ask them to send me a signed letter stating it is paid off and they will not turn over to credit bureau. Then I would call the original company and get a letter from them stating it is paid off. Oh, ask for a payoff confirmation number and the person%26#039;s name you are talking to. Document everything and save all this information just in case it pops up later. You can use it to dispute it through the credit bureaus. You can go to www.annualcreditreport.com and get access to all 3 credit bureaus once a year for free. Good Luck. Same thing happened to me and it did not show up.



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

I%26#039;ve written too much, and I just deleted it. I%26#039;ll try to be brief.



There%26#039;s no obligation for a debt collector to not report it.



Chances are the debt is already on your report, and if it has been deemed a charge-off, the DC cannot report it again. It can only report new information.



If the debt has been sold to another, and the debt has been reported to the credit bureau, it is still the same debt and can%26#039;t be reported again. Once again, only new information can be reported.



You have 30 days from when you receive notice to dispute the debt. It is important you do so, even if you owe. They will have to provide proof of the debt and this is to your benefit, if they decide to sue you. If they don%26#039;t provide the info and sue you anyway, they are in violation of the law and you can sue them.



If they check and can%26#039;t provide proof (maybe they lost it) then legally they are supposed to remove the debt from the report altogether.



But, if they have the proof, they can leave it there.



You can negotiate how much you will pay and what the conditions are. So, you can negotiate possible removal of the debt altogether from your report, or just make the report less harsh. Do this in writing.



Depending upon how old the debt is, it may be legally uncollectable. However, your making a promise to pay will renew the clock, so never make a promise to pay unless you actually will and/or want to. Just saying %26quot;I%26#039;ll pay you the debt%26quot; on the phone is a promise. Saying %26quot;I might consider paying you the debt%26quot; is not a promise.



First link refers to asking for proof.



Second link refers to the time allowed for legal collection of the debt.



Third link is a general how-to page.



Fourth link is about negotiation.



Cross-reference some of the terms in the pages in a search engine and consult reputable sites, like Yahoo! Bankrate, Cardweb, money magazines (Money, Kiplinger%26#039;s Personal Finance, Fortune, etc), and so on.



If I receive a letter from a collections agency, is it ALREADY on my credit report or should I pay it?

Here%26#039;s the deal. I used to work in credit and collections, so i think I know something more than these other people that are only guessing...



PAY THE BILL. Your late payment or non-payment will indeed show on your credit report. But, there will be updates to the report that will show that you...



A) Eventually paid the entire balance, albeit late.



B) Paid very very late.



C) Never paid at all (total deadbeat int he eyes of other creditors).



The best thing you can do to save your credit is to pay what you owe. That way, your credit resport will be updated to show (A) that your account was sent to collections but you paid in full. That%26#039;s much better on your credit report than (C) where you never paid the overdue balance at all. If you do that...then you%26#039;re really screwed.

How do I get an erroneous California State Tax Lien removed from my credit report?

I have a tax lien on my credit reports - again - some 12 years after CA put it on, even though I didn%26#039;t owe taxes (OK, I filed late without an extension...my fault...).



I have had it removed three times over the years, but checked my Credit report not long ago and there it was again.



Each time I%26#039;ve needed to send in the proof document from the state (they%26#039;ve provided it to me back in 1995) and send it to the three credit bureaus...and it will come off for a bit, but ends up back on again - screwing up my credit scores.



Is there a reliable way to keep this from continuing to happen? Does anyone know? Anyone every cracked to code on the California Franchise tax board%26#039;s reporting mess?



Thanks.



Steve in Seattle.



How do I get an erroneous California State Tax Lien removed from my credit report?

Steve,



Start by reading the info below. this is from the Fair Credit Reporting act.



I would say after posting this 3 times to your report, and you constantly fighting them to stop, this is a slam dunk small claims suit. If this is showing up on all 3 reports, you can sue each of them.



What can you do with $3000?



How do I get an erroneous California State Tax Lien removed from my credit report?

Studly%26#039;s answer is still wrong. You do have a tax lien, therefore your credit report is correct. The lien must be lifted. Report It



How do I get an erroneous California State Tax Lien removed from my credit report?

In response to your Additional Information: It does not matter whether the lien was paid. California DID NOT remove the lien. If they had, the next public records update by the credit bureau would have shown the lien had been removed. Report It



How do I get an erroneous California State Tax Lien removed from my credit report?

Forget what Studly said about the Fair Credit Reporting Act. The lien is reported in public records and will continue to appear on your credit report until the California Tax Franchise Board removes the lien and updates the public records. Anything you have done though the credit bureau will be overridden the next time they do a public records update.



You need to contact the California Tax Franchise Board and have the tax lien lifted. Not owing the taxes is NOT the same as having the lien lifted.

If IRS withdraws a lien on my assets, how many points would my credit score go up?

IRS has a lien on my assets; I have a credit rating that is rated %26#039;poor%26#039;, for that and other credit problems. If I convince IRS to withdraw the lien (IRS obligated to report withdrawal to credit bureaus by law), would my credit rating improve very much....how many points do you think?



If IRS withdraws a lien on my assets, how many points would my credit score go up?

Paying it off so it%26#039;s not open should help, but not by a whole lot, at least not instantly. 20 points?

Is there any way for me to get a $15,000 loan with BAD credit?

I%26#039;m 19 years old and my credit is messed up with all 3 credit bureaus, my dad has had an extensive history of bad credit..and since I have his name (I%26#039;m JR) somehow all of his bad credit shows up on my credit history..so supposedly I have debts from when I was 15yrs old. Now I%26#039;m in need of a loan of $15,000 and I can pay it back in 1 year, is there any place that would loan this amount to me?



Is there any way for me to get a $15,000 loan with BAD credit?

I think you%26#039;ll have a hard time.



Try http://www.prosper.com



Good luck.



Is there any way for me to get a $15,000 loan with BAD credit?

you have 2 issues here:



1) getting a loan



2) fixing your credit file.



your 1st priority is cleaning up your credit file as that may have a wider impact on your life than just 1 loan.



you should dispute,immediately, all accounts that are not yours with all 3 bureaus. use www.annualcreditreport.com for each bureau and follow their dispute procedures.



Unfortunately as you share the same name as your father, you have a darn near permanent appointment with each bureau every year to clean up your credit report.



Once you have cleaned up all your non-accounts you should have a far better credit score and a much better chance of getting a loan with a more reasonable interest rate.



Is there any way for me to get a $15,000 loan with BAD credit?

Yes, you can get Bad Credit Loan.



A bad credit history is like having contracted an infectious disease. At least this is what most lenders perceive. Any requests for personal loans by people with a bad credit history are generally declined.



But there is a way now, you can apply for Bad Credit Loan.



Here are some best lendrers in this Category.



http://badcreditsloans.blogspot.com/



Is there any way for me to get a $15,000 loan with BAD credit?

Yes surely you can get a loan. Now a days many people are having bad credit. So lenders have come with a bad credit loan package. So definitely you can get one.



I hope http://loan-guides.net will help you to find a way.



Is there any way for me to get a $15,000 loan with BAD credit?

Some credit card companies charge a processing fee for people with bad credit who apply for credit card. This is generally charged by credit card companies due to the credit checks, other formalities and risk involved in providing a credit card to bad credit people. If you are going for a secured bad credit credit card then this fees can be waived, otherwise it has to be paid. The catch here is that credit card companies demand upfront payment of processing fee. But, a wise credit card consumer will find a credit card company which charges the fees to the credit card not demands cash in advance.



http://creditcard-guides.freehostia.com



Is there any way for me to get a $15,000 loan with BAD credit?

Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on%26lt;!--bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a %26quot;bad credit%26quot; rating, among these are non-payment of an account or late payments over an extended length of time. You may find a bad credit loan here,



http://best-loans.awardspace.com/



You may find want you want. You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to--%26gt;arrange loans or other finance, and usually means you will pay more interest on any loan you take out.



Is there any way for me to get a $15,000 loan with BAD credit?

Hi,



I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It%26#039;s legitimate.I came across this company on NBC News.Check it out here:



http://memurl.com/furetu



Is there any way for me to get a $15,000 loan with BAD credit?

Try Richards Loan Agency.



They give out home loans and Auto-loans with bad credit.



reach them through their email,Richards_loan_agency@yahoo.com



Is there any way for me to get a $15,000 loan with BAD credit?

I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $2,400.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email: macroloans@gmail.com

Do credit bureaus make it a practice to contact you regarding a debt or is this merely one of the co

agencies ploys?



Do credit bureaus make it a practice to contact you regarding a debt or is this merely one of the collection?

Please enlighten us!



I%26#039;ve never heard of a collection agent calling and posing as a collection bureau. What line did they use?



Do credit bureaus make it a practice to contact you regarding a debt or is this merely one of the collection?

Credit bureaus do not contact consumers at all unless it is in response to an inquiry that the consumer made. Even then, 99.9% it is in writing. If someone is calling your regarding a debt, it is a collection agency or a representative of the debtor.

Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i b

i am only going to buy a car for $6000 or less. my score (experian -- today) is 562. steady job for 2 plus years, same with residence (with a good reference from landlord). my credit union won%26#039;t lend me money; they say i need to open any new line of credit and to be in good standing for 9 mos., and to get my score over 600, then they%26#039;ll refinance me. budget swears they have the best %26quot;program%26quot; for those rebuilding credit history (they report monthly to all 3 credit bureaus). i am cetain my payments will be on time as they will be auto-withdrawn from my bank account, and the monthly payment will be under $200. and i have reasonable assurance that my job is secure. 23% sounds like a rip-off, but i can%26#039;t afford to keep shopping for a better rate costing me points off my fico score. any suggestions? i really need that new line of credit to appease my credit union so that i may soon become eligible for an unsecured credit card with them, as well as a future new car loan, or even a mortgage.



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

I think that budget is right . My score which was a bit lower than yours got me a higher pr . I tried alot , I mean ALOT of places . Not to mention my payments are sky high . So if u can get 200.00 dollar payments , Id say go for it . Anyway , if u get in with that cedit union , after about 6 months , they will help u refinance with a lower pr .



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

23% you might as well bend over now and get used to the a*ss pounding. first off, 38 or so points is not going to make a significant decrease in your rate. maybe 7-8% at most. the only problem you have is will you be okay with this $6000 loan for that rate? right now if you were to get a mortgage, you%26#039;d get a better rate than that easily. question is do you really need a car that bad or can you wait?



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

Have you tried going through the place your going to get the car from? Sometimes they will finance you through their credit place because it%26#039;s cheaper interest. 23.9% is a rip off. There are better places out there.



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

try a real dealership. If you have and cannot get a lower rate then take the bad deal and do your best to make the payments on time. They are ripping you off just like all the credit card companies but eventually you can rebuild and get a better rate.



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

If you have a home, you can refinance with as low as a 500 credit score...



23.9%?????? Even with a 450 credit score, i can qualify you with a mortgage refinance that is less then 12% interest!!!



My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender..



If you have a home, i will be happy to show you a way to refinance to pull out cash to pay for the car in full.. You then will just pay the payment with the new mortgage..



Feel free to call me at 312-264-6448, or email me at jasonf@providential.com..



thanks,



Jason Fry



Budget car sales says the best i will get is 23.9% with my lousy (but ever improving) credit. am i being had?

I hope you checked your OWN FICO score before shopping.



You still have the ability to shop around.



Sounds like it should be somewhere around 18%, which is still bad, but not as bad as 23%.

What lenders only use Transunion credit scores when rating people who want to refinance their home m

Most lenders use the mid score of the three popular credit bureaus. I have heard there are some that use only Transunion though.



What lenders only use Transunion credit scores when rating people who want to refinance their home mortgage?

As credit scores have become the predominant decision making tool in the mortgage industry, I have not run across any of these companys. You are corrIect that the norm now is the middle of three or the lower of two. The country is broken up into regions where one of the three bureaus would be the predominantly used by creditors in that area. Daily I see bureaus where the low score could be in the 500%26#039;s and the high in the 600%26#039;s, over a 100 point difference. The mid-score gives a better picture of the credit worthiness of a potential borrower.



Your best bet would be to contact several brokers in your area and ask them if they have any lenders that use only the TU score.