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Can you still talk to the credit card company directly for paying off an unpaid debt or do you have to talk to the debt collection company?
Wiki User
∙ 17y ago
Once the debt. has been charged off and sold to a outside collection source you must talk to them.
Wiki User
∙ 17y ago
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How do you raise your credit score after paying a collection company?
No
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
What is the difference between paying in full and settling in full How will my credit score be affected by each Which is better?
If you are paying a collection company, make sure before you pay anything, that you get a deletion letter. This is a letter stating that if you pay, the entry will be deleted off your credit report. Now, whether you are paying in full or settling, it has the same affect on your credit score--Paid collection or paid P&L or charge-off account. This will remain on your credit for 7 years. This is why it is important that you get a deleting letter. Source: Phil Turner, Credit Bible.
Can a 400 bill that is unpaid affect your credit report even if you make payment arrangements with the debt collector?
Yes, especially if the arrangement is with a debt collection agency and not the original company. That you're paying the bill is good, but the history of having trouble paying it and the bill going into collections will be reported on your credit history.
Will paying a collection agency improve your overall credit rating?
Yes, because by doing that you are converting a Negative on your credit history to a Positive action. Those who look at a credit report are looking to see if you are making efforts to "turn things around." Paying a collection does NOT improve your credit and may, under certain circumstances, cause even more deductions to your credit score. This is one of the fallacies about credit. The factor that causes the largest amount of deductions to scores is when a derogatory account was last reported to the bureaus, not the amount owed or the status (paid or unpaid). A paid collection account can be just as damaging as an unpaid collection. The first answer was incorrect. The only thing that will improve your credit rating is to have the collection removed from your credit report. Offer to pay the collection in exchange for a deletion.
How do you raise your credit score after paying a collection company?
No
If you stop paying on a collection account that no longer shows on your credit report can the collection company report the unpaid balance to the credit bureaus?
Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
What is the usual action of credit card company's toward nonpaying creditors?
Well after 6 years of not paying a dime to household bank the account has been charged off and the collection company is sueing me.
What is the difference between paying in full and settling in full How will my credit score be affected by each Which is better?
If you are paying a collection company, make sure before you pay anything, that you get a deletion letter. This is a letter stating that if you pay, the entry will be deleted off your credit report. Now, whether you are paying in full or settling, it has the same affect on your credit score--Paid collection or paid P&L or charge-off account. This will remain on your credit for 7 years. This is why it is important that you get a deleting letter. Source: Phil Turner, Credit Bible.
If a collection sHow is up on your credit report does it affect you the same way regardless of the reason for the collection?
I would imaging that it would. A collection is a collection, reguardles if it is becasue you refuse to pay it or you want to pay, but you can't. You may be able to work with the collection company to get a payment plan started and have them upadte it to "Paying as agreed"
Can a 400 bill that is unpaid affect your credit report even if you make payment arrangements with the debt collector?
Yes, especially if the arrangement is with a debt collection agency and not the original company. That you're paying the bill is good, but the history of having trouble paying it and the bill going into collections will be reported on your credit history.
Your credit score is 563 and you just paid off 4 collection charges on your credit report how will that effect your credit score?
Not much other than having the collection marked from unpaid to paid. If you are paying off credit collection companies, negotiate to get a letter from them telling you that the amount you are paying is the balance as agreed and that they will remove it from your credit report. Do not pay until you get that letter. If you pay without doing that, it will stay on your credit report for about 3 years depending on when the collection was first put on your credit report. The fact that you paid it already just says on your credit report that instead of unpaid the collection is marked as paid. If you already paid either repair your credit or get a reputable firm in the BBB who has a money-back guaranteed policy.
Will paying a collection agency improve your overall credit rating?
Yes, because by doing that you are converting a Negative on your credit history to a Positive action. Those who look at a credit report are looking to see if you are making efforts to "turn things around." Paying a collection does NOT improve your credit and may, under certain circumstances, cause even more deductions to your credit score. This is one of the fallacies about credit. The factor that causes the largest amount of deductions to scores is when a derogatory account was last reported to the bureaus, not the amount owed or the status (paid or unpaid). A paid collection account can be just as damaging as an unpaid collection. The first answer was incorrect. The only thing that will improve your credit rating is to have the collection removed from your credit report. Offer to pay the collection in exchange for a deletion.
Is a collection agency obligated to remove debt from your credit report?
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
Will paying a charged off credit card debt to an outside collection agency help your credit rating?
No, not unless you pay the full required payments without default, which is the same as paying for the card normally. Once you default on a payment your credit rating starts to drop.
