Re: Paying off a debt in collection

Posted by Why Chat (209.240.198.61) on October 09, 2002 at 19:58:02:

In Reply to: Re: Paying off a debt in collection posted by the bally on October 09, 2002 at 18:55:42:

It may seem strange to you, but the best and FASTEST way to clear your report is NOT to pay off the collection agency.

Try this, first;
Send a dispute letter to the credit reporting agencies,you can do it on line if you wis, but it is much better to do t by CRRR.

What you wish to dispute is that you have ANY balance on this acount, as your records show it was paid off in 1998.

The thing is, Cal has some pretty strong laws on consumer protection, and from what you have posted, it loks like either Capitol One illegally charged you late fees and pyramided interest AFTER the charge-off date,or the CA illegally added interest and fees.

If you dispute this account successfully,both the CA and Capitl One will have to remove the entry. It is a task that may take several months of letter writing, etc. but it will clean your report up much quicker and better than paying anything now.

You can go to creditnet.com forum for all the help you need, with sample letters, procedures etc.

If you pay the CA, you will have another 7 years of bad luck, it is much worse than breaking a mirror.

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