CAs refuse to settle for 100% of the amount owed. Huh?
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Posted by howard smith
(67.125.236.213) on July 19, 2003 at 18:29:46:
As I learned here, a settled collection account in your credit report is just as bad as a paid collection account. I have several credit cards which were charged off recently- I had been in a bad car accident and hospitalized for 3 months. Got behind on lots of medical bills and credit cards, but as soon as I got out and back on my feet I sent payment to everyone. I had a 26k balance on one of my credit cards, and sent a payment for the full balance to them and it turned out they accepted the payment but still show "26k chargeoff" on my account- then they went and added $1000 worth of interest to the last bill and sold that amount to a collection agency. Here's my situation- I have the money to pay ALL these debts, 100%. I made the mistake of paying a cell phone bill in full, and now it just sais paid collection on the account. I tried to apply for an apartment rental and they said my credit was too bad for them to rent to me. I tried to get a new cell phone and they said the same thing! I only have about $2k worth of unpaid collections on my credit report, but it is enough to make it impossible for me to rent an apartment! Everyone talks about how you can negotiate with collection agencies for removal if you pay 100% of what the balance is.. WRONG! I have been trying to deal with 5 seperate collection agencies, and told them "well, I might be able to borrow the money from friends and family if you'll delete the entry entirely from my credit report" and EVERY SINGLE ONE OF THEM REFUSED!! EVERY SINGLE ONE! Not only did they refuse, but they ALL told me that it was illegal for them to do that- and the best they can do is make it show up as "paid collection" Is there some magic trick that you guys are using to get collection agencies to agree to delete entries? Because not a single one will agree to do it for me, even if I pay in full.
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