1. A Collection letter w/ 30 days notice - is it already reported?

[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by Bill Bauer on April 12, 2001 at 08:22:32:

In Reply to: Collection letter w/ 30 days notice - is it already reported? posted by BNV on April 12, 2001 at 04:57:56:

: I just received a letter from a Collections Agency that I owe $110. As per law, I have 30 days to dispute the validity of the debt.
You can always disput the validity of the debt and you can always dispute the debt even if it is valid. You can even go back and dispute a debt that is already charged off or otherwise disposed of.
You should always dispute any collection agency attempts to collect debts, any amounts of money they add to your debt for any reason. Never accept anything from a collection agency.

Is this already on my credit report??
Probably not, but you should be getting monthly reports from all 3 credit bureaus all the time. Otherwise you will never know.

Or does this mean that they have not yet reported the debt to the Credit Reporting Company until the 30 days expires?? Can I still settle this claim w/o it appearing on my credit report?
If you pay them or if you don't pay them, it still goes on your credit report as an adverse item. Sometimes collection agencies will fail to put a report on your credit bureau files, but you can put a stop to their reporting anything and you can put a stop to them contacting you or your employeres and you can do lots of things with them. They are no where near as poswerful as they would have you believe with the scare tactics they attempt to use. It don't make any difference whether you pay them or not, the end result is the same, an adverse report you will have to get removed yourself (not hard to do) or live with it for 7 years.

The amount may seem small, but the damage they will do to your credit ratings even if you do pay them off will not be small potatoes by any stretch of the imagination.

But you are by no means powerless to do something about it.
You just have to go about it in the right way. If you make any mistakes in dealing with them, you will rue the day.

Bill Bauer
http://creditwrench.hypermart.net/index.html

Follow Ups:

Post a Followup

Name:
E-Mail:

Subject:

Comments:
: : I just received a letter from a Collections Agency that I owe $110. As per law, I have 30 days to dispute the validity of the debt. : You can always disput the validity of the debt and you can always dispute the debt even if it is valid. You can even go back and dispute a debt that is already charged off or otherwise disposed of. : You should always dispute any collection agency attempts to collect debts, any amounts of money they add to your debt for any reason. Never accept anything from a collection agency. : Is this already on my credit report?? : Probably not, but you should be getting monthly reports from all 3 credit bureaus all the time. Otherwise you will never know. : Or does this mean that they have not yet reported the debt to the Credit Reporting Company until the 30 days expires?? Can I still settle this claim w/o it appearing on my credit report? : If you pay them or if you don't pay them, it still goes on your credit report as an adverse item. Sometimes collection agencies will fail to put a report on your credit bureau files, but you can put a stop to their reporting anything and you can put a stop to them contacting you or your employeres and you can do lots of things with them. They are no where near as poswerful as they would have you believe with the scare tactics they attempt to use. It don't make any difference whether you pay them or not, the end result is the same, an adverse report you will have to get removed yourself (not hard to do) or live with it for 7 years. : The amount may seem small, but the damage they will do to your credit ratings even if you do pay them off will not be small potatoes by any stretch of the imagination. : But you are by no means powerless to do something about it. : You just have to go about it in the right way. If you make any mistakes in dealing with them, you will rue the day. : Bill Bauer : http://creditwrench.hypermart.net/index.html

[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Top Of Page