Question about paying off debts...

[Anonymous]

I am attempting to pay off some outstanding debt/collections from a while back in order to improve credit score. My question is.. how do you know who to contact about paying off these debts. The credit report has limited, if any, contact information for the person holding the debt. Can anyone offer suggestions? Also, should I try to negotatiate with them or just pay it off and leave it as a charge off on my report?


Thanks!

[Anonymous]

Try googgling the companies! Next thing is how old are the accounts if they are 4 years or older leave them alone. If you are trying to clear your credit for a mortgage or car loan most companies don't pay attention to old debts especailly if they are medical. Also look at the amount owed if it is small and old dont mess with it. If it is large pay it off. If it is a credit card pay it off. As you can see thier are many different situations. What are your situations?

[Anonymous]

Thank you! Unfortunately nothing on their is >3 years old... Most of it is relatively small, but just adds up! I am willing to begin paying it off as I would like to be able to buy a house in about 2 years. Need to increase my score greatly! Should I attempt to get the creditors to change the status to paid??? thanks

[Anonymous]

Just getting them marked PAID and an updated DOLA will LOWER your score.

Always try to PFD

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=11303&jump=true

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@Anonymous wrote:
Thank you! Unfortunately nothing on their is >3 years old... Most of it is relatively small, but just adds up! I am willing to begin paying it off as I would like to be able to buy a house in about 2 years. Need to increase my score greatly! Should I attempt to get the creditors to change the status to paid??? thanks

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[Anonymous]

Thank you so much!! That helps ALOT!

[Anonymous]

With my old collection accounts - especially medical accounts - I paid the doctors directly and let them sort it out with the collection agencies. Plus it makes them do a little work, if the accounts is really old.

Something of poetic justice, if you ask me. It's not like they are going to send the money back to you.

[Anonymous]

I am a collection agent and I would highly suggest not doing that. The reason for that is that the Dr's offices are not the ones reporting to the agencies and they do not have the same standards to meet as an CA. What would happen to your credit if you paid the Dr office and they failed to report that payment to the CA you would be in big trouble. You could have an error on your report. I run into this all the time in the buisness and it really perturbs me. Becuase, we could be in big trouble as a CA for not reporting correctly to the Credit bureaus.