Questions on collections

[Luke1]

I'm new to myfico.com so if the answers to my questions already exist please point me in the right direction. I currently have 3 accounts in collections(medical bills). I anticipate having them paid off by April 2008. My question is how long will they stay on my report after they are paid? If they are legitimate collections can I pay to have them removed? Any thoughts and/or ideas on handling collections would be greatly appreciated.

[Anonymous]

I've been working with collections agencys a lot over the last year, and from my experience, this is what will happen:

Once paid off, ask the agency if they will remove the debt completely from your record.

If they wont (if they say they can't, talk to a supervisor!) then it will stay on your record with a little Paid Off, or Paid In Full mark next to it.

Always push to get the agency to delete it from your record if at all possible.

[SmartCookie]

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Luke1 wrote:
I'm new to myfico.com so if the answers to my questions already exist please point me in the right direction. I currently have 3 accounts in collections(medical bills). I anticipate having them paid off by April 2008. My question is how long will they stay on my report after they are paid? If they are legitimate collections can I pay to have them removed? Any thoughts and/or ideas on handling collections would be greatly appreciated.

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Search this board and google for whychat HIPAA letter.  Lots of information regarding that that you should be aware of.

Deal with the OC when possible for settlement or PIF.   

Even if you acknowledge the debt, you can still DV the CA.  

Try to get the money together now, then offer a PFD if you want this all off more quickly.

And yes, this is legitimate.    Medical collections are particularly easy to have removed. 

[Anonymous]

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Luke1 wrote:
I'm new to myfico.com so if the answers to my questions already exist please point me in the right direction. I currently have 3 accounts in collections(medical bills). I anticipate having them paid off by April 2008. My question is how long will they stay on my report after they are paid? If they are legitimate collections can I pay to have them removed? Any thoughts and/or ideas on handling collections would be greatly appreciated.

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Hi Luke1,welcome.  please read thread for newbies:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534

this link has links to  abbrevs that we all use ...freq.requested thread (loaded with info).

Collections CAN be removed!!!  there are letters that can be sent with payment & ask for deletion.

IMO  everyone need to know their SOL.......this is set by the state and each state can be different!

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

CRTP = federal law.....this deals with CR

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

You need to know who OWNS the collection!!  If the OC owns it ....you can go to them & pay. Most medical are assigned or sold to a CA........If assigned the OC (doctor,etc) can accept payment.  IF payment is paid to the OC the CA has nothing to report.

IF the CA owns the account you MUST deal with them!!

Always keep hard copies of all CR FOREVER!  you never know when a collection is sole & resold even when paid. Your old CRs will be your proof.

If a CA owns the account & you are ready to pay OR if you are past SOL....never pay any CA without first....send them a DV letter!!   after they answer (within 30 days) then you send a PFD.

IMO  never pay a CA if past SOL....if they want any money at all make them PFD!

Please feel ferr to ask as many questions as you need. Take your time and do 1 at a time!

Never talk to a CA!!!!  all DV are sent CMRRR!!

Message Edited by HappyDays on 01-08-2008 01:38 PM