General Credit Topics

[dezsmama]

is it a good idea for me to pay OC (sprint) than paying the CA (NCO FInancial) because i received a letter from them saying i owe $1032.32. im thinking abt paying the OC $170 a month for 6 months til its paid off. what do yall think?

[cfstr1]

I would pay the OC

[NeoNiko]

That's what I've been wondering if I should do the same. But what do you do about the CA's collection charges if they come after you? And that they are on a CR?

[jaguls66]

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dezsmama wrote:

is it a good idea for me to pay OC (sprint) than paying the CA (NCO FInancial) because i received a letter from them saying i owe $1032.32. im thinking abt paying the OC $170 a month for 6 months til its paid off. what do yall think?

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As with everything.....


GET IT IN WRITING!!!!!!!!


If the debt is paid to the OC then the CA disappears. It will likely depend on if the debt has been "Turned Over", or "Sold". I believe if it has been sold the the CA you will have to deal with them. However, if it is only turned over to the CA, the OC still owns the debt and you can make arrangements with them.

Dave

[goingnowhere]

im lost.....

I have always been told never to pay anythng that hits a collection agency as it has already done it's damage and paying it will move the DLA forward making it last longer on your credit report. Is this right?

[George2037]

From what I've gathered the only thing that will increase DOL is a Judgement.  If you pay in full to the OC chances are you can get them to agree to back dating the payment prior to original default, but get that in writing before paying it.

[masdeocho]

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goingnowhere wrote:

im lost.....

I have always been told never to pay anythng that hits a collection agency as it has already done it's damage and paying it will move the DLA forward making it last longer on your credit report. Is this right?

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Ummmmmmmmmmmmmm not exactly.  Please read the Credit Scoring 101 thread at:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

If you don't pay CAs, your risk is that they will sue you, win, get a judgment, and then garnish your wages or bank account.

If you pay a CA, the DOFD does not change, but you are correct that some sleezy CAs will illegaly re-age the debt.

[masdeocho]

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George2037 wrote:

From what I've gathered the only thing that will increase DOL is a Judgement.  If you pay in full to the OC chances are you can get them to agree to back dating the payment prior to original default, but get that in writing before paying it.

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Here's a useful thread:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689&view=by_date_a...

I'm not quite sure what "DOL" means -- are you referring to DOLA which is date of last activity?

If you have an account in collections, what matters is the DOFD -- date of first delinquency, or when you stopped paying.  An account in collections sits on your report for up to 7.5 years from DOFD.  If a CA gets a judgment against you, the judgment sits for 7 years from date it is filed.

I can't imagine an OC "back dating" a payment.  You are correct, if they agree to something, get it in writing.

[HappyDays]

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dezsmama wrote:

is it a good idea for me to pay OC (sprint) than paying the CA (NCO FInancial) because i received a letter from them saying i owe $1032.32. im thinking abt paying the OC $170 a month for 6 months til its paid off. what do yall think?

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Call the OC. They will let you know if they still have your account info. If they do not then you must deal with the CA.

OC has account....ask if you can set up payment arrangments. Also ask if you pay ontime will they agree to delete. If they agree ask them to mail you a letter stating this. (make sure the letter states amount to be paid & that they WILL delete) If they will not delete...make payments anyway. BUT get it in writting!!! It will not change you DOFD but it might change your SOL.

Once you have the letter from OC stating that you can make payments...file disputes with all CRA that have the CA on your report. NEVER NEVER be late on payments it will void the letter!!!!

[onmyway3161]

I had NCO contact me about a Directv account. I DV'd them and they sent a letter stating the account is closed with them and I should contact Directv about this account.