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1st Collection Account...ADVICE NEEDED

New Visitor

1st Collection Account...ADVICE NEEDED

Hi everyone,

 

I recently had a collection account list on my credit for $419.00, it was from an old medical bill. I had pretty good credit and a great score before this listed. I purchased a vehicle about six months ago and got a 4% interest rate and was prequalified for a mortgage at a little over 3% before this happened, just to give you an idea. All of my other accounts are in good standing with no late or missed payments. I have mailed a letter to the company asking if I pay it in full will they remove it. I am pretty sure they wont.

 

My question is, should I pay the account off, even if they don't remove it, or just wait until it falls off 5-7 years from now.

Message 1 of 9
8 REPLIES
Valued Contributor

Re: 1st Collection Account...ADVICE NEEDED

Did ypu have insurance at the time?


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Message 2 of 9
New Visitor

Re: 1st Collection Account...ADVICE NEEDED

No. I changed jobs and this was during my 90-day probationary period and I was uninsured.

Message 3 of 9
Valued Contributor

Re: 1st Collection Account...ADVICE NEEDED

What is the date of service and the DOFD


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 4 of 9
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Moderator Emeritus

Re: 1st Collection Account...ADVICE NEEDED

Hello and welcome to the forums!

 

You need to send them a DV and have them validate the debt.  Once your satisfied with that you can send a PFD and see about getting that done.  Below are some links for you to read and get started.  Good Luck!

 

 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142

 

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Message 5 of 9
New Visitor

Re: 1st Collection Account...ADVICE NEEDED

Date of service is November 2011. It first appeared on credit report 09/28/12 as unpaid collections.

Message 6 of 9
Valued Contributor

Re: 1st Collection Account...ADVICE NEEDED

Do you agree with the amount if so proceed to pay for delete. If not send a DV letter


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 7 of 9
New Visitor

Re: 1st Collection Account...ADVICE NEEDED

Thanks

Message 8 of 9
Valued Contributor

Re: 1st Collection Account...ADVICE NEEDED

Your'e welcome keep us up to date


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 9 of 9