@gbfan10 wrote:I have a couple of questions about this. One is for the Century Link, for $418. I had their service and also had some bogus charges that they wouldn't remove. I told them I wasn't going to pay it at that point. The last payment I made from what I can tell was in 2011 or 2012. I have no idea how they arrived at $418. I doubt I owe that much.
The letter was from Sunrise credit services.
The second one I received just days apart was from FBCS for an anytime fitness gym membership I had. The last payment was back in 2011. At that time I sent them a letter telling them I moved out of the area and my contract should be voided. That was the last I heard from them until now. They only list the client and left the original creditor, original account #, and date last paid blank. They also want $534.83 but said they would settle for $213.
I really thought this was done, as the gym I signed up with closed and I moved out of the area.
From what I have been reading some are suggesting not sending a DV letter. (Don't wake a sleeping giant) They are also getting close to the 6 year SOL in my state (MN)
Could someone advise me on the best course of action? I am slowly rebuilding my credit and this will set me back to square one.
If they are approaching the SOL then I would do nothing till the SOL passes then I would file complaints with the BBB on these if you have valid arguments. If you made payments on these after they were COed I would make sure the SOL has not been reset.
@gbfan10 wrote:It would be about 2 years left on the SOL. If I pay one of them at this point (even though it isn't accurate) would my credit still get attacked? I am worred this will really mess up me being able to move.
Here is a good rule of thumb to follow: If they are reporting monthly now attempt the PFD, it they wont go for it work out a settlement anyway to stop the monthly reporting as it keeps your Fico depressed. If they are not updating monthly now you can attempt the PFD, if they say yes then great go ahead and settle, if they wont do the PFD then you are going to have to make a decision as when it updates it will drop your FIco score. If you are intending on moving I would be up front with these to the new places you are putting in apps at.
@gbfan10 wrote:Thus far, neither one is being reported, but I did just get the letters a week ago.. I don't think i''l send a DV letter and just wait to see what happens.
Oh ok, I would not delay, these most likely will end up on your CRs if you do nothing. You have a chance now to call them and offer to settle in exchange for the collections NOT being reported and that is the route I recommend.
@gbfan10 wrote:Thanks for your help with this.
My final question, when I call them do I ask for a settlement amount, or is that not recommended if I want them to "not report"? One collection letter is already saying I can settle for about 1/2.
You will have to negotiate, some might demand full payment in exchange for it not reporting, you will just have to feel them out.