I have a collection Item on my credit report. I bought some stuff in 2002 under the assumption that I did not have to pay interest for two years, but I did not pay attention to the detail that if I did not pay the money back in two year, the credit card compnay will charge me interest for the two year too. in 2004 they increased my balance drastically because of interest, so I told them either get the money that I owe without the interest or I would not pay anything. I stopped making payments and the credit card company did not negotiate and sent it to collection in 2005. I am looking for ideas how to resolve the situation. The rest of my credit cards are in good position meaning balance is below 25% of the limit.
My Equifax report shows a different collection agency than the transunion report,
Equifax does not show anything about the original creditor but transunion shows 0 balance from the original creditor.
I read from an article on MSN Money that if I pay the full amount to the original creditor on the condition that they will remove this account COMPLETELY from my record, they might do it. However if the original creditor have right it off then there is no way to remove it completely, its best to settle it.
How do I confirm that original creditor has not write off my account since I have different verison on my credit report?
Any negotiating tip if I decided to settle it, what percentage of the balance I should pay?
Is it a good idea to put a block on my credit history so nobody can look at it without my approval, as I have seen on my transunion report that the current collection agency had an inquiry on it without my approval, can they do that??
Sorry for the long post.
