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I have 2 credit cards which are past due over a year. I have recieved letters from I assume debt colletors trying to get me to settle the debt. I now have the money to pay both cards. What is the best option to help my credit score? Can i call the credit card companies directly and try to make a deal? or has that ship sailed? Help please. Thank You.
In my experience, once it goes to a collection agency, they are the ones whom you have to pay. Search here for pay for delete posts and see if they will remove them once you pay.
@Anonymous wrote:I have 2 credit cards which are past due over a year. I have recieved letters from I assume debt colletors trying to get me to settle the debt. I now have the money to pay both cards. What is the best option to help my credit score? Can i call the credit card companies directly and try to make a deal? or has that ship sailed? Help please. Thank You.
I'm assuming they are now in chargeoff status?
You will first need to find out if the original creditors sold the cards to Collection agencies.
If they did indeed sell them, then the original creditor no longer owns them and will not negotiate or accept payment because they no longer own the debt.
If the collection agencies do in fact own them you will have to contact them and negotiate. Don't admit to owing the debt. Just tell them you would like to clear it up.
If the debts are yours and you created them, you should pay/settle them.
In terms of score improvement none. The only way you will have score improvement is if they agree to delete the accounts from your credit files. That can be part of your negotiations (pay for deletion).
Are the credit card companies reporting to the credit bureaus as well as the collection agencies?
@Anonymous wrote:
Also is it OK to do over the phone or should I make them send me the agreement on paper?
Anything as important as this should have a paper trail. Send it snail mail. However, calling them and telling them what you are going to do might work in your favor. You can tell them what you are mailing them. Others with more experience will chime in on this I am sure. Good luck.