Rebuilding Your Credit

[jessy]

I should pay them? It will affect my credit score?

[llecs]

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jessy wrote:

I should pay them? It will affect my credit score?

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If that second CA reports, then yes, it will hurt your score. However, if it has already been sold, paying it very likely won't prevent them from reporting anyway.

How did you find out? Did you receive an initial collection letter (dunning letter)? If so, the DV them ASAP. Also, if you haven't done so, DV the first CA. The first CA should change the balance due to $0, but that won't help your score at all. If you are within SOL, save up the money before doing any of this.

[jessy]

thanks Llecs,

I sent the DV/letter and they responded and now they want the money. I believe that they already are in my credit report. The only problem is that I do not have the money that they want. They are asking for 1800 and I only have 1000 and the debt is 2500 dollars. The first AC was taking money from my account for a year and then sold my acount to this new  AC....I am so upset.

The account will be 7 years old in 2010.

What can I do? please help me!!!!!

[llecs]

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jessy wrote:

thanks Llecs,

I sent the DV/letter and they responded and now they want the money. I believe that they already are in my credit report. The only problem is that I do not have the money that they want. They are asking for 1800 and I only have 1000 and the debt is 2500 dollars. The first AC was taking money from my account for a year and then sold my acount to this new  AC....I am so upset.

The account will be 7 years old in 2010.

What can I do? please help me!!!!!

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First off, worry about SOL rather than reporting. When did you pay this last and who did you pay, the first CA?

Second, pull your reports (doesn't have to be from here. I recommend pulling directly from each CRA or you can do for free via annualcreditreport.com). Make sure that the first CA is reporting $0. Also make sure the 2nd CA is reporting.