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Cleaning up report

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Anonymous
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Cleaning up report

I have 8 old collections , totaling about 800. I want to pay them all off. Most are 5+years.with this hurt my score? I've finally made some headway ( got my student loans rehabilitated and current now they count as 2 good items!

I want to contact these collections companies and negotiate a pay for delete. I'm so clueless though. Any suggestions on what not to do in this case.

Also, I had a collection on there I did not recognize. In my trans Union report it listed the collections company as the original creditor. I disputed it on the grounds I had no knowledge of this account and trans Union deleted it. Can the collections company put it back on after trans Union did an investigation and deleted it?

TIA . I really just want to do this the right way.
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Cleaning up report


@Anonymous wrote:
I have 8 old collections , totaling about 800. I want to pay them all off. Most are 5+years.with this hurt my score? I've finally made some headway ( got my student loans rehabilitated and current now they count as 2 good items!

I want to contact these collections companies and negotiate a pay for delete. I'm so clueless though. Any suggestions on what not to do in this case.

Also, I had a collection on there I did not recognize. In my trans Union report it listed the collections company as the original creditor. I disputed it on the grounds I had no knowledge of this account and trans Union deleted it. Can the collections company put it back on after trans Union did an investigation and deleted it?

TIA . I really just want to do this the right way.

Welcome to the forums.

 

We would appreciate it if you could provide some more information regarding the collections.  What is the SOL in your state?   Are the collections updating monthly?  If you are in a position financially to pay off the collections, that would be the ideal situation.  Also, what is the status of the original accounts tied to the collections?  Being able to have the collections removed PFD is good; however, the COs are still present,  they will continue to affect your scores.  Unless you are prepared to pay off the collections, it is not wise to contact the CA and make arrangements, and then not follow through on the arrangements,  as it could negatively affect you.  In regards to the disputed collection, if the OC comes back and verifies the account, then yes it will come back on your reports.

 

Thanks in advance for providing more information.

 

 

Message 2 of 9
Anonymous
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Re: Cleaning up report

The last collection reported in January of 2015. None of the original accounts are listed on my report. Of 11 accounts on my report 3 are good and current , the 2 oldest being my SL's about 12 years old and a paid of car loan. The only other things listed are those 8 collections. These were all accrued in Illinois and I have lived in SC for the last 4 years.

I have the $ to pay them off. I've been doing my baby steps and am ready to start a pretty decent snowball. Maybe 6onths to pay them all off including my smallest SL (2000).
Message 3 of 9
Anonymous
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Re: Cleaning up report

Just to add...These are all medical collections if that matters. some for me I was underinsured and in an accident ( I was on a bike and hit by a car) . And a couple for my son that I thought insurance paid but once they went in collections insurance refused to pay. I stupidly did not pay the bills SE t because I thought ins. Would automatically pay but that particular radiologist never submitted the bills to our ins.
Message 4 of 9
Anonymous
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Re: Cleaning up report


@Anonymous wrote:
The last collection reported in January of 2015. None of the original accounts are listed on my report. Of 11 accounts on my report 3 are good and current , the 2 oldest being my SL's about 12 years old and a paid of car loan. The only other things listed are those 8 collections. These were all accrued in Illinois and I have lived in SC for the last 4 years.

I have the $ to pay them off. I've been doing my baby steps and am ready to start a pretty decent snowball. Maybe 6onths to pay them all off including my smallest SL (2000).

If they are no longer updating, then the impact that the collections have on your score is diminished.  Whatever arrangements you make with the CAs in regards to payment, make sure that the agreement is in writing; as a side note, if in the process of taking care of the collections, you apply for additional credit and are approved, then those unsettled accounts could potentially start updating if they see that you are becoming more credit worthy and that could negatively impact your score. 

 

Good luck and keep us posted on your progress. Smiley Wink

 

Message 5 of 9
Anonymous
Not applicable

Re: Cleaning up report


@Anonymous wrote:
Just to add...These are all medical collections if that matters. some for me I was underinsured and in an accident ( I was on a bike and hit by a car) . And a couple for my son that I thought insurance paid but once they went in collections insurance refused to pay. I stupidly did not pay the bills SE t because I thought ins. Would automatically pay but that particular radiologist never submitted the bills to our ins.

Thanks for the additional information.  You can Google the HIPPA process relating to medical collections and follow the step by step process.  Discussion of this process is prohibited on the forums, but the information is available elsewhere for you to view.

 

 

Message 6 of 9
Anonymous
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Re: Cleaning up report

Thanks. Yes I saw this elsewhere on the web. But unsure of the moral implications I'd rather either pay them off orlet them finish their cycle. I am a firm believer in karma if that makes sense.

I don't plan on applying for any further credit. Just maybe a home purchase 5 years from now as that is my goal for a decent down payment.

Wish I knew 15 years ago what I know now. Lol I wouldn't be dealing with any of this.
Message 7 of 9
Anonymous
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Re: Cleaning up report

I'm just trying to be debt free not just raise my score.
Message 8 of 9
Anonymous
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Re: Cleaning up report


@Anonymous wrote:
Thanks. Yes I saw this elsewhere on the web. But unsure of the moral implications I'd rather either pay them off orlet them finish their cycle. I am a firm believer in karma if that makes sense.

I don't plan on applying for any further credit. Just maybe a home purchase 5 years from now as that is my goal for a decent down payment.

Wish I knew 15 years ago what I know now. Lol I wouldn't be dealing with any of this.

Do what you feel is best for your situation.  I was lucky that when I took care of some medical collections, they fell off my report, but YMMV.  If we all had of known then, what we know now we would all have great credit profiles. Smiley Very Happy

 

Have a great week.Smiley Wink

Message 9 of 9
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