Contacting Collectors

[Anonymous]

I'm just now starting to understand the importance of rebuilding my credit and have some collectors that I'd like to contact and settle with.  Unfortunately I can't find any contact information for the collections agencies.  Any ideas on how to go about contacting them?

The names of the agencies according to my report are "701yc00488"  and "Aac"

Thanks!

[MarineVietVet]

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@Anonymous wrote:

I'm just now starting to understand the importance of rebuilding my credit and have some collectors that I'd like to contact and settle with.  Unfortunately I can't find any contact information for the collections agencies.  Any ideas on how to go about contacting them?

The names of the agencies according to my report are "701yc00488"  and "Aac"

Thanks!

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Welcome to the forums.

The full credit reports you can get free once a year at annualcreditreport.com should have more complete information than you can get from third party sites. Have you tried getting them there?

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[Anonymous]

Thanks, I was able to obtain contact information.  Is there anything I should keep in mind when contacting these collectors and attempting to settle with them?

[guiness56]

Never, ever, call a collection agency.  Ever.

Correspond by written communications only.

Before you do anything I have a few questions.

I am assuming it is a medical debt as they are the only ones that are masked.  What is the DoFD and has the SOL for your state expired?

[Anonymous]

Actually they are both credit card debts from approximately 5 years ago.  My credit score is based solely on three collections accounts totaling $2,234.  Since the total amount is relatively low, I'd like to settle with all three collections agencies as my first step to start rebuilding my credit.

[MarineVietVet]

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@Anonymous wrote:

Actually they are both credit card debts from approximately 5 years ago.  My credit score is based solely on three collections accounts totaling $2,234.  Since the total amount is relatively low, I'd like to settle with all three collections agencies as my first step to start rebuilding my credit.

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You need to know that a settlement is just as damaging as a collection. These have to be completely removed from your reports to help you.

[Anonymous]

So what's my best course of action?

[MarineVietVet]

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@Anonymous wrote:

So what's my best course of action?

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I can't say what is best for you. Is this past the SOL of your state? Are you prepared to write a PFD (Pay For Delete) letter? Offer to pay in full if they agree in writing to delete these entries from your credit file. I ask about the SOL because your offer might wake them up and they take you to court. If the SOL has expired they can still sue you but then you have a defense in court. And in some states a payment will reset the SOL. That's why you should have the money to PIF in case you make an offer before the SOL has expired.

[Anonymous]

Thanks for all of your help.  None of the accounts are past the SOL in the state of Texas.  I'll write PFD letters and attach settlement offers.  I'll be sure to be prepared to PIF if a settlement can't be reached.

[MarineVietVet]

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@Anonymous wrote:

Thanks for all of your help.  None of the accounts are past the SOL in the state of Texas.  I'll write PFD letters and attach settlement offers.  I'll be sure to be prepared to PIF if a settlement can't be reached.

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I believe the SOL in Texas for written contracts is 4 years. Didn't you say these are from 2005?