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Dealing with a collection agency

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Anonymous
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Dealing with a collection agency

Hello all,
I posted on these boards a few months ago and things have changed drastically since the last time i was here. For one, most of the delinquent accounts i had on my credit report have vanished. There is one left which is a Chase account and its linked to Cavalry SPV. I received a letter from them a few days ago willing to settle for half of the amount that is owed - 1265.22 willing to settle for 569.62. I am willing to pay this but i just need guidance and a few questions answered before i proceed.

1. I cannot find the amount they are telling me i owe on my credit report. There is a Chase account in my report with the amount owed of 1266. Was the amount previously mentioned rounded up on my credit report?
2. If i pay, and keep the record of me paying and the letter i received from them, is there any way for them to make some sort of scam to make me pay more?
3. Why were the previous delinquent accounts removed from my credit report when they were visible months back?

As a 27 year old with a baby on the way, i want to create a better future for my family and fix my credit for good. Any help and assistance is much appreciated. Thank you.

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Dealing with a collection agency

This may need to be moved to a different section.


Anyway, if this item is already on your report, and they are going to settle, great. I would ask them if they will remove the entry from your credit report immediately upon receipt of payment. If they say yes, great. Keep a copy of the receipt. You may have to send it in to the CRAs if it doesnt drop off  smoothly.  No scam, just make sure they show your payment with a balance owed of 0.

 

sometimes delinquent accounts drop off after 7 years I think. I am not sure. All I know is, its good to have a record...because I would hate for you to apply with a bank that you forgot you had a collection with. Capital one is the most forgiving.

 

Yes thats normal for it to round up. Many people have things listed as chase that really arent chase. Especially if providian did the charge off.

 

Dont know much else about this.

Message 2 of 5
Anonymous
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Re: Dealing with a collection agency


@Anonymous wrote:

Hello all,
I posted on these boards a few months ago and things have changed drastically since the last time i was here. For one, most of the delinquent accounts i had on my credit report have vanished. There is one left which is a Chase account and its linked to Cavalry SPV. I received a letter from them a few days ago willing to settle for half of the amount that is owed - 1265.22 willing to settle for 569.62. I am willing to pay this but i just need guidance and a few questions answered before i proceed.

1. I cannot find the amount they are telling me i owe on my credit report. There is a Chase account in my report with the amount owed of 1266. Was the amount previously mentioned rounded up on my credit report?  Likely it is rounded up, if you can look at what part of the account number shows on your credit report and see if it matches the number of the letter
2. If i pay, and keep the record of me paying and the letter i received from them, is there any way for them to make some sort of scam to make me pay more?

It can serve as record, I would also ask for a letter if you agree to settle asking for PFD (deletion from report) with the settled payment
3. Why were the previous delinquent accounts removed from my credit report when they were visible months back?

Accounts age off at times especially if SOL ran out on it, or it could also be it's just no longer reporting to the bureau you're checking, check all of them. Lastly if for any reason collection agencies changes, the previous agency can remove theirs.

As a 27 year old with a baby on the way, i want to create a better future for my family and fix my credit for good. Any help and assistance is much appreciated. Thank you.

 


 

Message 3 of 5
Anonymous
Not applicable

Re: Dealing with a collection agency

Thank you both for the answers. Much appreciated.
How long does it generally take for them to remove the paid off collection debt from a credit report?

Also, im a bit confused about reporting to CRA in case they do not remove it.

Message 4 of 5
Anonymous
Not applicable

Re: Dealing with a collection agency

I would say as the previous poster, make a copy of the letter, the payment you sent and send those to the credit bureaus that show it reporting. Also before you make the payment ask the CA how long would it take to remove from CRA and ask for a letter with the agreed upon details that way you have a copy if they back out to protect yourself.

Message 5 of 5
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