Got a call from a collection company...what should I do?

[Anonymous]

I got a call from a collection company about my Best Buy credit card. When we moved I totally forgot about this debt and finally found a bill for it in October but the minimum monthly payment was already past $500....It's my fault for ignoring it. I was finally getting collection letters for it but still bills from Best Buy (household bank) so I sent Best buy a check to cover the minimum payment and then some. today I get a call from the collection company stating that from the time they sent me a bill to the time I sent a check, they signed a contract with the collection agency. She said that if I made an arangement to pay it off that they wont "Charge off" the account and they gave me a settlement amount and she will put it in writing that it will say "paid in full" under Best Buy and a collection wont show on any of my CR's. Is this the way I should go? I don't want my scores to go down. Thanks.

[Anonymous]

bump

[Anonymous]

Do NOT take the word of a CA they lie to your face. Contact the OC direct!!  Who is reporting the OC ,CA or both?

What is the name of the CA?

[Anonymous]

I'm still a newbie...what does OC stand for?

The CA is United Collection Bureau. They faxed a letter yesterday stating that it will not report as a collection on my credit report and under my best buy account, it will say paid in full even though they offered a settlement amount..is this ok? I have to respond by the end of today to get these terms...

[Anonymous]

How did a CA get your email addy???   A CA can not change the reporting of any OC!!  Only the OC can do that.

Did you send the CA a DV  CMRRR?

Who owns the account?     look at your CR. If the OC owns the account then it will report a Bal owed.

The abbrevs that we use

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=584&jump=true

frequently requested thread       this is full of info listed by abbrevs

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

Never talk to a CA!!!!!  do not give a CA any info. Everything in writting!!!

Message Edited by HappyDays on 01-30-2009 12:06 PM

Message Edited by HappyDays on 01-30-2009 12:09 PM

[Anonymous]

So I should contact Household bank (Best Buy) and settle with them? I can make monthly payments with them or pay in full once our tax refund comes.

[Anonymous]

Does household OWN the account? If they do yes call them

[Anonymous]

yes they own the acct...I will call them right away...Thanks for your help.

[Anonymous]

Your very welcome & good luck