Just getting started.....need a little help

[Chuggybear68]

So, I have decided to try and clean up my credit......I stumble across this message board, which i love, but all the info is a bit overwhelming.

Basically I have two accounts in collection which I would like to tackle first. One is still owned by OC, and the other I can not tell if it is still owned by OC or CA. I have the money to pay both in full. From what I am reading a PFD letter for both should be my first step??? Or do I make a phone call asking the same thing???

Assuming worst case scenario, both companies involved don't agree, do I just PIF and start with GW letters?

[dodfire]

How old are they?

If you are unsure about one of them, call the OC and verify the debt.

PFD is the way to go....!!

[Chuggybear68]

One is a year old, which is the onI still owned by the OC, the other is roughly two years old. Looking at my credit report, the one I am unsure of is being reported by CA on two reports and the OC on the 3rd.  All the contact info is the same on all three. 

[LIGHTNIN]

Hi Chuggybear,

Welcome to the forums.

When an OC sell a debt to a CA, the OC must report a $0 balance.

Since you already have the funds, you can call the OC and ask it they own it or sold it.

If the OC does own the debt, ask if they will accept a PFD offer. If they do ask if they will send you a letter about the agreement.

Get it in writing before paying, because you don't want to lose your leverage by paying first.  

Some things to know when starting out....                                              

Rule #1 Keep a paper trail.  This is business, don't take someone's word, get it in writing.

There's no one size that fits all, what works for someone may not work for you. Everyone's situation is different.

Do your homework before you do anything. Mistakes happen  when trying to do things too fast.

Read, ask questions and read some more. Warning this forum can be habit forming. lol 

Oh and above all, pat yourself on the back, put a  on your face for  starting this journey of getting your finances in order.      

Good Luck to YOU!!                                                                                                                                                                                                           

[Chuggybear68]

Thank you both for your reply's......I can completely understand how this forum, and getting your credit score moving in the right direcion, could become very addictive. There is just so much info out there that I never knew about(shame on me).

Well, guess I will start with some letters, and see how I make out.

[dodfire]

Good luck to you....myFICO is a huge support group....use it to your advantage.