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I am trying to rebuild my credit. Would it benefit to pay off old collections that are closed?
Part 2 is due to a financial hit the laSt few months, my wife and I fell behind on payments to crefit cards. We have since paid them all off 100% there are 4 cards shared between us. Would it be a waste of time to dispute the 30 day late hit or ride it out? How long does it take to recover. We need to buy house in a year or so. Scores are in low 500 right now. Any advise will help thanks
You'd be better off to send the creditor(s) goodwill letters about the 30 day late(s). There's no point in disputing valid lates as they will likely come back verified.
It would be helpful if you posted a copy of the reporting.
If a debt collector has reported that they have closed their collection, it means they are notifying the CRA that their collection authority has been terminated.
If that is the case, they should have deleted the reported collection.
Can you post a copy of their reporting?
@Anonymous wrote:
I am not sure how to post it. The account is from 2009 but has been transferred as of 2012 with a new company. The only thing reported is that it's closed, with a write off balance.
Welcome to myFico
You wont be able to upload images to myFico until the system grants you those privileges as you move up thru the posting ranks. I would use a free image hosting service like photobucket and post the URL here for the community to see. If you do please make sure all personal identifying info is redacted first.
You have answered my question by stating that it was purchased by another debt collector.
My concern with posting was to see if the old debt collector stiill owned the debt.
You can no longer pay the old debt collector, and their collection should be deleted.
If you pay the new debt collector before they report their collection, you will end up with a discharged debrt AND no collection affecting your score
So Robert, you are saying there would me a good chance that her collection with new debt collector, if she pays now, may not show up on her report since it hasnt reported yet?
A dispute asserts some inaccuracy in their reporting.
Change of ownership and reporting by a new debt collector is proper, and not a basis for a dispute.
Howeever, with each new debt collector, the consumer has the right under FDCPA to request debt validation, and if sent either before the debt collector sends dunning notice or within 30 days after dunning notice will impose a cease collection bar on the debt collector.
You can certainly send a request for debt validation if you contest the validity of the debt. That will require cessation of active collection, but will not compel them to validate.