03-17-2012 11:24 AM
Again Hello communityI am new to this forum and just wanted everyone to know I am glad to see some of the results I have read and congrats to all on taking this journey. What is the first step in handling collections? Should you pay them in full if you want a pfd?I have been told different things when it comes to collection. So could someone let know what they did and the effect it had. Rebuilding you credit can be a challenging process but with a forum like this and being able to communicate with others with the same problems is great and makes it so much easier to deal with.
03-17-2012 12:19 PM - edited 03-17-2012 12:22 PM
Depends on what type of collection it is, IMO.
If it is medical, research doing the HIPAA process. We can't talk about it here, but you can google it and you'll find it easy.
If it is not medical and you DISAGREE with the accuracy of some or all of the debt, DV the CA. Wait for a response and go forward with disputes or PFDs. (or GW's for paid collections)
If it is not medical and you AGREE with the way the debt is reporting, first, check out your SOL for that debt. It helps to know where and if you have an upperhand in negotiationg. Now, look at the way it's reporting by the OC...is it CO'd with a $0 balance? If so, they don't own the debt any longer so it won't do you any good to contact them. If you are outside of SOL, PFD the CA. If you are still inside the SOL, I wouldn't start that until you have all the money owed "in hand". Then, try to PFD them...start with whatever amount you think they will accept and keep going higher until they accept. Having the full amount ready helps if this negotiating (while within SOL) triggers them to sue for the money.
Now, if the OC is reporting CO'd but still showing a balance due, that is when I would contact the CO. See if they can pull it back from collections and work out a payment arrangement and PFD with them.
ETA: Once the debt is paid/settled and the OC didn't own the debt, then I would GW the OC to see if you can get that TL removed.
03-17-2012 12:43 PM
What if the OC is not reporting? Can you pay the OC then DV or dispute with the CA?
I tried to GW CA and got the canned response that the OC says the debt is valid. Im wondering if I pay the OC, then DV the CA . . .