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Established Member
Posts: 20
Registered: ‎08-12-2010
0

couple of quick questions

OK so I ordered my annual credit report.  There was a collection account on it.  It says Sprint, but was added by west asset management. I opened a Sprint account for my brother (stupid), and thought it was taken care of (stupid again).

 

1.  It says date open is 02/2010, but the phone was shut off in 05/2009.  Is this showing correctly?

 

2.  I have yet to receive any sort of correspondence from them (I did however move in 2009).  Do they have to let me know when reporting?  If they sent it to my old address and it wasn't forwarded does that count as them trying to contact me?

 

3. What is the best way of dealing with the situation?  Should I call them? Set up monthly payments?  Pay in full?

 

4. Am I correct in beleiving If I do pay off the debt it will lower my score?  How long does it take for the score to start rebounding?

 

Thanks in advance for any information you can give me.


Starting Score: TU: 655 EQ: 701 (12/2010)
Current Score:TU: 673 EQ: 701 EX: 675 (2/2011)
Goal Score: TU: 720 EQ: 750 EX:720


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Moderator
Posts: 22,406
Registered: ‎01-17-2008
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Re: couple of quick questions


stizzlerizzle wrote:

OK so I ordered my annual credit report.  There was a collection account on it.  It says Sprint, but was added by west asset management. I opened a Sprint account for my brother (stupid), and thought it was taken care of (stupid again).

 

1.  It says date open is 02/2010, but the phone was shut off in 05/2009.  Is this showing correctly?  This is the date the CA opened the account with the CRA.

 

2.  I have yet to receive any sort of correspondence from them (I did however move in 2009).  Do they have to let me know when reporting?  If they sent it to my old address and it wasn't forwarded does that count as them trying to contact me?  No, they don't have to let you know they are reporting you.

 

3. What is the best way of dealing with the situation?  Should I call them? Set up monthly payments?  Pay in full?

 

4. Am I correct in beleiving If I do pay off the debt it will lower my score?  How long does it take for the score to start rebounding?  If you pay a collection, when it updates your report it could lower your score.

Can you pay the debt in full?  If you can, I would first send a DV to the CA.  If they validate send them a PFD.

 

Thanks in advance for any information you can give me.


 

Established Member
Posts: 20
Registered: ‎08-12-2010
0

Re: couple of quick questions

[ Edited ]

1. ok. so that means it would come off the report in 2016 as opposed to 2017.  correct me if i'm wrong.

 

2. thanks for clearing that up.  i must have had some bad information.  plenty of that floating around nowadays.

 

3. I can pay the debt in full.  It is only $268.  If I send the DV and they don't respond should I still send the PFD?  If so how long should I wait before doing it?

 

3a. If they don't respond to the PFD should I keep sending them?

 

3b.  If they refuse the PFD should I keep resending them or just pay?

 

Thanks for the prompt responses.  And also the helpful links in your signature.


Starting Score: TU: 655 EQ: 701 (12/2010)
Current Score:TU: 673 EQ: 701 EX: 675 (2/2011)
Goal Score: TU: 720 EQ: 750 EX:720


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Mega Contributor
Posts: 19,803
Registered: ‎03-19-2007
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Re: couple of quick questions

1. ok. so that means it would come off the report in 2016 as opposed to 2017.  correct me if i'm wrong.

                        Maybe, maybe not.  CA s come off of your CR, not based on ANYTHING the CA posts.

                         They drop after only one date certain, and that is the date of your first delinwncy on the OC account.

                          Before you ca determine CR drop off date for a CA, you must know the DOFD on the OC account.

 

2. thanks for clearing that up.  i must have had some bad information.  plenty of that floating around nowadays.

 

3. I can pay the debt in full.  It is only $268.  If I send the DV and they don't respond should I still send the PFD?  If so how long should I wait before doing it?

                        DVs and offers to pay are very different animals.  You DV if dont accept the debt.  They have no obligation to respond.

                       If you choose to pay,  my intiial advice is to never listen to any absolute advice that tells you "the best way to pay"

                       Doing a PIF immediately eliminates the debt, but secures no CR removal of the derog.

                       Dong a PFD offer is just a conditiional offer to pay, so does not terminate anything.

                       Sure, if they bite, you win.  But iif they dont, then fees and intestest continue to acccrue,as well as the threat of legal action.

 

3a. If they don't respond to the PFD should I keep sending them?

                       Your call.

 

3b.  If they refuse the PFD should I keep resending them or just pay?

                       Again,not paying is not simply a credit reprtomg issue.  IF you decide to, without payment of debt, to continue not to pay, . you had better know

                        your state SOL statute as to your ability to defend any legal action they might take by invoking your SOL defense.

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