Reply
Regular Contributor
Posts: 114
Registered: ‎06-06-2012
0

when settling........

is there ANY way you can be sure &/or try to prevent a collection agency from selling your debt to someone else after you've already paid a settled amount with them?

Contributor
Posts: 94
Registered: ‎06-13-2007
0

Re: when settling........

If you payed a collection try to get them to send you a confirmation that the account has been paid if another collection tries to collect on it you have proof that it was already paid and shouldn't have a problem getting it removed. Hope this helps


Starting Score: 607 (5-3-12) EQ FICO
Current Score:671 EQ FICO (12-15-13);669 TU FICO (12-5-13); 699 (12-2-13) WALMART FICO; 695 EXP FICO (6-24-13)
Goal Score: 700+ Across The Board


Regular Contributor
Posts: 201
Registered: ‎08-19-2012
0

Re: when settling........

Not from I read...I was told, they can sell and attempt to collect the amount that you didn't pay...which is one reason, why people shouldn't settle accounts and pay in full...

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Moderator
Posts: 13,298
Registered: ‎04-15-2011
0

Re: when settling........

If they send you confirmation that the account will be fulfilled to terms, they can't come back after the remaining amounts.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: when settling........


Shogun wrote:

If they send you confirmation that the account will be fulfilled to terms, they can't come back after the remaining amounts.


+1

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Moderator
Posts: 4,189
Registered: ‎03-24-2008
0

Re: when settling........


adio413 wrote:

is there ANY way you can be sure &/or try to prevent a collection agency from selling your debt to someone else after you've already paid a settled amount with them?


 IME, I asked for a letter that stated our agreement and to included the words ....debt settled/considered Paid in Full.

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Regular Contributor
Posts: 114
Registered: ‎06-06-2012
0

Re: when settling........

thanks everyone..............

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.