topic How to get back in good with a creditor in Rebuilding Your Credit

How to get back in good with a creditor

virgo — Tue, 04 Jan 2022 02:41:30 GMT

Hello FICO gurus,

I'm going to try to make this question make some sense, it makes sense in my head but we'll see.

If your original creditor has sold your account to a collection agency and you pay the collection agency how do you get back in good graces with the original creditor do you pay them also?

If that's the case that would mean you pay them twice? Am I looking at this all wrong.

As always thank you in advance for any and all responses and happy New Year.

Re: How to get back in good with a creditor

chiefone4u — Tue, 04 Jan 2022 02:54:32 GMT

@virgo wrote:
Hello FICO gurus,

I'm going to try to make this question make some sense, it makes sense in my head but we'll see.

If your original creditor has sold your account to a collection agency and you pay the collection agency how do you get back in good graces with the original creditor do you pay them also?

If that's the case that would mean you pay them twice? Am I looking at this all wrong.

As always thank you in advance for any and all responses and happy New Year.

I do not believe there is a way to get in good with a creditor after you've paid an outside collection agency.

Once your account was sold, the original creditor no longer has a right to collect the debt from you...

I suppose in theory, you could attempt to repay the difference between what they sold the debt for and what you owed (making them whole)... but doubt any company you'd want to do business with would go for it.

Most of the creditor's that blacklist debtors either use an in house collection agency or retain ownership of the account and pay a collection agency to attempt to recover the debt. In this instance, making the creditor whole is more legitimate because they never sold your debt.

Re: How to get back in good with a creditor

virgo — Tue, 04 Jan 2022 04:16:17 GMT

Yeah that's what I kind of figured.

Thank you for responding.

Re: How to get back in good with a creditor

OmarGB9 — Tue, 04 Jan 2022 04:49:27 GMT

Unfortunately if the OC sells the debt, there's no way to really pay them back.

Re: How to get back in good with a creditor

FireMedic1 — Tue, 04 Jan 2022 10:40:20 GMT

Who were you talking about as the OC?

Re: How to get back in good with a creditor

virgo — Tue, 04 Jan 2022 15:49:35 GMT

Because you post this question I went back to look at which ones sold to collection agencies.

The big players in the game like Chase and discover they didn't sell their accounts they're still in house.

So I think I'm good because I do want to get back in good with him so my intent is to pay them all off.

Re: How to get back in good with a creditor

FireMedic1 — Tue, 04 Jan 2022 16:01:15 GMT

If any pop to let you back in. Disco will beat Chase who has a long memory. It will take a while. Google "back in with discovery myfico" you'll see.

Re: How to get back in good with a creditor

sjt — Tue, 04 Jan 2022 18:55:52 GMT

It depends on the amount of loss the creditor took, your credit profile at the time of application, and time. A lot of folks get back in between 7-10 years.