collection

[Anonymous]

Hey, another question.  I have an account that has went to collections, and past that a lawyer trying to collect for the collections( not a wise decision on my part, but it happened ) Anyway, only showing the collection on Transunion and Experian, not Equifax, therefore I have a high score from Equifax. I have been making payments to this lawyer when I am able to each month. My questions are... 

According to Transunion, the original creditor , has been closed Dec. 2001, and a last activity of March 2003.  According to Experian, it doesnt say a closed date, but has a last activity date of March 2003 also.  Now am I doing this right by paying the lawyer, or should I take another route, I dont want to get sued, and is this account near the fall off date. Basically what ever will hurt my score the least is what I am after. Do I wait and just keep paying on it to the lawyer, or try another route.

[SoulSmilen]

Hmmm.. paying an atty for this account presently and it shows last activity in 2003?

I'm not going to say yay or nay on this one as I don't know the answers to your questions, but I'm curious as to why the last activity shows 2003 instead of reporting current payments. Is this atty. set up to receive payments like an escrow account? And will the account be paid in full when the atty. has collected that amount from you...?

Color me green on this subject, but now I'm curious...

[Anonymous]

The last activity for the original creditor, Chase, was March 2003. It was assigned to a collection agency Sept. 2005. And then the attorney collecting for the collection agency I guess. I have been satisfying the attorney, with payments, But I would like some advice from someone who knows a little bit more about it than I do. Basically I am making payments to keep satisfied and keep my fico from going down.

[Anonymous]

Your biggest concern is your state's statute of limitations for being sued.  Reporting will fall under the federal FCRA.  I personally don't see a great benefit of paying the lawyer if the statute of limitations for enforcement has passed and you cannot be sued and the reporting time is about to pass too. 

On the other hand, collection agencies sometimes try to renew the date of the debt when you make a payment.  So, be very careful.  If the statute of limitations for a lawsuit has not passed and/or the date of reporting to your credit reports is a ways off then you may benefit by negotiating repayments.  The collection agency / collection attorney will just try to get money from you.  You should know your rights before paying anything.     

Message Edited by DionLawOffice on 04-03-2007 07:16 AM