Hello everyone,
I am new to rebuilding my credit and I commend all that have gotten back on the path to recovery. I know it is hard and painstaking and sometimes feel overwhelmed and dont know where to start. I have an issue with 2 bank accounts that I have with US Bank. I know the accounts were closed and transferred to a collection agency for the negative balance. At this time neither the bank and the collection agency has reported to my CR. I have pulled my CR and do not see TL. What should I do?
Should I attempt to contact agency and pay off balance? if I pay the balance, will they now report to my CR?
Any help is greatly appreciated.
Starting Score: TU=521, EQ=618
Depends on the accounts. What was the DoFD? What are your states SOL? Do you have the money to PIF? You do stand a chance of waking the sleeping monster. As a rule though it is better to deal with the OC and the CA. You might want to post a little more information and someone here will try and help you.
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 $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
The DOFD is fairly recent. I know the account was closed in middle of 2010. I also know that the accounts were sold to CA. But both OC and CA have not reported. I am definitely afraid that the monster will wake up. Does anyone recommend me to call CA and PIF and request them not to report to my CR?
I would definitely not contact them unless I had the money to PIF due to the fact that could wake them up and set yourself up for a lawsuit. If you feel that this is something that's gonna bite you in the (#$%^) then I would first do a search of the forums on anyone who has dealt with these particular OC or CA and see what their outcomes were before deciding.
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!
June 2017 update: All scores over 820, just pure gardening now.
I do have the money to PIF, do you think I should call Bank and ask if they still own debt and if they can pull it back from CA? If they sold, would it be a good idea to contact CA and request a PFD?