Collection

[14171920780306]

Hi, I have two letters from collection companies and  I have 30 days to contact them. My question is if I set up a payment plan with the company, are they going to report those account as collection accounts on my credit report. Help pls.

Dunpe 

[Jazzzy]

Hi...please do some reading in the Rebuilding Your Credit forum.

The posters there will give you information on how to talk to / deal with collection companies. Read and ask questions before you deal with them.

[RobertEG]

Here is how it works.

Once a collection agency (CA) makes any intial communication with you, they are required, under FDCPA 809(a), to provide you written notice with 5 days of that initial communication, advising you of the amount of the asserted debt, the name of the original creditor, and advise you of your rights to request verification of the debt if you dispute it, or any portion of it.  This is what is commonly called a "dunning letter."

That dunning notice triggers a 30-day period for you to request verification, if you dispute the debt, in whole or in part.  FDCPA 809(b). This is what is commonly referrred to as a "DV Letter."

If they have provided you timely dunning notice, and you DV within the 30-dfay period, that bars all active collection activity on the part of the CA, including any posting to your CR, until they respond with verification.

There is no set period in which they must respond to your DV letter, but until they do, they cannot post to your CR.

So do a timely DV, and see what they do.

[14171920780306]

Thanks Lynette

[14171920780306]

Thanks RobertEG, ill try to request that info. and see what happen next, hopefully by then ill be able to pay the debt or have some arrangement