Need some advice

[hrlm4life]

Question 1, I have a car loan which I have had about 9 30 days late due to a 2 years layoff, prior to that I had 3 years payment on or before time.Also since Octobe I have been paying on or before time since i'm in a better financial position. The loan is due to end Jan. 20-2013. My questions is would it help or hurt my credit score if I were to pay it off early, I have the money to do so, and I'd really like to clean things up, or should I just ride it out.

Question 2. I saw on my credit report an entry from a RMS for 565 dollars, I called them to find out what this charge was, got the information, I was told that it could be settled for 511 and then was told that settlement would be good for x amount days, never once did I agree to anything with them and today I receive a letter in the mail stating that I missed a payment due. Is there anything I can do about this.

Now you can't even inquire about charges on your credit report,  without them trying to put words in your mouth for their benefit, any assistance in either of these questions would be greatly appreciated.

[RobertEG]

1.  Paying the loan early will save you $$ in interest on the loan, but wont help your score much.  Installment balance on a loan is scored, but at a low weighting.

No where near the postive impact of reducing revolving % util.  I would pay it, but not expect much, if anything, in the way of score improvement.

2. The debt verification process set forth in FDCPA 809(a) gives you the right to request verification of the debt, and how the debt collector is assessing the amount asserted as due.  If they have sent you a dunning notice, you should DV within 30-days of that dunning notice, as it will invoke an automatic cease collection bar on the debt collector, forcing them to cease collection activities until such time as they provide you the requested debt verification.  If they have not sent you dunning notice, any DV request on your part is timely, and invokes the automatic cease collection bar on the debt collector.

[LIGHTNIN]

Just would like to add, Why most of us don't talk with CA's.

It's better to have a paper trail, then there's no he said she said.

That way in the future, if you need something in writing you'll already have it.

Always better to be safe now, then sorry later.