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Question By
Zee2065

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Account closed as derogotary
One of the accounts (Loan) on my report shows as "closed"- derogatory. Then the remark says- Charged off as bad debt. Profit and loss write-off. But the thing is, I was contacted by a debt collector (National Credit Adjusters) regarding this same debt. So my question is, is this a valid collection attempt? since it isn't showing up as a collection on any of my reports and the lender already charged it off. Do I ignore it. And if I pay a settlement will the derogatory remark go away on my report?

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It appears that the loan account was not being paid as agreed and all attempts to get the payments were unsuccessful so the loan originator sold it to a collection agency so they could spend the time to get the money.  This happens far too often and the collection agency is now the owner of the debt and can collect. It is on one of your credit reports since there are 3 credit bureaus but the information from only two are used here.  The collection debt is legitimate and o[nce ijt ispaid, it will remain on your report for 7 years unless you negotiate a pay for delete arrangement.

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