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Scifi9005

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I have 4 open collections on my report. They are all Credit cards. I owe around 4 thousand. Wht 2 do
Help! What do i do to get my score back? They have been in collections for a few years.. what can i do. Step by Step. Do i pay them all off in a lump sum? How much should i put on each card.

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Look up the "Statute of Limitations" in your state to be sued for this type of debt. Understand that the seven year reporting time period begins at the DOFD date. DOFD is the date of first delinquency that led to the charge off on the original account. Ask yourself if it is worth just letting time take care of these debts or if it is worth paying the money now. The benefits of paying these old accounts may be slim, the original charged off account will most likely remain for it's seven years regardless of what you do. Paying the collections will do little to help you either unless you can get a "Pay For Delete Agreement", do some reading on these types of agreements. Usually to get a "pay for delete" with a collections company you will need to pay one lump sum. I strongly advise against entering into any type of payment arrangements with debt collectors. In fact, I advise that you do not contact or communicate with them in any way until you are fully educated on how to handle them. In addition to reading about "Pay For Delete Agreements" do some reading on "Debt Validation" and on the "FDCPA (fair debt collection practices act)"

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