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vinhisbored

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5 People Helped
I have a collection on my credit report that I'd like to have removed, what should my next steps be?
I've had a collection that was last reported on Dec, 2007. It was from a doctor visit, but I moved before I actually received the bill, so I was never aware of it.
I did not realize that I had this collections until I purchased a car and had my credit run about a year ago (2011). When I ran my credit report, that's when I saw it.

At this point, I thought that because it was was going to be taken off of my account in Nov 2013, and my interest rate on my loan was going to be extremely high anyways, I might as well just wait it out. The high interest rate led me to pay my car off already, but it has really affected my ability to get approved for a few credit cards that I've wanted, or the larger credit increases on my current cards.

The balance isn't extremely high, but still enough to make a difference in my bi-weekly income. The delinquent balance is $394. After doing some research, I've found that what I should do is contact the collection agency that purchased the debt, and negotiate with them to have this deleted from my credit report in exchange for a payment. I've read that it's not wise to actually call in, but to send letters, just so that I have a paper trail that I could refer back to.

In any case, I'm just curious as to what I should state in the letters, and how much I should actually offer to pay? Wouldn't the collection agency be happy to taken some money, as opposed to nothing at all since it is near the point where it will be taken off of my report "fairly" soon? Plus, the agency more than likely paid for the debt at a discounted rate anyways.

This is the reference I've been using, and plan on including information listed in here within the letter: http://credit.about.com/od/creditrepair/qt/ridcollection.htm

Assuming this all works, how much, and how quickly could I expect my credit score to move by? I want to thank everyone in advance for reading, or offering any recommendations. I've made mistakes, but this website has truly helped me monitor and improve my credit more efficiently.

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3 Contributions
5 People Helped

I would assume that in order to check them, I should pull up my current credit report on all three of the agencies listed to check, correct? I'm entitled to three credit checks a year, one from each individual agency if I recall. In the past, I never pulled all three at once, just once every time I felt the need to check.

Would that mean that the collection agency would have to provide these to each and every reporting agency? In the case that they do not have proof, what would happen next, or what would I have to do beyond that? Is there any chance you know if there's a particular window that these companies have in order to prove that I still owe this debt, or could they just drag it out?

Obviously I would like to get it done as soon as possible, in which the action I should take would be to just pay the full balance, but if I could avoid that, it would be great. Thanks for the response.

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