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Blazon

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  1. Today, I gathered additional information on my outstanding debt from the original creditor. They informed me that my debt was sold to a different company. In turn, they handed it over for collections to collection agency. I learned that my $5,000 which was reported on my credit report was actually $6,800. The collection agency who is handling my debt offered to reduce the amount to $3,400 (1.5 years aged debt). In returned, I asked them to provide in writing an agreement to delete the derogatory credit mark with the credit reporting agencies. The individual who I spoke with said they could provide a letter showing the debt as paid ("Debt Settle"), but I said this form of communication would not remove the derogatory comment from my credit report. For information purposes, the new creditor never added any derogatory information to any of my credit reports. After my call with the collection agency, the representative said they would check with the original creditor on how to remove the adverse credit once I make the agreed upon payment. This seemed odd because Original Creditor does not own the debt any longer. Therefore, how do I get the derogatory credit off my file? Can the new debt holder get it taken off? Not sure how to proceed. I do have the funds to clear up the outstanding debt. Ultimately, my goal is to get the adverse credit removed. Is there a preferred letter format that is used to provide the CRA to take off my adverse remarks for this debt? I feel the collection agency will help, but they are not knowledgable on how to remove. I appreciate the forum's input or experience with my current situation.
  2. Thank you for very much for the input. Currently, my report shows just the one derogatory comment from the original creditor. The debt has been passed down from Collection Agency 1 to Collection Agency 2. What I'm trying to determine is if I pay off the collection, does the derogatory mark get removed? Who actually updates my credit report once the debt is settled? Also, should I pay the full debt or negotiate a smaller settlement? Does it matter at this point? I appreciate the input from the CreditBoards community.
  3. Over the past 24 months, I have experienced many life changes. In my efforts to return to the land of credit worthiness, I need to address several adverse issues on my credit file with the 3 major reporting agencies. I would like to seek advice on how to handle the following derogatory comment on my file. I had taken out a pay day loan. Given many financial challenges, I was not able to pay back the $5,000. I did make a couple of payments, but on August 2018 they wrote off my account and sent it to collections. I reached out to the originally creditor to settle my credit obligation, but they informed me it was sent to a collection agency. I contacted the collection agency about this debt, but they informed that they no longer handled this debt collection. However, they provided me the contact information of the collection agency who does. Which brings me to my question, should I try to settled with the new collection agency or file a request with the credit agencies to get this item removed? It seems that the trail to track down this debt is not simple. In the case, I work with the new collection agency, do they have the ability / power to remove the adverse credit? I look forward to your comments.

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