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ChoochMooch

Settling CC And Loan Outstanding Debt For A Fraction Offers Incoming...

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Are these offers legit, or is it more sensical to just wait for them to fall off on their own assuming I am in no rush to repair my history?

 

 

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Often these letters start arriving after the debt is out of SOL (unenforceable by a court as long as you show up with the appropriate defense).

 

Generally speaking, most FICO models score a paid collections the same as unpaid collections, giving the consumer no advantage for paying the old debt.

 

What types of debts are these (medical, credit cards, utilities, etc.)?  There may be other useful tactics for dealing with them.  

 

Are you getting a mortgage soon?

 

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That's what I was thinking, that it could end up not making a difference as far as my Credit Score is concerned.

 

They are a mixture of medical and personal credit cards.

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3 hours ago, ChoochMooch said:

That's what I was thinking, that it could end up not making a difference as far as my Credit Score is concerned.

 

They are a mixture of medical and personal credit cards.

Take a look at the Medical Forum https://creditboards.com/forums/index.php?/forum/39-medical-billing-amp-medical-collections/ for a tried-and-true method for dealing with the medicals.  Follow the outline by the letter and don't work on anything else until that work is completed.

 

For the other trade lines, you aren't stuck just waiting.  There is a wealth of information here about the dispute process, how arbitration clauses in your account agreements can be leveraged in your favor, etc.  Start reading the pinned topics in the Newbie section https://creditboards.com/forums/index.php?/forum/15-please-read-before-posting-newbies-start-here/ to dip your toe into that water.

 

 

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OP - It looks like you have a similar thread in the credit forum.  I am going to close this one.  I suggest you ask questions on the credit cards in the thread on the credit forum, and start a new thread concerning the medical one in the medical forum as CV suggested.  The way to handle medical collections is significantly different than CCs and the folks there are very well versed in dealing with medical collections.

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