My credit score

[Dunit35]

I got a call today from a collection agency or something. I was confused and pissed at the same time. I knew exactly what they were talking about because I tried getting my account switched to my new bank but the company had no clue how to do it. So, eventually I forgot about it and their bank or collection agency called today. The balance was 434 and they told me I could pay it all now or garnish out of my paycheck. They said if it was garnished it would hurt my credit score. So, I got the cash and its getting paid off tomorrow.

I checked my credit score a little bit ago and that $434 was on the report. What's going to happen when it gets paid off? I've got something else on there thats negative and I have no idea what it is.

[Mosbonian]

Originally Posted by DJay23

You have to be aggressive and persistent because big companies like insurers and credit card companies:
A) Don't care about you.
B) Have no motivation for helping you out.
C) Don't care about you.

One of the most powerful Lobbying groups on Capitol Hill are those representing the interests of the Credit Card companies...I'm still shocked that the recent legislation passed.

mmaddog
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[Mr. Flopnuts]

Originally Posted by Dunit35

The problem is that it's automatically being taken out of my debit card tomorrow at some point.

I didn't know what to say to them since it was my first issue with credit problems.

You'll have to jump through some major hoops at this point. If they record their calls, and you confirmed that you recognized the debt, told them where you work, and gave them your bank information (Yes your account number can be obtained with your debit card) then you're pretty much stuck. It's going to be on your credit, but it will be reported as paid. It hurts your score, and will be there for 7 years.

If you didn't confirm those things, I'll check this thread in the morning and we can take it from there. You still have options.

[Mosbonian]

Originally Posted by DaneMcCloud

Again, thanks for the info.

Signed,

Dane "James Bond" McCloud

Anytime....just remember those of us less fortunate when you toss away the next "Bond girl"

[Mosbonian]

Originally Posted by Mr. Flopnuts

You'll have to jump through some major hoops at this point. If they record their calls, and you confirmed that you recognized the debt, told them where you work, and gave them your bank information (Yes your account number can be obtained with your debit card) then you're pretty much stuck. It's going to be on your credit, but it will be reported as paid. It hurts your score, and will be there for 7 years.

If you didn't confirm those things, I'll check this thread in the morning and we can take it from there. You still have options.

Unfortunately all 3rd Part Agencies record all calls these days for just that very reason, for training purposes, and for validations of promises/arrangements.

mmaddog
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[Dunit35]

Originally Posted by mmaddog

Since you have given them your debit card and the approval, there's not much you can do at this time...but now you are better prepared in case something like this happens again.

mmaddog
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If I call them tomorrow and bitch about them saying it wouldn't hurt my credit score even though it already has hurt it...what will happen?

[Mosbonian]

Originally Posted by Dunit35

If I call them tomorrow and bitch about them saying it wouldn't hurt my credit score even though it already has hurt it...what will happen?

Not much probably...they have what they were coming for, money.

mmaddog
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[Dunit35]

Originally Posted by Mr. Flopnuts

You'll have to jump through some major hoops at this point. If they record their calls, and you confirmed that you recognized the debt, told them where you work, and gave them your bank information (Yes your account number can be obtained with your debit card) then you're pretty much stuck. It's going to be on your credit, but it will be reported as paid. It hurts your score, and will be there for 7 years.

If you didn't confirm those things, I'll check this thread in the morning and we can take it from there. You still have options.

I just told them whatever the debt is I'll pay it. I told them I had a job but didn't tell them where. If I would have known about all this stuff you guys are saying and they wouldn't have been in such a demand to get it now...I would've waited.

[Dunit35]

Originally Posted by mmaddog

Unfortunately all 3rd Part Agencies record all calls these days for just that very reason, for training purposes, and for validations of promises/arrangements.

mmaddog
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Is it illegal when they don't tell you it's being recorded?

[Dunit35]

Originally Posted by mmaddog

Not much probably...they have what they were coming for, money.

mmaddog
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Dicks probably knew that I was a college student (with college loans being on my credit) and figured if they attacked me fast, I wouldn't know what to do.

[Mosbonian]

Originally Posted by Dunit35

Is it illegal when they don't tell you it's being recorded?

If they recorded you without letting you know....yes.

mmaddog
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[Mosbonian]

Originally Posted by Dunit35

Dicks probably knew that I was a college student (with college loans being on my credit) and figured if they attacked me fast, I wouldn't know what to do.

Probably right...wish I could have helped sooner.

mmaddog
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[Abba-Dabba]

Originally Posted by mmaddog

If they recorded you without letting you know....yes.

mmaddog
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I'm not so sure about that. I'm pretty sure in most places you can be audibly recorded and not visually, and vice versa without consent. About the only place you are federally protected to not be recorded in any form anymore is the bathroom.

[Abba-Dabba]

FWIW a collection on your credit reoprt is going to cost you 30-40 points. I'd expect 40.

[Mosbonian]

Originally Posted by Saggysack

I'm not so sure about that. I'm pretty sure in most places you can be audibly recorded and not visually, and vice versa without consent. About the only place you are federally protected to not be recorded in any form anymore is the bathroom.

If they are making a Collection contact, and want to use it as part of the collection process, they must advise you that they are recording for validation purposes. That's why you always hear the generic explanation on greeting messages that the phone call may be recorded for:

1) Training purposes

2) Your "protections" (notice I put that in quotes)

mmaddog
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[BigRedChief]

Originally Posted by DaneMcCloud

You'll need to contact or write a letter to each of the credit score agencies after you've paid off your outstanding balance and request that they remove it from your record.

Your credit score is very important. Make sure you check your credit regularly and keep it clean.

Best of luck!

Haiving a security clearance, I need to stay on top of my credit score and what's on those reports. I buy the $15.00 for credit monitering and get a credit report any time I want. On most of those sites it allows you to dispute anything pretty easily. Use to be a pain in the butt.