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.

[DaneMcCloud]

Originally Posted by mmaddog

You are correct...it never hurts to ask, but nothing is guaranteed.

Part of the ability to get something removed depends on the creditor and their willingness to be flexible.

mmaddog
*******

Right.

But a lot of times, the agencies will remove something if it's been a reasonable amount of time after it's been paid.

I seriously doubt that if they were to refuse his request, it would stay on his record for 3 years. One year, maybe. Which is why I suggested that he check it often.

Once it's been paid, it's out of the creditor's hands and up to the credit rating agencies.

[Mosbonian]

Originally Posted by DaneMcCloud

I've been an Equifax member for years and check it every few months.

Identity theft and fraud is way more prevalent than you'd think.

I am actually speaking this weekend at an Industry Credit group on Fraud...unfortunately I have become more of an expert on Fraud (Business and Credit Card) that I would like to admit to.

You'd be surprised at the typical "fraud artist" these days.....it could be your best friend, your neighbor, or even someone on Chiefs Planet.

mmaddog
*******

[DaneMcCloud]

Originally Posted by mmaddog

I am actually speaking this weekend at an Industry Credit group on Fraud...unfortunately I have become more of an expert on Fraud (Business and Credit Card) that I would like to admit to.

You'd be surprised at the typical "fraud artist" these days.....it could be your best friend, your neighbor, or even someone on Chiefs Planet.

mmaddog
*******

No, I'm with you. I've had CC fraud twice in the past year. It's very important to check your CC statement(s) each and every month for fraud and to check your credit report as well.

[Mosbonian]

Originally Posted by DaneMcCloud

Right.

But a lot of times, the agencies will remove something if it's been a reasonable amount of time after it's been paid.

I seriously doubt that if they were to refuse his request, it would stay on his record for 3 years. One year, maybe. Which is why I suggested that he check it often.

Once it's been paid, it's out of the creditor's hands and up to the credit rating agencies.

In reality, if it was placed with a Collection Agency and was valid, regardless of whether or not it gets paid, it can remain on his Credit Report as long as 7 years.

The rules and regulations for the FCRA and the FDCPA are pretty straight forward.

mmaddog
*******

[Dunit35]

Originally Posted by mmaddog

A couple of questions:

1) Did you ever receive your Right To Cure letter from the Creditor?

2) Did the person who called you identify themselves as a 3rd Party Agency attempting to collect a debt?

mmaddog
*******

Never got a letter from anybody.

I can't remember on that question. I can remember them saying they were calling because of some gym account that was overdue.

[Mosbonian]

Originally Posted by DaneMcCloud

No, I'm with you. I've had CC fraud twice in the past year. It's very important to check your CC statement(s) each and every month for fraud and to check your credit report as well.

When you pay for a meal at a restaurant, do you protest when the waiter or waitress get your card and then disappear somewhere that you can't see ?

Most people don't know that each card issuer (Visa, MC, AE, etc) has a distinctive set of identify numbers for their cards.

mmaddog
*******

[Dunit35]

Originally Posted by mmaddog

In reality, if it was placed with a Collection Agency and was valid, regardless of whether or not it gets paid, it can remain on his Credit Report as long as 7 years.

The rules and regulations for the FCRA and the FDCPA are pretty straight forward.

mmaddog
*******

They said if I didn't do something by the end of the day they were going to do something about it...what were they going to do?

They made it sound like if I paid it off now it wouldn't hurt my credit but obviously it already did. The date on it said 10-1-08

[Mosbonian]

Originally Posted by Dunit35

Never got a letter from anybody.

I can't remember on that question. I can remember them saying they were calling because of some gym account that was overdue.

First....they are required to send you a Right to Cure letter. Most will tell you "it was mailed to your address that was listed on your credit application".
You should ask them if they sent it Certified Mail-Return Receipt Requested. If they didn't then that was their first mistake.

Second, if it is a 3rd party agency making the call to you then they are required to acknowledge that in their first contact.

mmaddog
*******

[DaneMcCloud]

Originally Posted by mmaddog

When you pay for a meal at a restaurant, do you protest when the waiter or waitress get your card and then disappear somewhere that you can't see ?

Most people don't know that each card issuer (Visa, MC, AE, etc) has a distinctive set of identify numbers for their cards.

mmaddog
*******

Are you referring to the 3 or 4 digit codes on the front or back? If so, I'm very familiar with those numbers. I have all of my CC numbers memorized, as well as the security codes.

I do tens of thousands of dollars via the internet each year and both fraud cases involved out of state cases.

Generally, waiters and waitresses are fairly quick but I'll keep that in mind in the future.

Thanks!

[Dunit35]

Originally Posted by mmaddog

First....they are required to send you a Right to Cure letter. Most will tell you "it was mailed to your address that was listed on your credit application".
You should ask them if they sent it Certified Mail-Return Receipt Requested. If they didn't then that was their first mistake.

Second, if it is a 3rd party agency making the call to you then they are required to acknowledge that in their first contact.

mmaddog
*******

Well, it's getting paid tomorrow.

What's my next step on this problem? And what should I do about this other $238 problem on my report...I don't know what it is about.

[Mosbonian]

Originally Posted by Dunit35

They said if I didn't do something by the end of the day they were going to do something about it...what were they going to do?

They made it sound like if I paid it off now it wouldn't hurt my credit but obviously it already did. The date on it said 10-1-08

Wow...a rogue agency.

First of all, depending on their verbage, that could be construed as threatening, which is not allowed under the FDCPA.

Second, advising you that it wouldn't hurt your credit rating if you paid it off now, by some standards could be considered extortion. (You couldn't get 2 attorney's to agree on that interpretation though)

mmaddog
*******

[Dunit35]

Originally Posted by mmaddog

Wow...a rogue agency.

First of all, depending on their verbage, that could be construed as threatening, which is not allowed under the FDCPA.

Second, advising you that it wouldn't hurt your credit rating if you paid it off now, by some standards could be considered extortion. (You couldn't get 2 attorney's to agree on that interpretation though)

mmaddog
*******

So...I am clueless on this stuff. What do you recommend I do?

The first lady that called me was very nice but did say it wouldn't hurt my credit if I paid now. The second dude was a dickhead and was the one saying I had to do it now or else...I asked for the lady the third time I called them.

[Mr. Flopnuts]

Originally Posted by Dunit35

When that $454 gets paid tomorrow should I call them friday and request that they take it off?

Will it raise my score any?

If you don't negotiate the removal of that mark before you pay it, you can forget about it. They aren't going to do it. Call them tomorrow and tell them you've mailed a certified letter disputing the validity of the bill, that you're recording the phone call, and they are now responsible to provide the original contract with your signature on the debt.

When the collector gets flustered, tell him you'll be more than happy to pay it, provided they will have it removed from your credit and you'll require the arrangement in writing. There's a couple hundred dollars worth of advice for free. Trust me, I'm a doctor.

[Demonpenz]

kip winger stole mine ...twice.... headding for a heeearrrtbreak

[DaneMcCloud]

Originally Posted by Mr. Flopnuts

If you don't negotiate the removal of that mark before you pay it, you can forget about it. They aren't going to do it. Call them tomorrow and tell them you've mailed a certified letter disputing the validity of the bill, that you're recording the phone call, and they are now responsible to provide the original contract with your signature on the debt.

When the collector gets flustered, tell him you'll be more than happy to pay it, provided they will have it removed from your credit and you'll require the arrangement in writing. There's a couple hundred dollars worth of advice for free. Trust me, I'm a doctor.

Doctor Rosenpenis?