credit collection agency (Where to look for?)?
I was a student in 2001 and had a capital one credit card. afew months later having card and due to the excessive bills, I coudlnt' pay, they finally reported to the credit collection agency. The agency sent me several settlement plans, and It never came my mind to think of settle down. About two years later, I moved out the new place for a job. Now I'm thinking of paying back my debts to capital one, and I forgot whom to contact. and which agency. Is there anyway I could find out whom I owe money? Its been almost 6 years, since I had that bad experience. I think I need to clear off this first in order to repare my credit. Thanks
Public Comments
- yea check your credit score....
- The credit report will keep the history for seven (7) years. Then they are legally obliged to remove it. If you paid anything on the debts it would reopen the case and the seven years would begin again with bad credit. You might feel better but your credit score would not. Since it has been six years I would just wait for a year. Request your credit report and go from there.
- I had a Capital One card that had went to collections but I still just called Capital One and settled with them. From my knowledge of credit, you don't have to go through the collection agency you can go back to the original creditor. Of course you also could pull your credit and see what exactly is on there. There are numerous place that let you pull your credit for free, I used freecreditreport.com
- If you waited 6 years, don't pay it now. Depending on your states statutes of limitations, you no longer legally owe the debt after 6 to 7 years. If you pay it now, the debt becomes current, which would make the negative account stay on your credit report for another 6-7 years. The WORST thing you could do right now is pay it.
- You could also be subject to a charge-off. This releases you from liabliity from the debt, however it will be counted as income.
- know how the credit repair companies are ripping you apart. 1. Credit repair companies take advantage fears of credit card holders with negative credit reports, and use it to fill up their coffers. To do this they aggressively market themselves as if they can get every single negative entry on your credit report removed. This is simply not the case. Naturally plenty of people see this as a great opportunity, aggressively marketing their credit repair companies to those in trouble. 2. They will charge hefty fees, upfront. Whether they succeed or not it doesn't matter, and they won't listen to you when they are unable to accomplish anything squarely blaming things on you. Some credit repair firms are outright scams. However, hard they might try to convince but the fact remains that credit repair companies do not have any special relation with the credit reporting companies. No insider contacts, no influential hands, no special powers. Don't get fooled by their claims. Credit reporting agencies do not endorse any credit repair firms. Read more from: http://www.credit-card-gallery.com/article/224,3_compelling_reasons_why_you_shouldn't_use_a_credit_repair_agency_to_fix_your_credit_report
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