Negotiate with collection agency?
May 22, 2011 6:23 PM Subscribe
Negotiating with Collection Agency
I have a negative account on my credit report which is from 2004. Long story short but it was due to some fraudelent charges which I have fought. I disputed with all 3 agencies and all but Equifax removed it recently from my reports. The account has passed on from one agency to another and now resides with LHR.
My choices are to negotiate or ignore it or continue to dispute with Equifax as LHR has been unable to provide any documentation to prove that I owe this amount.
Equifax has been notorious to say they verified the account but usually do not do so, which is in this case also.
What is my best bet here? Any suggestions or your experience would be greatly helpful.
I have a negative account on my credit report which is from 2004. Long story short but it was due to some fraudelent charges which I have fought. I disputed with all 3 agencies and all but Equifax removed it recently from my reports. The account has passed on from one agency to another and now resides with LHR.
My choices are to negotiate or ignore it or continue to dispute with Equifax as LHR has been unable to provide any documentation to prove that I owe this amount.
Equifax has been notorious to say they verified the account but usually do not do so, which is in this case also.
What is my best bet here? Any suggestions or your experience would be greatly helpful.
Do not negotiate with the collection agency! If you contact them to discuss it, it starts the clock running again for the period of time it can remain on your credit report. If this is fraudulent, you do not want to negotiate a repayment. Consumerist has a bunch of really helpful posts about the process and recommendations for dealing with these types of situations, down to sample letters to use and who to contact. I'd start searching there, and continue trying to get it off your credit report.
posted by goggie at 7:20 PM on May 22, 2011 [2 favorites]
posted by goggie at 7:20 PM on May 22, 2011 [2 favorites]
2004? Just wait it out and make sure it drops off your credit report once it hits 7 years. Ignoring anything and everything from the collection agency short of a summons to court is your best play here. Depending on what state you live in, this debt may also have passed statute of limitations as well.
Worst thing to do would be to make a partial payment which would allow them to re-age the debt and reset the 7-year clock.
posted by screamingnotlaughing at 11:02 AM on May 26, 2011
Worst thing to do would be to make a partial payment which would allow them to re-age the debt and reset the 7-year clock.
posted by screamingnotlaughing at 11:02 AM on May 26, 2011
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