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View Diary: How to Deal with Collection Agencies, if you must (77 comments)

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  •  Paid Collections WORSE Than Unpaid Ones (6+ / 0-)

    The idea of asking a CA  for a "pay for delete" is just plain STUPID.

    At BEST they will accept your offer and report the account as a PAID COLLECTION.

    Remember, this is STILL a derogatory entry, however since it will be dated several years more recent it will REDUCE your credit scores.

    At WORST, they will delete your entry, and SELL the balance of your debt to another CA. Remember, a "pay for delete" is a NEW contract, so the new entry from a new collection agent will have a new starting date and will be on for 7 years.

    Better advice for credit repair can be obtained from reputable on line forums like Credit Boards:

    http://creditboards.com/...

    •  It does and has (3+ / 0-)
      Recommended by:
      Nulwee, llywrch, NM Ward Chair

      worked for me!

      You are correct in that a paid collection is unhelpful. The only thing that helps is having it removed, or of course - never being there in the first place :)

      Either way you slice it, if you can get a CA to remove it, do so. If not, let it sit for the seven years.

      If they do accept your payment, then sell it to someone else, it will come to light when you attempt to validate the new debt. I would probably skip validating with the CA in this case, and move straight to disputing it with the credit bureaus.

      No one is required to use what I mentioned, myfico.com. creditboards.com is pretty good too.

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