Rectifying Debt

joincamp

Member
Jan 4, 2006
120
0
0
Awhile ago I was collected on, and I paid up. The collector's said that the people "exausted their resources" trying to get ahold of me. It was a doctor's bill that I had forgotten about, and didn't get any more notices than the original bill. I screwed up, but I'm trying to make it right. My parent's said that if I go in and talk to the people at the office, that they can take it off my record. First of all, is that possible/probable? What should I say? I can tell them about how I am young, and about to get married, and I just lost the bill when moving apartments and didn't get any notices and that I really had no intention of not paying the bill. All of this is true, I just am wondering, what would they want to hear to make them help me?
 

FoBoT

No Lifer
Apr 30, 2001
63,089
12
76
fobot.com
if it was turned over to a collection agency, it is unlikely the original debtee will discuss it with you.

pay it and learn your lesson. you can't get rid of the mistake except through time, it will roll off your credit report after some time period, ten years or something like that
 

KillyKillall

Diamond Member
Jul 1, 2004
4,415
0
0
It can only be removed if it was the person who wrote you off's mistake and you had actually paid it. Otherwise, learn from it.
 

joincamp

Member
Jan 4, 2006
120
0
0
ok, so how bad is it for me if this is permanently on my record? If I get a credit card and build my credit up, will it be good eventually(hopefully less than 10yrs, I'd like to get a house eventually)?
 

LikeLinus

Lifer
Jul 25, 2001
11,518
670
126
Originally posted by: FoBoT
if it was turned over to a collection agency, it is unlikely the original debtee will discuss it with you.

pay it and learn your lesson. you can't get rid of the mistake except through time, it will roll off your credit report after some time period, ten years or something like that

It's 7 years for a negative to roll off. Additonally, you can call and talk to the collection agency and explain the situation. They can and 90% of the time will remove it from your credit all together. I've heard of several people doing this.
 

woowoo

Platinum Member
Feb 17, 2003
2,092
1
0
Originally posted by: joincamp
Yeah, I definately have learned from it, but what are the real world consequences of it?

Higher intrest rates on loans
Highet insurance premimums
 

QED

Diamond Member
Dec 16, 2005
3,428
3
0
Originally posted by: LikeLinus
Originally posted by: FoBoT
if it was turned over to a collection agency, it is unlikely the original debtee will discuss it with you.

pay it and learn your lesson. you can't get rid of the mistake except through time, it will roll off your credit report after some time period, ten years or something like that

It's 7 years for a negative to roll off. Additonally, you can call and talk to the collection agency and explain the situation. They can and 90% of the time will remove it from your credit all together. I've heard of several people doing this.


QFT

Talk to the collection agency... NOT the original creditor. Ask them if they've already reported the debt to a credit bureau yet (they might not have). If they have, then ask if you could make some sort of arrangement with them to have it removed.

As far as how exactly this will affect your credit if it has been reported varies.

If this is your only credit account, or you have few other credit accounts, or only accounts with short histories, the negative effect of the collection agency will be pretty strong.

If you have other trades with a long history of good payments, it will still hurt your credit a lot, but not as much.

 

VirginiaDonkey

Golden Member
May 18, 2001
1,704
0
0
they will not remove it. They already have what they want ( his money). all they will do is mark it as paid. what the OP should do is Didpute it to the credit bureaus as "not mine" and wait for the results. If the collector doesnt respond in 30 days, it comes off the record. If they verify it, wait 6 months and try it again.
 

joincamp

Member
Jan 4, 2006
120
0
0
Yeah, I'm young and I've never had a credit card. The only stuff on my credit report is utility bills and bank stuff. So yeah it'll hurt. :( Anyway, I know they did report it because my parents got a credit report for me. I think I'll try that "not mine" thing.
 

QED

Diamond Member
Dec 16, 2005
3,428
3
0
Originally posted by: VirginiaDonkey
they will not remove it. They already have what they want ( his money). all they will do is mark it as paid. what the OP should do is Didpute it to the credit bureaus as "not mine" and wait for the results. If the collector doesnt respond in 30 days, it comes off the record. If they verify it, wait 6 months and try it again.


I must've missed where the OP said he had already paid the bill.

If so, then you are right-- they won't remove it.

 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
0
Originally posted by: woowoo
Originally posted by: joincamp
Yeah, I definately have learned from it, but what are the real world consequences of it?

Higher intrest rates on loans
Highet insurance premimums

Credit score is not allowed in the calculation of insurance risk (at least in CA ).
 

woowoo

Platinum Member
Feb 17, 2003
2,092
1
0
Originally posted by: AlienCraft
Originally posted by: woowoo
Originally posted by: joincamp
Yeah, I definately have learned from it, but what are the real world consequences of it?

Higher intrest rates on loans
Highet insurance premimums

Credit score is not allowed in the calculation of insurance risk (at least in CA ).


It is everywere else.
(Thank goodness)
 

Dunbar

Platinum Member
Feb 19, 2001
2,041
0
0
How much money are we talking? A small bill that went to collection is unlikely to ruin your credit.
 

toekramp

Diamond Member
Jun 30, 2001
8,426
2
0
it's happened to me before, and I continued to contact the collector until they removed it.
 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
0
Originally posted by: joincamp
Awhile ago I was collected on, and I paid up. The collector's said that the people "exausted their resources" trying to get ahold of me. It was a doctor's bill that I had forgotten about, and didn't get any more notices than the original bill. I screwed up, but I'm trying to make it right. My parent's said that if I go in and talk to the people at the office, that they can take it off my record. First of all, is that possible/probable? What should I say? I can tell them about how I am young, and about to get married, and I just lost the bill when moving apartments and didn't get any notices and that I really had no intention of not paying the bill. All of this is true, I just am wondering, what would they want to hear to make them help me?

I never see anyone mention the fact that you are allowed to attach a note to each mark on your credit report, stating your side of "the story."
When I bought my house, I had a few of those to do and the lender said it was my statement that they considered when they approved me. I stated the circumstances that caused the condition in the first place.
 

djheater

Lifer
Mar 19, 2001
14,637
2
0
BTW, collectors will say ANYTHING to collect. Don't believe a word they say. They'll also usually settle for a portion of the debt.
 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
0
Originally posted by: woowoo
Originally posted by: AlienCraft
Originally posted by: woowoo
Originally posted by: joincamp
Yeah, I definately have learned from it, but what are the real world consequences of it?

Higher intrest rates on loans
Highet insurance premimums

Credit score is not allowed in the calculation of insurance risk (at least in CA ).


It is everywere else.
(Thank goodness)
Please explain how driving ability is related to a slow payment history, a bankruptcy, a reduction in earning over an extended period of time, or a civil judgement against someone.
This should be interesting, since the insurance lobby has been unable to do so here in CA.
Thank goodness for THAT!

 

DaShen

Lifer
Dec 1, 2000
10,710
1
0
Originally posted by: FoBoT
if it was turned over to a collection agency, it is unlikely the original debtee will discuss it with you.

pay it and learn your lesson. you can't get rid of the mistake except through time, it will roll off your credit report after some time period, ten years or something like that

Same thing happened to me, but it was because my apartment manager was a total @hole and split town, so none of my paperwork was entered. And the bills were being sent to my old apartment. I eneded up shelling out the money. Nothing you can really do but suck it up and take the hit. :( Sorry.
 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
0
Originally posted by: joincamp
ok, so how bad is it for me if this is permanently on my record? If I get a credit card and build my credit up, will it be good eventually(hopefully less than 10yrs, I'd like to get a house eventually)?

Dude, you need to do some research of your own and find out what can and cannot be used against you.It's YOUR credit, you should at least be familiar with what's up.
 

joincamp

Member
Jan 4, 2006
120
0
0
Originally posted by: AlienCraft
Originally posted by: joincamp
ok, so how bad is it for me if this is permanently on my record? If I get a credit card and build my credit up, will it be good eventually(hopefully less than 10yrs, I'd like to get a house eventually)?

Dude, you need to do some research of your own and find out what can and cannot be used against you.It's YOUR credit, you should at least be familiar with what's up.

Sorry, I'm young, and I'm just trying to get a grip on it. This is the start of my research. I was just trying to get a feel for it. I'm sorry if I bothered you with this question, but from the looks of it, everyone else is more than happy to give me a little insight. What's a better way to learn than from experience anyway, whether it's your own or others.
 

Dunbar

Platinum Member
Feb 19, 2001
2,041
0
0
Originally posted by: joincamp
$222

I seriously doubt this will have a long term impact on your credit. If you've been good with your credit/finances otherwise than don't worry about it. Get a credit card when you can and pay it off every month. Don't carry any unnecessary debt and your credit score will continue to improve. Despite what people here think, the credit beareaus are fairly reasonable about these things.