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There is an old debt in collections that is showing up on credit report. Contact cannot be made with the collections company. When attempting to contact them they are no longer in existence. The debt is a few years old. My questions:
1. Even if I could contact them to pay it off, would paying it off help my credit score or has the damage already been done?
2. What do I do if I want to pay it off and they no longer exist? Am I just out of luck?
1. The damage has already been done. The only way that paying will help your score is if you negotiate some sort of pay for delete agreement. Depending on how old the account is, the effect it is having on your score now may be negligible.
2. You do as others have suggested and dispute the account with the credit bureaus. If the collection agency has gone out of business, there will be no one to respond to the dispute and the account will be removed and your problem is solved, at least for the time being.
There is an old debt in collections that is showing up on credit report. Contact cannot be made with the collections company. When attempting to contact them they are no longer in existence. The debt is a few years old. My questions:
1. Even if I could contact them to pay it off, would paying it off help my credit score or has the damage already been done?
2. What do I do if I want to pay it off and they no longer exist? Am I just out of luck?
Do you recognize the debt? Do you know who the original creditor is?
I had one I didn't recognize, though I thought it might be legit. I forget why. But, I needed to know one way or another. I called the agency reporting it and they couldn't find me. I said so you can't verify the debt? He said, no. And told me to dispute it with the agencies and it's gone now.
How old is old? If you pay an old debt you restart the clock and it becomes a new debt. If it is close to 7 years it might behove you to just let it go because it will fall off and no longer have an effect while paying it might have a negative effect.
In IMHO, I was in debt collection and worked in the field for years, i disagree. You are issued credit based on credit score, you don't win points with a computer.
You cannot dispute something that there is nobody from the credit bureau to talk to. Winning disputes is TOUGH anyway. # 2 if it is charged off why pay it? It will say paid account so what? You lowered your credit rating anyway. So what are you trying to prove and to whom? It will do virtually nothing for you. Your FICO credit score has been hit wait till it goes off in 5 years or whatever. If you apply to a rental property tell them the story , and tell them you could not dispute it. You think this has never happened to the rental agent or someone they know. If you can't sleep at night and you can find the person you owe give it to them if you feel the need. go to the original party u owe.
In IMHO, I was in debt collection and worked in the field for years, i disagree. You are issued credit based on credit score, you don't win points with a computer.
You cannot dispute something that there is nobody from the credit bureau to talk to.
If the credit agencies have 'no one to talk to' then the debt won't be verifiable and they will take it off.
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